Earlier today, the U.S. House of Representatives passed legislation to prevent an across-the-board tax increase on families and job creators, set to take effect in January 2013. The legislation comes on the heels of analyses that the President's proposed tax increases would adversely impact job creation and economic growth.
Following a bipartisan House vote to prevent a massive tax increase, House Budget Committee Chairman Paul Ryan of Wisconsin issued the following statement:
"The results are unmistakable: the President's insistence on taking more from hardworking taxpayers to fuel ever-higher Washington spending is not working. Economic growth has slowed to 1.5 percent and unemployment is stuck above 8 percent. Now the White House and leading Senate Democrats want to double down on these policies with massive tax increases that will hit small businesses, not to pay down the debt but to simply chase unsustainable spending increases. There is bipartisan opposition to this failed approach, and to provide certainty and confidence for job creators, the time to act is now.
"The House took action today to protect families and workers from a massive tax increase, which the Congressional Budget Office warned would push our economy into another recession.
"I applaud the leadership of House Ways and Means Chairman Dave Camp and my colleagues in Congress for their efforts to stop the President's massive tax increase, while paving the way forward for pro-growth tax reform. Keeping tax rates low, cutting spending, and advancing fundamental reforms to our government's structural budget challenges are the keys to get America back on track."