Reichert Calls on Congress to Consider Proposals to Extend Critical Tax Relief, Provide Job-Creating Incentives
Washington,
Aug 10 -
Congressman Dave Reichert (WA-08) today released the following statement:
“Congress cannot tax our country into economic recovery,” Reichert said. “At a time when Congress should be promoting job creation, competitiveness and investment, today we’ve seen exactly the opposite – and it’s being done in the name of teachers, first responders and health care. Today’s vote means a permanent, $12.2 billion-dollar tax hike on employers that will seriously harm their ability to compete in the global economy, and it means cuts to the Department of Defense. That’s exactly the wrong action to take in the middle of a recession, when even by the administration’s own calculations these tax hikes could cost an estimated 141,000 private sector jobs.
“It is clear that government is broken,” Reichert continued. “Temporary bailouts should not be paid for with permanent tax increases that can have such negative, long-term economic consequences. What Congress should be focused on instead are common-sense, bipartisan solutions that extend critical tax relief, provide access to job-creating investments and incentives, and remove obstacles from the paths of our innovative entrepreneurs. That’s what will deliver the recovery Americans need and deserve, and I’ll never stop fighting for these proposals.”
BACKGROUND
A host of organizations have voiced their concern with the tax hikes included in today’s legislation, including the U.S. Chamber of Commerce, the National Association of Manufacturers (NAM), the Business Roundtable (BRT) and the Promote America’s Competitive Edge (PACE) Coalition.
U.S. Chamber of Commerce: “[U.S. Chamber of Commerce] strongly opposes H.R. 1586, which would impose draconian tax increases on American worldwide companies that would hinder job creation, decrease the competitiveness of American businesses, and deter economic growth.”
NAM: “An estimated 22 million people in the United States – more than 19 percent of the private sector workforce and 53 percent of all manufacturing employees – are employed by companies with operations overseas. Manufacturers feel strongly that imposing $9.6 billion in tax increases on these companies as proposed in the Senate Amendment to H.R. 1586 will jeopardize the jobs of American manufacturing employees and stifle our fragile economy…Some of the proposed tax increases, which are mischaracterized as closing tax loopholes, actually represent significant changes to pro-growth tax policy supported by Congress and the Administration.”
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