Tax Rates

Floor Speech

Mr. COURTNEY. Mr. Speaker, in exactly 5-months' time, the tax rates for every tax filer in this country will go up in the event of the so-called ``fiscal cliff,'' which most mainstream economists believe would push our country back into a double-dip recession.

There is hope, however.

Last week, the U.S. Senate passed a measure which protects the incomes of every tax filer up to $250,000 and allows rates for incomes above that point to return to the Clinton-era rates. This is a plan which will protect 98 percent of the tax filers in this country from any tax increase. It will help balance the budget and will give confidence to the financial markets, which are terrified of the inability of this town to get its business done.

We should act on the Senate's plan. The House Republican leadership has a choice: let's compromise; let's get something done; let's help the economy--or let's push this country into brinksmanship, which for the last year and a half has been the trademark of the 112th Congress.

We can do better as the House of Representatives. Let's pass the Senate measure. Let's provide some confidence for the American people and for the U.S. economy to grow.

Source