Congressman Sensenbrenner (R-WI) voted today to stop at tax hike from hitting Wisconsin families and small businesses. The House passed H.R. 8 to block all tax increases scheduled for the end of the year.
The House is also expected to consider legislation, H.R. 6169, the Pathway to Job Creation through a Simpler, Fairer Tax Code Act, to provide a path for comprehensive tax reform that will make our tax code fairer and globally competitive.
"America is fighting a record-breaking 41 months of 8 percent-plus unemployment and measly 1.5 percent economic growth; why would we want to make it more difficult for small businesses to create jobs? It doesn't make sense to hit Americans or job creators with a bigger tax bill.
President Obama's call for tax hikes will cost 710,000 jobs, according to a recent report by Ernst and Young. However, businesses in Wisconsin are feeling the pressure and uncertainty of the looming tax hike, as reported in today's Milwaukee Journal Sentinel: Manufacturing slows amid political uncertainties.
"The looming tax hike has got businesses paralyzed with uncertainty. Manufacturers in Wisconsin are in a holding pattern because people don't know what to expect from Washington with health care or taxes. I support this legislation to stop the job-killing tax hikes and prepare Congress to undertake long term reform to make America's tax code simpler, fairer, and more competitive. We can give job creators a hand and get Uncle Sam off of their backs and out of the way."
Key provisions of H.R. 8 (Courtesy of Ways and Means Committee):
Maintain existing tax rates and thus prevent a tax hike on January 1, 2013,
Continue marriage penalty relief,
Maintain the $1,000 child credit,
Maintain a 15% top rate on dividends and capital gains,
Preserve repeal of PEP and Pease,
Maintain the estate tax at its 2011 and 2012 parameters (indexed for inflation),
Provide higher Sec. 179 small business expensing limits,
Provide a two-year AMT patch (covering 2012 and 2013)