LaTourette opposes tax measure
Thursday, December 02, 2010
U.S. Rep. Steven C. LaTourette (R-OH)
today voted against H.R. 4853, which extends some of the Bush-era
tax cuts but raises taxes for others, saying it will harm Ohio
small businesses.
"To raise taxes at a time when the
economy continues to struggle and people are out of work is nuts.
To treat some American taxpayers differently than others is
nuttier," LaTourette said. "I was greatly encouraged the
President was willing to negotiate with both parties on taxes and
greatly discouraged that Speaker Pelosi had to lob a dead-end stink
bomb on the House Floor that gums up the process."
The bill, if it became law, could mean a tax hike for 123,000
small businesses in Ohio that file taxes as subchapter S
corporations, meaning business and personal income are combined for
tax purposes. LaTourette said this can create the
misperception that the small business owner is wealthy because the
business income and owner's income are lumped together.
The bill passed by a vote of 234-188, but LaTourette said the
Senate is not expected to consider it. Current tax rates
expire at the end of the month. If Congress fails to act on
the issue, all Americans who pay taxes will see their taxes rise
next year, LaTourette said.
LaTourette said he hopes negotiations regarding tax cut
extensions continue, saying businesses across the country are
reluctant to hire, invest or expand due to uncertainty about the
future of current tax rates.