Congressman Robert Aderholt (AL-04) released the following statement in support of H.R. 8, the Job Protection and Recession Prevention Act. H.R. 8 would prevent the Administration's proposed tax hike from taking effect January 1, 2013, but extending current income tax rates for one year. The measure passed today in the United States House of Representatives by 256-171.
"This legislation will put a stop to the tax hike slated to hit every individual, family and small business who pays income taxes and provide job creators with the certainty they need to hire," said Aderholt. "With over three years of high unemployment, this Administration and Senate leadership are still calling for higher taxes that will cost more than 700,000 American jobs. The bottom line is the federal government does not have a revenue problem, it has a spending problem."
"Raising taxes on hard working American families and small businesses is not the answer to recovery, job creation and growth. I am proud to support the Job Protection and Recession Prevention Act and I hope my colleagues in the Senate and the White House will abandon their pursuit to raise taxes on families and small businesses and finally join House Republicans in doing what is right for the future of our economy." concluded Aderholt.
Key Provisions of the Legislation
Prevent a take hike from taking effect January 1, 2013;
Continue marriage penalty relief;
Maintain the $1,000 child credit;
Maintain a 15% top rate on dividends and capital gains;
Maintain the estate tax at its 2011 and 2012 parameters (indexed for inflation);
Provide higher Sec. 179 small business expensing limits; and
Preserve certain education-related benefits.
Aderholt currently serves as Chairman of the Subcommittee on Homeland Security for the powerful House Appropriations Committee, is a member of the Committee's Commerce, Justice and Science; and Agriculture Subcommittees, and also serves on the Helsinki Commission.