Rep. Tom Graves (R-GA-09) released the following statement today, after voting in favor of H.R. 8, the Job Protection and Recession Prevention Act of 2012, which prevents taxes from going up on all Americans. Without Congressional action, current tax rates are set to expire on December 31, 2012, resulting in the largest tax hike in American history. A recent study by Ernst & Young also determined that the tax hike would threaten more than 700,000 jobs. The taxes affected include income tax rates, marriage penalty rates, and the estate tax.
"Unless the Senate and the President act, taxes will go up on nearly every American at the end of the year. Families, senior citizens, small businesses -- nearly everyone will see their taxes increase. In these challenging economic times, families need to keep more of what they earn, and job creators need certainty in the marketplace so they can grow their businesses"
"President Obama and Democrats in the Senate need to stop holding the nation hostage with their election year political tactics. The notion of raising taxes on the very people who create jobs might make for a good stump speech for the President, but it will undercut efforts to expand American businesses and create jobs. House Republicans showed we're committed to stopping the tax hike to avoid hurting our economy. It's now time for the President and the Democrats to join us."