Congressman Tim Murphy (PA-18) today released the following statement applauding House passage of H.R. 8, the Job Protection and Recession Prevention Act of 2012:
"Without Congressional action, millions of families won't be celebrating on New Year's Eve, they'll be preparing for the largest tax hike in U.S. history scheduled to kick in January 1st 2013. Struggling Southwestern Pennsylvanians want Congress to cut spending, not raise taxes in this jobless economy. Raising taxes will not create a single new job for the 23 million Americans out of work or looking for more work."
Key features of the legislation include:
* 2001 and 2003 tax cuts. Maintain the income tax cuts for all income levels. Also maintains a 15% top rate on dividends and capital gains.
* Estate tax. Extend the current estate tax for one year at a rate of 35 percent and a top exemption level of $5 million.
* AMT. Provide for a "patch" in 2012 and 2013 that shields millions of additional taxpayers from having to pay the alternative minimum tax.
* Expensing. Allow businesses to continue writing off the cost of capital equipment purchases.
* Maintain the $1,000 child tax credit.
* Continue marriage penalty relief.
* Preserve repeal of PEP and Pease deduction limits.
* Preserve certain education-related benefits like student loan interest deductions and employer-provided tuition assistance.