Congressman Bill Shuster joined with his colleagues in voting for the "Jobs Protection and Recession Prevention Act of 2012" (H.R. 8). This legislation prevents a massive tax increase on individuals and small businesses.
"This legislation will save over 700,000 American jobs that would have been lost because of another Obama tax increase," said Shuster. "Washington's fiscal problems are the result of the government spending too much, not because Americans are taxed too little. Congress must focus on continuing to rein in runaway spending, not on raising taxes on the American people to finance it."
This job-saving legislation would extend for one year all of the pro-growth policies originally enacted in 2001 and 2003 as part of the Economic Growth and Tax Relief Reconciliation Act. The Democrats' plan, which the House voted down, would have increased taxes by $4 trillion over the next decade, equaling a $2,200 tax increase for a family of four earning $50,000 a year.
"President Obama's tax plan would result in a massive tax increase on over 1 million small business owners," Shuster said. "The economy has struggled for years under the President's policies. With unemployment over 8 percent for 41 consecutive months, this is the worst time to raise taxes on hard working American families and small businesses that create jobs."