Jordan Tax Cut Amendment Rejected by Democrats
In a party-line vote, House Democrats rejected a budget amendment offered last night by Congressman Jim Jordan (R-Urbana) that would have extended the current, lower federal income tax rates until at least 2012.
Jordan's proposal was designed to counter House Democrats' efforts to enact a $182.2 billion income tax hike.
"Tax cuts are helping our economy, and they'll continue to have a positive impact if they're allowed to work," said Jordan. "Now more than ever, raising taxes is the wrong medicine for the families and taxpayers of our state and nation."
In addition to raising income tax rates, the Democrat proposal would reinstate the "marriage penalty," reincarnate the death tax, cut the child tax credit in half, and increase taxes on savings, Jordan noted.
"Just three months into their majority, House Democrats are using their very first budget opportunity to pass what amounts to the largest tax increase in American history," said Jordan.
Jordan said that the tax hikes being considered total $392.5 billion over five years, affecting more than 4.4 million Ohioans to the tune of $2,716 per family.
He said the tax bill for a married couple with $40,000 in income would increase by 156 percent in 2011 from $583 to $1,489. A family of four making $60,000 per year would see a 61-percent tax hike in 2011 from $3,030 to $4,893.