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, Representative Bill Pascrell, Jr. (D-NJ-09) voted against S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, which would erode protections enacted by the Dodd-Frank Act passed in the wake of the 2008 economic collapse.
WASHINGTON, DC – Today, U.S. Representative Bill Pascrell, Jr. (D-NJ-09) issued the following statement in response to the Trump administration’s demand to rescind $15 billion in federal funding to critical departments and programs.
WASHINGTON, DC – U.S. Representative Bill Pascrell, Jr. (D-NJ-09) issued the following statement in response to new analysis by the Joint Committee on Taxation detailing the impacts of the Republican tax law and how the new state and local tax deduction limitation effectively guts the provision for 2018.
PATERSON, NJ – In a column in USA Today, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) examines how Wall Street hastened the demise of legendary New Jersey chain Toys R Us and continues to threaten other American retailers.
Text of the editorial follows:
The brilliant New Jersey entrepreneur Charles Lazarus died March 22 at age 94. His passing came one week after the company he founded, Toys R Us, announced its liquidation after 70 years in business.
To the Editor:
Re “Roster of Stars Lets Live Nation Flex Ticket Muscles, Rivals Say” (front page, April 2):
PASSAIC, NJ – Today, U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) and U.S. Senator Bob Menendez (D-NJ) toured the ongoing revitalization of the historic People’s Bank Building, the tallest tower in the City of Passaic, to highlight necessary federal programs that have successfully spurred local economic growth and job creation in underserved communities. The site, located in downtown Passaic, is viewed as the centerpiece of the city’s broader downtown redevelopment plan.
WASHINGTON, DC – Congressman Bill Pascrell, Jr. (NJ-09) issued the following statement today following the passage of a continuing resolution that funds the government into mid-January..
WASHINGTON, D.C. – Today, U.S. Rep. Bill Pascrell, Jr. (D-NJ), member of the tax-writing Ways and Means Committee, released the following statement after the House of Representatives passed the Republican tax bill conference report.
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.