U.S. Congressman Tom Cole (OK-4) released the following statement after the House passed H.R. 8, the Job Protection and Recession Prevention Act. The bill extends the current low tax rates for all American taxpayers and small business owners for one year, preventing a $384 billion tax increase beginning on January 1, 2013.
"Raising taxes in a struggling economy would be extraordinarily damaging and irresponsible. American businesses are already overburdened with government regulations, and the prospect of massive tax hikes makes it even more difficult for them to grow and hire.
"Our tax system isn't perfect, but raising taxes in the midst of 41 months of 8 percent unemployment is not the solution. Extending tax relief for at least one more year will give American families and businesses some breathing room and help our economy continue to recover from the recession.
"President Obama may believe the government builds the businesses in America, but the failed $1 trillion stimulus show what happens when Washington tries to create jobs. The Senate should join us in acting to ensure America's workers and employers don't send even more of their hard-earned income to be wasted by the federal government."