Keeping Jobs, Killing Jobs No Economic Solution, Says House GOP Economic Leader

Press Release

Today, the U.S. House of Representatives passed their traditional one-year extension of popular tax breaks but added permanent tax increases that harm local real estate and construction sectors. The measure was strongly opposed by U.S. Congressman Kevin Brady (R-TX), the top House Republican on the Joint Economic Committee.

"The reason this Congress can't get America's job creation engine going is that it keeps picking winners and losers in our economy," said Brady. "Punishing community real estate partnerships who build our local office buildings, apartments, shopping centers and industrial parks and which drive local construction jobs makes no economic sense. Commercial real estate is facing a looming crisis that will hinder America's economic recovery. This bill just makes it worse."

Brady notes that the provisions helping parents deduct college tuition expenses, teachers deduct out of pocket classroom expenses and encouraging more research and development are items supported by all members of Congress. One of his major pieces of legislation -- extending the state and local sales tax deduction is included in this bill.

"That is critical to Texas and saves our taxpayers $1.2 billion a year. But the tax increases included in this bill are terrible for our economy and don't belong there."

The measure nearly triples taxes on more than one million local real estate partnerships which invest over $4 billion into local economies. House Democrats refused to let the House vote on Brady's amendment to strip all tax increases out of the bill.

Source