U.S. Congressman Pete Sessions (R-Dallas), a Member of House Republican Leadership, today released the following statement regarding House approval of H.R. 8, the Job Protection and Recession Prevention Act of 2012, to extend the current income tax rates for all Americans for one year:
"Raising taxes on American families and small businesses during this time of continued high unemployment will only further drag down our economy and eliminate an estimated 700,000 jobs. Last week's report that our nation's GDP grew at a sluggish rate of 1.5 percent last quarter underscores the need for pro-growth policies --not tax increases. That is why House Republicans voted today to stop the largest tax hike in history set to take effect in January 2013. This looming tax hike is driving uncertainty, discouraging investment and impeding job creation at a time when our nation can least afford it.
"Not only did the House take action today to prevent devastating tax hikes, but tomorrow the House will vote to lay the groundwork for comprehensive tax reform that will help jumpstart the economy. Fundamental reforms are far overdue, and I am pleased that the House will move forward on efforts to lower the tax burden on working families and small businesses by fixing our nation's complicated and bloated tax code. I urge the Senate and President Obama to join our efforts to stop the job-destroying tax hike and reform the tax code to empower the free enterprise system and get struggling Americans back to work."