Congressman Diane Black (R-TN) released the following statement regarding the Tax Policy Center's new report on the looming tax cliff. The report finds that a typical middle-income family making $40,000 to $64,000 a year could see its taxes go up by $2,000 next year if Congress fails to renew the tax cuts set to expire at the end of the year.
"American families and small businesses, struggling with higher gas, food and health care costs and declining income, are also facing the reality that their taxes could go up by thousands of dollars at the end of the year. Not only have the president's failed economic policies given us the weakest recovery since the Great Depression, his preference for campaigning over governing is driving our country to the edge of a cliff. Despite unemployment above 8 percent and GDP growth at 1.6 percent, the president remains insistent on a tax hike and risks throwing the U.S. economy into a double-dip recession.
The House voted months ago to stop this year-end tax hike as well as moved forward on a framework and principles for tax reform to be completed in 2013. Tax reform in the first year alone could lead to the creation of 1 million new jobs. American families and small businesses should not have to live in fear of paying thousands more in taxes in a matter of months. The Senate should come back to Washington; finish what the House started; and send our bill to the president's desk. " said Congressman Black.