U.S. Representative Judy Biggert (R-IL-13th) today issued the following statement regarding H.R. 4213, a Democrat tax extension bill that would enact a permanent "carried interest" tax increase on investment partnerships, including real estate partnerships in the Chicago area, while temporarily extending several non-controversial tax credits and incentives:
"This is just another example of House leaders tacking on another economically-damaging tax hike to any bill that comes before Congress.
"I have long-supported extending many of the targeted tax relief measures included in this bill, including credits to encourage investment in research and development, help teachers improve the classroom, and make college tuition more affordable. I even have introduced my own legislation to extend and double the teacher tax credit.
"But these relief measures shouldn't be tied to an agenda that pulls a greater and greater share of private capital out of the U.S. economy, discourages entrepreneurship, and penalizes investments that would otherwise create new jobs. These permanent tax increases threaten to negate the positive benefits of temporary provisions in the bill.
"At the same time, this bill simply ignores a range of other vital tax provisions that are due to expire. If Congress were serious about protecting our economy, and extending targeted tax policies that have proven economic benefits, this bill would include key incentives such as an extension of the increased small business expensing limits that encourage expansion and job growth. It also fails to include a patch for the AMT, which threatens an additional 22 million middle-class families next year if left unchecked.
"Taxpayers deserve better."