Alaskan Congressman Don Young voted today in favor of H.R. 8, the Job Protection and Recession Prevention Act of 2012 -- a bill that would, among other things, provide a one year extension of all current individual tax rates, otherwise known as the "Bush-Era Tax Cuts." This bill passed the House by a vote of 256 to 170.
"If we fail to extend the Bush Tax Cuts, the American people will be faced with the mother of all tax hikes," said Rep. Young. "Two years ago, the President agreed with House Republicans -- raising taxes on the American people is the wrong thing to do in the middle of an economic recovery. The same holds true today and as we dig ourselves out of this economic hole, it's crucially important that we remember the American people -- not Washington -- will be the ones to do it."
"Keeping tax rates as low as possible on American families and small businesses should be a no-brainer. This President and his allies in the Senate should waste no time dillydallying; let's extend these tax cuts for the good of the American people."
The Bush Tax Cuts were extended with bipartisan support in 2010. If the cuts are not extended by year's end, a family of four earning $50,000 would be faced with a roughly $2,200 tax increase.
H.R. 8 also provides an extension of the following:
Capital gains and dividends tax rate
Estate tax rates
Child tax credit ($1000)
Marriage penalty relief
Certain education tax credits