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, DC – Today, Congressman Bill Pascrell, Jr. (NJ-09), a member of the tax-writing Ways and Means Committee, issued the following statement after House Republicans blocked a floor vote on his amendment to restore the state and local tax (SALT) deduction in H.R. 1, the Republican tax bill under consideration this week. Taxpayers in New Jersey rely heavily on the Civil War-era tax break exempting itemizing filers from including state and local taxes paid in their taxable federal income.
WASHINGTON, DC – Yesterday Congressman Bill Pascrell, Jr. (NJ-09) and Congressman Frank Pallone, Jr. (NJ-06) opposed H.R. 2874, the so-called 21st Century Flood Reform Act after offering amendments to the bill, which were denied a vote by Republican Leadership. The partisan bill would make flood insurance more expensive, less available, and less fair for millions of Americans.
NEWARK, N.J. – Today, Governor-elect Phil Murphy and Democratic members of the New Jersey House delegation discussed the impact of the House Republican’s tax plan on New Jersey. The plan is estimated to cost many New Jersey families thousands of dollars a year. A total of 1.8 million New Jersey households deduct a cumulative $17 billion in state income or sales taxes from their federal taxes. Those tax deductions would be eliminated under the House Republicans' bill.
WASHINGTON, DC – Today, U.S. Representative Bill Pascrell, Jr. (D-NJ), a member of the House Ways and Means Committee, authored an amendment to the Ryan-McConnell tax bill to retain the state and local tax (SALT) deduction. His amendment was offered during the Ways and Means Committee markup for the Republican tax bill, and voted down along party lines, 16-23.
WASHINGTON, DC – Yesterday, U.S. Representative Bill Pascrell, Jr. (NJ-09), a member of the Ways and Means Committee, led the charge for Democrats in their opposition to the Ryan-McConnell tax bill. The House Ways and Means Committee began its markup for the Republican tax bill, which will continue today (WATCH LIVE).
WASHINGTON, DC – Today, U.S. Representative Bill Pascrell, Jr. (NJ-09), a member of the House Ways and Means Committee, released the following statement on the Republican tax plan.
WASHINGTON, DC – U.S. Representative Bill Pascrell, Jr. (NJ-09), Ranking Member of the Ways and Means Trade Subcommittee, issued the following statement on the release of a Department of Treasury report on developments in international economic and exchange rate policies.
WASHINGTON, D.C. – Today, U.S. Representative Bill Pascrell, Jr. (D-NJ), a member of the House Ways and Means Committee, and 12 cosponsors introduced a measure in the House of Representatives that would extend the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC) to U.S. citizens in Puerto Rico.
WASHINGTON, DC – Today, U.S. Representative Bill Pascrell, Jr. (D-NJ), a member of the House Ways and Means Committee, released the following statement after the Department of Labor announced that the economy lost 33,000 jobs in September:
WASHINGTON, DC – Today, U.S. Representative Bill Pascrell, Jr. (D-NJ), a member of the House Ways and Means Committee, called on the committee to take action on a number of legislative items that would aid in Puerto Rico’s disaster and economic recovery during a bill markup. Additionally, Rep. Pascrell urged Republican Congressional Leadership and the Trump Administration to mount a meaningful response to the humanitarian and public health crisis in Puerto Rico. Video of his remarks is available here.