Congressman Bob Latta (R-Bowling Green) made the following statement reaffirming his call for a permanent extension of the current income tax rates. Without action by December 31, 2010, the current income tax rates will increase, causing the largest tax increase in our nation's history.
"Today marks thirty days until the largest tax hike occurs in our nation's history, and we have yet to see any action to stop it. Over the past four years of Democrat control of the United States House and Senate, Congress has failed to take action in preventing this tax hike which will affect every taxpayer in America.
According to the Heritage Foundation, Ohio's Fifth District will stand to lose on average over 1,500 jobs per year over the next ten years if these cuts are not extended. In the same ten year time frame, total disposable income per household will decrease by over $4,000 and district-wide individual income taxes will increase by $635 million. With an already struggling economy, we cannot afford more job losses, decreased income, and tax increases that come from inaction.
I have repeatedly called for a permanent extension of the current income tax rate at all levels. If passed, these tax cuts will continue to help our struggling economy create jobs and spur economic growth. It is of the utmost importance that Congress pass, and the President sign into law, a permanent extension of these tax cuts at current leve