Extend All Tax Cuts
Mr. Speaker, in just a few weeks, the Obama tax hike time bomb, otherwise known as the expiration of the current tax cuts, will explode, resulting in the highest single tax increase in U.S. history.
For some, it is tempting to accept the argument that increasing taxes on upper incomes and small businesses will solve our deficit problems. However, any clear-thinking American knows that confiscating more money from Americans through taxes to feed a rapidly growing government will only lead to a continued death spiral of increased taxes and expanding government. Ultimately, we will have a shrinking private sector and fewer jobs.
Mr. Speaker, on November 2, the American people spoke loudly, and they said that we are in desperate need of reform in the way this government does its business. To that end, let me suggest that instead of making tax cuts temporary and spending permanent, that we make tax cuts permanent and spending temporary. It is time for Congress and the President to put the American people first and extend permanently all of the current tax cuts for families and small businesses in order to make this economy sound for generations to come.