Today, Congressman Marlin Stutzman (IN-03) voted to stop job-killing tax hikes by extending the current income tax rates for one year.
"The President must have changed his heart since he came to Elkhart three years ago and said that "you don't raise taxes in a recession,'" said Stutzman. "In the real economy, Americans have struggled through over three years of record unemployment and will not stand for tax hikes to pay for more Washington spending. Today, both sides of the aisle came together to stop tax hikes on all Americans who pay income taxes. Unless the Senate and White House join us to stop this tax hike, Hoosiers in Northeast Indiana could face an average increase of $2,911 per tax return and Indiana could lose over 15,000 jobs. Hoosier families and businesses deserve certainty and a healthier economy, not the threat of job-killing tax hikes. The House has put forward a plan. It's time for the Senate and White House to act."
The Job Protection and Recession Prevention Act, H.R. 8, will block scheduled tax increases by extending the current income tax rates for one year. The legislation gives families and businesses certainty as they prepare for the coming year and paves the way for tax reform in 2013.
Under current law, tax rates are scheduled to rise significantly on January 1, 2013. According to a report by Ernst & Young, Indiana could lose 15,400 jobs. A separate study by the Heritage Foundation estimated that Hoosiers would pay an additional $9.25 billion, with Indiana's Third District facing an average increase per tax return of $2,911. Despite the economic impact, Democrats have persisted in their refusal to extend across-the-board tax rates for all Americans.