Reichert Defends Innovation, Investment, And Worker Pensions; Opposes Massive Tax Hike
Congressman Dave Reichert (WA-08) defended innovation and investment today, voting to prevent a permanent tax increase that threatens small business growth, job creation, education endowments, promising health care and energy research, and the pensions of thousands of Washington State retirees. The House passed the tax hike, which was paired with a package of one-year extensions of expiring tax relief, by a vote of 241-181.
"Congress should renew the expiring tax incentives that families and small businesses depend on, but it makes no sense to provide temporary, short-term relief by imposing massive, permanent tax increases on innovation and investment -- two essential catalysts of job creation," Reichert said. "I have and will continue to support the extension of critical tax relief for Washington State families and small businesses, and to help homeowners mitigate damage from natural disasters. These critical provisions should not have been paired with a burdensome tax hike on the Pacific Northwest's culture of innovation -- especially when our economy continues to struggle and we're experiencing record unemployment."
Reichert continued: "This new tax would unfairly punish entrepreneurs who risk capital to create new businesses and jobs; targeting investment threatens the pensions of workers including 440,000 retired Washington State teachers and public employees, university endowments, and real estate trusts, all of which are already suffering in this recession."
Reichert has long championed several of the tax incentives in the legislation (H.R. 4213), and offered amendments to the bill to increase a tax deduction for teachers' out-of-pocket classroom expenses and to extend an expiring credit for the construction of new energy efficient homes. He will continue fighting to make the state sales tax deduction and the research and development tax credit permanent, and to enact legislation he cosponsored to extend disaster-related tax relief.