Today, Rep. Gingrey voted in support of H.R. 8, the Job Protection and Recession Prevention Act, which blocks the largest tax increase in history from taking effect at year's end. The legislation, which passed the House of Representatives by a vote of 256-171, protects more than 700,000 jobs threatened by the tax increase. It also provides the foundation for enactment of a simplified, fairer tax code that will help keep American jobs in the United States and encourage the return of jobs lost to overseas competitors.
"Preventing this looming tax hike provides relief for taxpayers and removes the crippling uncertainty that devastates business growth and job creation," said Gingrey. "At a time when more than 12 million Americans are out-of-work, our focus must remain on job creation and strengthening the economy, not raising taxes on middle class families."
The Job Protection and Recession Prevention Act preserves the low-tax policies originally enacted in 2001 and 2003 and once more extended in 2010. This extension lays the groundwork for tax reform in 2013 while preventing a job-killing tax hike, providing relief from marriage penalties, maintaining the $1,000 child credit, and preserving the 15 percent top rate on dividends and capital gains.