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Public Statements

Lungren Supports House Vote to "Stop the Tax Hike"

Press Release

By:
Date:
Location: Washington, DC

Tonight Congressman Dan Lungren (R-Gold River, CA) helped stop a tax increase for American families and small businesses by supporting the Jobs Protection and Recession Prevention Act -- H.R. 8. The bill extends current tax rates for one year averting a tax increase for all Americans at the end of the year. The current rates were enacted in 2001- 2003 and extended again in 2010 with the support of 85 House Democrats and 40 Senate Democrats.

Lungren released the following statement after the vote:

"I am focused on supporting legislation that will create much needed jobs. With the fragile state of our economy and unemployment still hovering at 8 percent, it is vital that we do everything we can to help this economy get back on its feet, create jobs and help American families. Raising taxes in the midst of a weak economy is a bad idea. That is why I supported this bill tonight.

"A new report released by the accounting firm Ernst & Young finds that if taxes are allowed to increase, it will hurt the economy and cost more than 710,000 American jobs. It is unacceptable if we stand by and allow this to happen. With this one year tax extension- a current levels -- it is my hope that we can focus on reforming our current tax code to make it fairer and simpler for all Americans struggling in this economy. I applaud the leadership of House Ways and Means Chairman Dave Camp on this important issue."

What is at stake if taxes are allowed to increase --courtesy of the Way and Means Committee:

More than $4 trillion : Tax increase on Americans over the next 10 years if Democrats let all low-tax policies originally enacted in 2001 and 2003 expire at the end of the year.

$383.6 billion : Tax increase prevented by House Republicans' extension of those current tax policies for one year.

Small Businesses

940,000 : Business owners hit with higher taxes if President Obama and Democrats raise the top two tax rates.

53 : Percent of small business income that will be hit with higher taxes if President Obama and Democrats raise the top two tax rates.

710,000 : Fewer jobs if President Obama and Democrats raise the top two tax rates.

Typical Middle-Class Taxpayers

$2,200 : Tax increase a family of four earning $50,000 per year could face if President Obama and Democrats let all the 2001 and 2003 tax policies expire at the end of the year.

$1,100 : Tax increase a single parent earning $36,000 per year could face if President Obama and Democrats let all the 2001 and 2003 tax policies expire at the end of the year.

$1,700 : Tax increase a married senior couple earning $40,000 per year could face if President Obama and Democrats let all the 2001 and 2003 tax policies expire at the end of the year.

Alternative Minimum Tax

31 million : Households that will be hit by the Alternative Minimum Tax (AMT) in 2013, if President Obama and Democrats don't join Republicans to stop the tax hike.

Seniors and Tax Hikes on Investment Income

9 million : Number of tax returns filed by seniors -- half of all returns filed by seniors -- that will face higher taxes on investment income if President Obama and Democrats don't join Republicans to stop the tax hike.

More than $77 billion : Dividend income earned by seniors in 2008, 48 percent of total dividend income earned by all Americans that year.

More than $150 billion : Capital gains income earned by seniors in 2008, 30 percent of total capital gains income earned by all Americans that year.

Impact on Families

$1,028 : Average amount of higher taxes paid by 31 million families if President Obama and Democrats don't join Republicans to stop the tax hike, and the child tax credit is cut in half, from $1,000 to $500 per child.

$591 : Average amount of higher taxes paid by 32 million married couples if President Obama and Democrats don't join Republicans to stop the tax hike, and the marriage penalties in the standard deduction and the 15 percent bracket are reinstated.

$502 : Average amount of higher taxes paid by 88 million taxpayers if President Obama and Democrats don't join Republicans to stop the tax hike, and the 10 percent bracket is eliminated, raising the lowest tax rate to 15 percent.

40.8 : The top effective marginal tax rate for ordinary income if President Obama and Democrats let all rates increase at the end of the year (including the re-imposition of the "Pease limitation").

25 : Percent that capital gains income will be taxed at in 2013, up from 15 percent, if President Obama and Democrats allow the current capital gains tax rate to expire (when including the re-imposition of the "Pease limitation" and the new ObamaCare surtax on net investment income).

44.6 : Percent that dividends income will be taxed at in 2013, up from 15 percent, if President Obama and Democrats allow the current dividends tax rate to expire (when including the re-imposition of the "Pease limitation" and the new ObamaCare surtax on net investment income).

Death Tax

55 : Top death tax rate (with a $1 million dollar exemption) if President Obama and Democrats allow the death tax to revert back to pre-2001 levels -- compared to the current 35 percent rate with a $5 million exemption.

Nearly 14 : How many times as many small businesses would be subject to the death tax in 2013 compared to 2012 if Democrats don't join Republicans to stop the tax hike.

24 : How many times as many farms would be subject to the death tax in 2013 compared to 2012 if Democrats don't join Republicans to stop the tax hike.

Previous Bipartisan Support to Stop the Tax Hike

85 : Current House Democrats who voted to extend the current tax rates at the end of 2010.

40 : Current Senate Democrats who voted to extend the current tax rates at the end of 2010.


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