The U.S. House of Representatives passed a bill today to stop the looming income tax hikes scheduled to increase rates on all Americans beginning in 2013. The bill cleared the chamber shortly after House policymakers rejected the president’s plan that would only eliminate rate changes for select earners.
The House-passed “Job Protection and Recession Prevention Act of 2012” aims to maintain the current tax rates on household income, investments and estates. Marriage penalty relief and the $1,000 child tax credit would also continue through 2013 under the legislation.
In contrast, an analysis of the White House’s initiative found that more than 710,000 American jobs could be lost as a result of the president’s proposed tax increases.
Meanwhile, the House is slated to move a bill tomorrow mapping out a comprehensive tax reform plan that makes the code simpler and fairer for families and employees and closes special-interest loopholes. Committee on Ways and Means Chairman Dave Camp has noted that his panel’s plan will establish a specific pathway to compel action on tax reform.
Raising taxes on anyone in this fragile economy is a mistake. The tax burden on our working citizens and small businesses is damaging to entrepreneurship and overly penalizes responsible behavior. I’m confident that comprehensive reform will reward productivity and efficiency in our economy.
Member of Congress