This week, Congressman Howard "Buck" McKeon voted in favor of the Job Protection and Recession Prevention Act, legislation that would stop the tax hike on all Americans looming at the end of the year, and put in place an expedited procedure to ensure Congress reforms the tax code to make it simpler and fairer. According to independent economists, this tax reform plan, when coupled with spending cuts, would lead to the creation of more than 1 million jobs in the first year alone.
If the current tax cuts are allowed to expire, every American's taxes would go up on January 1st, 2013. A family of four making $50,000 a year could see their taxes go up by 5 times, a single mother making $36,000 could see her taxes double, and a married senior couple living on an income of $40,000 could see their taxes double as well. Additionally, if these tax cuts were to expire, our economy could lose over 700,000 jobs, as the President's tax plan calls for a tax hike on over 940,000 small businesses. The non-partisan Congressional Budget Office has made it clear that these increases would devastate an already fragile economy and almost certainly send the country back into a recession.
"At a time when American families are struggling to make ends meet and American businesses are struggling to meet payroll, it is mind boggling that we are debating in Washington on whether or not we should increase taxes on American families and businesses. With unemployment at record rates, and our economy completely stagnant, raising taxes on anyone is a dangerous proposition.
"Every American deserves a fair and simple tax code and American jobs depend on an environment of certainty and fair competition. Currently we have one of the highest corporate tax rates in the world. If we want to get America working again, we have to make our country a great place to do business. We need a tax code that is simple and fair for all individuals, families and businesses. We need a tax code that spurs job creation and economic opportunity by lowering rates, closing loopholes, and putting hardworking taxpayers ahead of special interests. I urge the President and my colleagues in the Senate to come to the table do what is right for our economy and our American families and businesses."