Congressman Bill Pascrell

Representing the 9th District of NEW JERSEY

Economy

In recent years, middle class families have found their economic circumstances increasingly uncertain. Many workers face wage stagnation, or even prolonged unemployment, and fewer workers have guaranteed pension benefit plans, causing many to worry about retirement. All of this uncertainty comes at a time when families face increasing costs for education, health care, and energy.

Bill knows that many American families are finding it harder and harder to hold on to the American dream. Too often, we hear about parents worried that their children will not be able to build on their success and create a higher standard of living for themselves. As a member of the House Ways and Means Committee with broad jurisdiction over economic policies, Bill is taking a deeper look at what is driving these concerns so he can help build and maintain an economy that works for all Americans.

In the last year Bill helped successfully prevent middle class workers from paying the Alternative Minimum Tax that would have added thousands of dollars to their tax burden. He pushed legislation to increase the federal minimum wage, while working to give tax relief for small business owners nationwide. He worked hard to help create change in our nation's trade agenda so that American workers are no longer left behind. Bill got into public service to fight for working families and it is a cause he will not give up.

In the 111th Congress, Bill voted in support of the American Recovery and Reinvestment Act of 2009 which helped to create and save 100,000 jobs in New Jersey. The bill also provided for more than $26.6 billion in highway infrastructure investment including more than $651 million for New Jersey.

Responding to the shuttering of auto dealerships throughout the country, Bill championed a provision in The Recovery Act that allowed taxpayers a deduction for State and local sales and excise taxes paid on the purchase of a new car through 2009 to help thousands of ailing dealerships nationwide and their employees.

Bill also supported two bills that put consumers and investors back in charge of their finances. Bill co-sponsored and voted to approve the Credit Cardholder Bill of Rights Act. This measure limits the cycle-increasing credit card debt faced by millions of Americans and ensures consumer protections against the predatory practices of the credit card companies.

Bill also supported comprehensive financial regulatory reform, in order to hold Wall Street and Big Banks accountable, end the era of taxpayer-funded bailouts and “too-big-too-fail.” This bill regulates the shadow markets and stops casino style gambling with your retirement and savings. The bill also streamlines existing regulatory agencies to create the new Consumer Financial Protection Agency (CFPA). The CFPA will protect consumers from predatory lending abuses, fine print, and industry gimmicks.

Bill knows that in the end, the key to our economic recovery is in empowering working-class Americans. He will keep fighting to accomplish that end.

More on Economy

Dec 17, 2013

Legislation would extend Work Opportunity Tax Credit to incentivize hiring of workers that exhausted their unemployment benefits

Sep 23, 2013

PATERSON, NJ - U.S. Rep. Bill Pascrell, Jr. (D-NJ-09), a member of the House Ways and Means and Budget Committees, today issued the following reaction to reports stating that Ways and Means Chairman Dave Camp is considering eliminating the federal tax deduction for state and local taxes:

Sep 18, 2013

WASHINGTON, DC – U.S. Rep. Bill Pascrell (D-NJ-09) today blasted the House majority for blocking the Bring Jobs Home Act (H.R. 851), legislation he authored to help insource jobs back to the United States.  The Bring Jobs Home Act, which President Obama highlighted in his State of the Union address earlier this year, will cut taxes for U.S. companies that move jobs and business operations to America from another country.

Sep 12, 2013

Washington, DC – In his continued effort to promote American manufacturing, U.S. Rep. Bill Pascrell, Jr. (D-NJ) today introduced the Qualifying Renewable Chemical Production Tax Credit Act of 2013, H.R. 3084, bipartisan legislation which provides renewable chemical producers access to a production tax credit when they create American jobs and reduce our dependence on foreign oil. The legislation, co-sponsored by Rep. Steve Stockman (R-TX), will provide a targeted tax credit for U.S.

Jun 27, 2013
Democratic Leader Nancy Pelosi appointed Rep. Bill Pascrell, Jr. (D-09-NJ), a member of the House Budget Committee, to serve on a conference committee to complete a budget agreement.
May 24, 2013

With Memorial Day weekend upon us, the start of the summer tourism season is beginning, and Gov. Chris Christie has spent the past week going up and down the Shore to make certain everyone knows it. His tour is to culminate this morning in Seaside Heights, with an appearance on the "Today" show and a symbolic ribbon-cutting that will signal the Shore is officially open for business.

May 16, 2013

IN A RARE episode of bipartisanship in Washington, the unfolding scandal at the Internal Revenue Service for targeting conservative groups is being rightly condemned by both Democrats and Republicans, from President Obama to Mitch McConnell. We all agree that freedom of speech is one of our most sacred American values. Americans must have confidence that the IRS operates in a fair, neutral and nonpartisan way.

May 6, 2013

WASHINGTON – U.S. Rep. Bill Pascrell, Jr. (D-NJ-09), a member of the House Ways and Means Committee, today issued the following statement upon release of the Joint Committee on Taxation (JCT) report on the Ways and Means Committee Tax Reform Working Groups.  The report includes a summary of present law and suggestions for reform submitted to the 11 Tax Reform Working Groups.

Apr 10, 2013

WASHINGTON, DC - Today, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09), a member of the House Budget Committee, issued the following statement following the release of President Obama's budget proposal:

Apr 1, 2013

AS OUR ECONOMY recovers from the worst financial crisis since the Great Depression, the story of what led to this economic meltdown is well known. Homebuyers were persuaded to sign up for risky loans. Greedy brokers pushed clients into high-priced mortgages to reap higher profits. And when the housing market turned, and the banks that owned these loans were teetering on the brink of collapse, the American people were forced to bail them out.
Simply stated, there was little to no oversight of our financial markets and the predatory lending the Wall Street banks were engaged in.