Lance, Westfield Business Leaders Say Tax Certainty Will Grow Jobs in New Jersey

The following is a press release from the Office of Congressman Leonard Lance:

Congressman Leonard Lance (NJ-07) and Westfield area business leaders today met to discuss how pending tax increases will impact job creation in New Jersey. 

During a roundtable discussion held at in downtown Westfield, Lance, Mayor Andy Skibitsky and several Westfield-area business leaders met to discuss the importance of extending all of the Bush-Era tax cuts – which are set to expire January 1, 2013.  Lance said the event was part of an ongoing summer listening session that he was hosting throughout the Seventh District to help call attention to the issue. 

“New Jersey job creators need economic certainty from Washington so that they can expand and hire,” said Lance.  “I firmly believe that raising taxes on anyone in a down economy is a bad idea.  Rather than raising taxes to fuel more wasteful Washington spending, it’s my hope Congress will work in a bipartisan fashion to help get America back on track and stop the tax hike.”

 “Westfield’s small business owners want both parties in Washington to work together to stop the tax hike,” said Mayor Andy Skibitsky.  “We appreciate the fact that Congressman Lance is listening to the needs of our community’s job creators.” 

Lance noted that President Obama’s tax plan – which calls for a tax increase on those families earning $250,000 a year – would disproportionally hurt New Jersey’s taxpayers and employers.  According to a recent study by the Heritage Foundation, New Jersey residents will be adversely affected by the pending tax hike.  For example:

• New Jersey residents will pay the 2nd highest tax increase in the Nation.
• Seventh District residents will pay the 3rd highest tax increase in the state.
• Nationally, the Seventh District ranks 22nd for being hardest hit by the expiring tax cuts.  

According to a recent Ernst & Young study, over 20,000 New Jersey jobs could be lost should the tax cuts expire. And economists say that raising taxes will hurt New Jersey’s economy. 

 The Seventh District lawmaker said this week, House Republicans will pass legislation that not only prevents the job-killing tax hike from occurring, but also forces Congress to act on comprehensive tax reform next year that will strengthen the economy and help make our current tax code simpler and fairer.