Today Rep. Joe Baca (D-Rialto) voted against Republican-backed legislation in the House of Representatives, that creates new tax giveaways for hedge fund managers, lobbyists, big corporations and the wealthy. H.R. 9, the Tax Giveaways to the Wealthy Act, unfortunately passed the House of Representatives with a 235 -- 173 vote.
"After more than 450 days in the majority, House Republicans have still failed to produce a meaningful job creation agenda," said Rep. Baca. "Today's vote to approve this misguided tax giveaway for the wealthy serves as yet another example of their misplaced priorities. H.R. 9 does absolutely nothing to create any new jobs here at home, and even worse, it irresponsibly increases our deficit by $46 billion alone in 2013."
H.R. 9 provides a 20% tax cut on business income for entities with fewer than 500 employees --over 99% of all businesses in America. This tax giveaway is available to any business smaller than 500 employees, including corporations that ship jobs overseas, organizations that have been found guilty of employee discrimination, and businesses like massage parlors and dog tracks. Economists estimate that H.R. 9 adds $46 billion in deficit spending to our budget in 2013, and could add as much as half a trillion dollars to our deficit in total.
"It's time House Republicans stop taking care of millionaires and billionaires, and start working in the real interest of middle class families," concluded Rep. Baca. "I will continue to fight in Congress for responsible policies that encourage small businesses to grow and hire, and ensure that all Americans pay their fair share in taxes."