Congressman Leonard Lance (NJ-07) today issued the following statement regarding House passage of the "fiscal cliff" compromise:
“I voted in favor of the Senate agreement in large part because it provided the only option available to stop a scheduled tax hike that would have disproportionately affected New Jersey's small businesses, taxpayers, investors and working families and pushed our fragile economy deeper into recession.
“This legislation permanently extends the Bush tax cuts for 99 percent of households. It permanently fixes the onerous alternative minimum tax (AMT), giving tens of thousands of hard-working, middle-class New Jersey families much-needed certainty in this area. And it extends through 2013 important small business tax breaks like the widely claimed research and development tax credit and a provision allowing businesses to write off immediately half the value of new investments, known as 50 percent bonus depreciation.
“The bill also protects New Jersey's senior citizens from massive Medicare cuts in physician payments, cancels pay raises for members of Congress and averts an expected hike in the price of milk by extending expiring dairy policy.
“Essential discussions about spending cuts and the debt ceiling will continue in early 2013, and I welcome this debate. It is now time to focus on reforming our entitlement programs and reducing Washington’s out-of-control spending that has led to record debt and trillion dollar annual deficits under President Obama.”