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Job Protection and Recession Prevention Act of 2012

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. HERGER. Mr. Speaker, this House must act to stop the midnight tax hike that threatens to hit all American taxpayers on December 31. This midnight menace includes a 50 percent cut in the value of the child tax credit, higher taxes on dividends for seniors living on fixed incomes, the return of the infamous marriage penalty for working families, and the alternative minimum tax, ensnaring middle-income taxpayers.

An average family of four with an income of $50,000 could see a tax increase of almost $2,200 a year. The President says he wants to stop the midnight tax hike for some taxpayers, but not all. He claims that he merely wants the wealthy to pay more. The truth is that his tax increase proposal would especially hit small business owners. As someone who comes from a small business background myself, I understand that many small businesses pay taxes as individuals. Their income includes money that they reinvest in the business to expand and hire more workers. A big tax increase could harm the very businesses we are relying on to create more jobs. In fact, a new study by Ernst & Young suggests that the President's tax proposal would cost more than 700,000 American jobs.

Mr. Speaker, what lane will you choose? I urge the House to pass H.R. 8 and prevent a tax hike for all Americans.

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