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House Votes to Extend All Tax Rates for One Year

Statement

By:
Date:
Location: Washington, DC

Today, Congressman Adam Kinzinger (R-IL) issued the following statement regarding the passage of H.R. 8, the Job Protection and Recession Prevention Act of 2012:

"Today, the House took action to stop the massive tax hikes set to occur January 1, 2013 and pave the way toward comprehensive tax reform. American families and business owners want certainty that their taxes won't go up at the end of the year. Our bill does that while taking steps to make our tax code simpler, fairer, and more competitive."

Some of the highlights in H.R. 8 include:

* Maintaining existing tax rates;

* Continuing marriage penalty relief;

* Maintaining the $1,000 child credit;

* Maintaining a 15% top rate on dividends and capital gains;

* Maintaining the estate tax at its 2011 and 2012 levels; and

* Preserving certain education-related benefits.

"The last thing we should do in a bad economy is raise taxes. Businesses and manufacturers need certainty in order to place more orders, create more goods, and hire more people. Even former President Bill Clinton, former head of President Obama's National Economic Council Larry Summers, and Senate Budget Chairman Kent Conrad (D-ND) - in moments of candidness - understand increasing taxes puts our economy at grave risk."

"Just last month, the Gross Domestic Product (GDP) grew only 1.5 percent in the second quarter of 2012. According to economists in a recent CNN report, not extending all tax cuts will hurt economic growth by lowering GDP by a full percentage point. In addition, a report by Ernst and Youngfinds that not extending all tax rates will result in 2.4% less investment, 1.8% lower wages, and 710,000 fewer jobs. Looking past the political rhetoric, I think both sides of aisle can agree that economic growth is stagnant and the last thing we need to do is to increase the tax burden on working Americans."


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