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
WASHINGTON – Today, Congressman Bill Pascrell, Jr. (D-N.J.), member of the House Budget Committee, today expressed support for the President’s budget proposal, while also condemning the refusal of Republicans on the House Budget Committee to hold a hearing on the President’s proposal for fiscal year 2017.
PATERSON, NJ – U.S. Rep. Bill Pascrell, Jr. (D-NJ) stood with local business leaders yesterday to announce the permanent extension of Section 179 of the Internal Revenue Code allowing small businesses to plan ahead and make investments knowing they will not be hit with a tax bill for those purchases. [January 20, 2016]
PATERSON, NJ – U.S. Rep. Bill Pascrell, Jr. (D-NJ), a member of the House Budget and Ways & Means Committees, released the following statement today after the Department of Labor announced that the U.S. added 292,000 jobs in December, ahead of predictions for the month. The unemployment rate held at 5 percent for the second consecutive month.
"There has been so much doom and gloom from the Republican campaign trail, but we continue to see sustained job growth and their silence speaks volumes. We are making gains," Rep. Pascrell said.
WASHINGTON, D.C. – Today, Rep. Bill Pascrell, Jr. (D-NJ-09), a member of the House Budget and Ways & Means Committees, voted in favor or a measure to fund the government. The House adopted the $1.1 trillion Omnibus Appropriations bill for fiscal year 2016 by a vote of 316 to 113, and with Senate passage, the bill goes to the President for signature.
PATERSON, NJ – U.S. Rep. Bill Pascrell, Jr. (D-NJ) released the following statement following Congress’ passage of tax extender legislation. The bill, the “Protecting Americans From Tax Hikes Act of 2015,” passed in the House today by a vote of 318-109. Rep. Pascrell was co-lead on several pieces of the bill, including the Teacher Tax Credit and the Work Opportunity Tax Credit.
WASHINGTON, D.C. – Congressman Bill Pascrell, Jr. (D-NJ), a member of the House Budget and Ways and Means Committees, released the following statement regarding the Federal Reserve’s first increase of interest rates in nearly a decade:
PATERSON, NJ -- Pascrell demands any year-end tax package include tax relief for working families in N.J. [November 30, 2015]
U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) released the following statement supporting the call for Congress to protect crucial improvements to tax credits that could help build economic security for hundreds of thousands of New Jersey families, including the Earned Income Tax Credit and Child Tax Credit which are set to expire at the end of 2017.
Legislation would extend Work Opportunity Tax Credit to incentivize hiring of workers that exhausted their unemployment benefits
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:
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.