Bob Menendez’ Record On Taxes
Menendez has made no secret of wanting to repeal the “Bush tax cuts” and consistently talks about raising taxes on “the wealthy”. In government speak, New Jersey taxpayers are “the wealthy” as our state has the highest average income in the nation. Menendez fails to acknowledge that the "Bush tax cuts" have been good for New Jersey taxpayers and also good for the country.
The “Bush tax cuts” have enabled the creation of 5.8 million new jobs, a 4.6 unemployment rate and 19 consecutive quarters of economic growth. Federal tax revenues have reached an all time high, resulting in a dramatic decrease in the deficit. The stock market continues to hit new highs. If Bob Menendez had his way, New Jersey taxpayers would have less in their wallet and our economy would be sputtering along.
Menendez has a long record on tax issues, voting against the interests of New Jersey taxpayers every time. Whether it’s voting against eliminating the marriage penalty, against reducing income tax rates and credits, against reforming the Alternative Minimum Tax, against eliminating the estate tax, against tax cuts for small businesses, against reducing taxes on capital gains and dividends – Bob Menendez has been a reliable vote against tax relief for the citizens of this state. (See list of key votes below)
USA Today recently published an article explaining how every taxpayer has benefited from the tax cuts Bob Menendez has been against and favors repealing:
Americans of every income have benefited from a drop in federal income tax rates as Bush administration tax cuts enacted since 2000 took effect, an independent analysis of newly released IRS data shows.Can New Jersey afford to send Bob Menendez and his tax increasing pal, Linda Stender, to Congress? Menendez says he wants to talk about the issues - let him defend his voting record and let him explain why he wants to increase your taxes.
But those earning $75,000 to $500,000 are shouldering a larger share of total taxes paid as millions more of them earn higher incomes and get hit with the Alternative Minimum Tax, the analysis also found.
The analysis showed, for example, that a taxpayer who earned $35,000 in 2000 would have paid 8.54% of that income — $2,989 after credits — in federal taxes. In 2004, federal taxes would have accounted for 5.12% of that taxpayer's annual income, or $1,792. That represents a 40% decrease in tax burden.
Millions of upper-middle and moderately high-income earners also benefited from tax rate cuts. But the analysis shows their savings was limited by the Alternative Minimum Tax, which eliminates some deductions and credits they could otherwise claim on federal tax returns. The levy particularly hits those whose high state and local taxes become ineligible for federal tax deductions.
For instance, taxpayers who earned between $100,000 and $200,000 in 2004 paid 22.5% of all federal taxes, up from 19.4% four years earlier. Those who earned between $200,000 and $500,000 in 2004 paid 17.9% of all federal taxes, up from 15.4% in 2000, the analysis showed.
Millions of lower-income Americans — those earning $25,000 annually or less — have been taken off the federal tax rolls. In 2000, roughly 29 million tax returns had no federal tax owed. Four years later, the number rose to about 43 million returns.
Below is a list of key votes cast by Menendez on tax issues:
Voted YES on Repealing capital gains tax cut. (Feb 2006)
Voted NO on revising the Alternative Minimum Tax (Dec 2005)
Voted NO on retaining reduced taxes on capital gains & dividends. (Dec 2005)
Voted NO on providing tax relief and simplification. (Sep 2004)
Voted NO on permanently eliminating the marriage penalty. (Apr 2004)
Voted NO on making the Bush tax cuts permanent. (Apr 2002)
Voted NO on $99 B economic stimulus: capital gains & income tax cuts. (Oct 2001)
Voted NO on Tax cut package of $958 B over 10 years. (May 2001)
Voted NO on eliminating the Estate Tax ("death tax"). (Apr 2001)
Voted NO on eliminating the "marriage penalty". (Jul 2000)
Voted NO on $46 billion in tax cuts for small business. (Mar 2000)