Today I voted to block heavy incomes tax increases scheduled to begin in 2013 with his support of the Job Protection and Recession Prevention Act (H.R. 8). The bill passed the House by a vote of 256 to 171.
Raising taxes in this tough economy is the last thing Americans families and businesses need. That's why I voted to block the tax hike that looms in January of 2013 for every American who pays income taxes. They and the small businesses that create the bulk of the jobs in this nation need the certainty to meet their budgets, plan and move ahead.
In the face of three years of high unemployment, President Obama and Democrats are calling for higher taxes that will eliminate more than 700,000 jobs. That's not the road we need to take, and I call on President Obama and Congressional Democrats to join Republicans to stop job-killing tax hikes.
H.R. 8 would provide a one-year extension of the low-tax policies originally enacted in 2001 and 2003 and then extended again in 2010. This extension serves as the bridge to tax reform in 2013 and would:
* 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,
* Maintain the estate tax at its 2011 and 2012 parameters (indexed for inflation),
* Provide higher Sec. 179 small business expensing limits,
* Preserve certain education-related benefits; and
* Provide a two-year AMT patch (covering 2012 and 2013).