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House Votes to Extend Bush-Obama Tax Cuts

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As you may know, the Bush-Obama tax policy is set to expire at the end of this year. Without any legislative fix, ALL taxpayers will pay more in income taxes, capital gains, death taxes, and much more. But this past week, at my insistence for months, the House passed a one-year extension of current tax rates. Additionally, we also passed another key priority of mine - a path toward comprehensive tax reform. Together these two measures could provide much-needed certainty to pull us out of the worst economic recovery since World War II. Problem is - President Obama and the Senate Democrat majority strongly favor tax increases and little reform to our outdated tax system. Let's hope August recess gives them the opportunity to listen to small business owners and other taxpayers who want tax certainty and comprehensive reform as soon as possible.


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