Congressman Cory Gardner (R-CO) voted to extend the Bush-era tax cuts, effectively stopping a tax hike on families, seniors and small businesses.
"The question before us today is whether or not we should be raising taxes on our nation's job creators," Gardner said. "If we raise rates, as President Obama and Democrats would like, it will result in 710,000 fewer jobs and tax increases on 940,000 small business owners - many of them farmers in my district. Today, I voted in favor of a plan to protect job creators and to prevent a massive tax increase that would plunge our country into the depths of recession."
The Republican extension of the Bush-era tax cuts notably keeps the Death Tax rate at 35 percent. President Obama and Democrats would have allowed the rate to increase to 55 percent, which would have been a major blow to the agricultural community. A Death Tax rate of 55 percent, with an exemption of only $1 million, would subject nearly 24 times as many farms to the Death Tax in 2013.
Earlier this year, Gardner hosted a series of Ag Forums, during which he heard testimony that the death tax is the number one killer of farms and ranches. Those who inherit valuable agricultural land do not always have the cash on hand to pay the death tax and are forced to sell their family farm.
Today's vote to extend the Bush-era tax cuts was bipartisan, with 19 Democrats joining Republicans.