Congressman Tim Murphy (PA-18) tonight released the following statement after consideration of the American Taxpayer Relief Act of 2012.
Early Tuesday, by a vote of 89-8, the Senate passed a proposal to permanently extend current tax rates for income less than $400,000 for individuals and $450,000 for households, along with a combination of other spending cuts without raising the nation's debt limit. The House considered the bill late Tuesday evening.
"The process and product are imperfect, but what has been achieved can't be overlooked. We've overcome the impasse to permanently lock in lower tax rates for 99 percent of taxpayers," said Congressman Tim Murphy."Tonight's vote opens the door for work to begin in the next session of Congress on significant cuts in federal spending, meaningful tax reform, and pro-growth policies to get our country back on solid fiscal footing."
To learn more about the American Taxpayer Relief Act of 2012, click here.