Congressman Mike Turner released the following statement after joining a bipartisan group of House Members in supporting H.R. 8, the Job Protection and Recession Prevention Act. The legislation halts scheduled tax increases at the end of the year by extending current income tax rates for one year.
"Ohio families have spent the last four years struggling in what has been called the "worst economic recovery America has ever had.' Now they are faced with the uncertainty of increased taxes that they and our fragile economy cannot afford. This bill provides that certainty for families, and the ability for Congress to work together on meaningful long-term tax reform. Playing politics with the financial future of families and job creators is not something Ohioans support."
The legislation provides for a one-year extension of the low-tax policies originally enacted in 2001 and 2003 and then extended again in 2010. Specifically the bill would:
Maintain existing tax rates and thus prevent a tax hike on Jan. 1, 2013.
Continue marriage penalty relief.
Maintain the $1,000 child credit.
Maintain a 15 percent top rate on dividends and capital gains.
Maintain the estate tax at its 2011 and 2012 parameters (indexed for inflation).
Provide higher Sec. 179 small business expensing limits.
Preserve certain education-related benefits.
Provide a two-year AMT patch (covering 2012 and 2013).