Today I will vote to prevent the largest tax increase in American history from taking place in just 16 days. This is money that the government will not get to spend and that the American people, who earned this money, get to keep. Failure to block these tax increases would be a direct blow to families and employers and further delay our economic recovery.
H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, would prevent tax increases on every American who pays income taxes. It eliminates job-killing tax increases on small businesses, prevents higher taxes on capital gains and dividends, and provides relief from the estate tax for family owned businesses and farms. This bill also eliminates some of the flawed aspects of President Obama’s failed stimulus package, protects 21 million households from the Alternative Minimum Tax, and preserves the child tax credit and the marriage penalty relief.
Sadly, our economic growth remains anemic, and millions of Americans are unemployed or underemployed. H.R. 4853 is a step in the right direction, but the only real solution to this crisis is to make all of these tax rates permanent, removing much of the uncertainty that still exists in our markets. We must also cut spending dramatically across-the-board, and roll back job-killing regulations.
Conservatives have a plan that reduces government spending to pre-stimulus, pre-bailout levels; saving us at least $100 billion in the first year alone and putting us on a path to balance the budget and begin paying down the debt. In the 112th Congress, I look forward to implementing these plans and keeping the money where it belongs – in the hands of the American people who earned it.
To view a summary of H.R. 4853, please click here.
To view the text of the bill, please click here.