Herger Urges Action to Halt Massive Tax Hike PDF Print

August 1, 2012  Washington, D.C. – Congressman Wally Herger (R-CA) spoke today on the floor of the House of Representatives in favor of H.R. 8, the Job Protection and Recession Prevention Act that would block scheduled tax increases at the end of the year by extending current income tax rates for another year.  You can watch a video of the speech here as well as read the text of the remarks below:

Mr. Speaker, this House must act to stop the midnight tax hike that threatens to hit all American taxpayers on December 31. This "midnight menace" includes a 50% cut in the value of the child tax credit, higher taxes on dividends for seniors living on fixed incomes, the return of the infamous marriage penalty" for working families, and the alternative minimum tax ensnaring middle-income taxpayers.  An average family of four with an income of $50,000 could see a tax increase of almost $2,200 next year.

The President says he wants to stop the midnight tax hike for some taxpayers – but not all. He claims that he merely wants the wealthy to pay more, but the truth is that his tax increase proposal would especially hit small business owners. As someone who comes from a small business background myself, I understand that many small businesses pay taxes as "individuals." Their "income" includes money that their owners reinvest in the business to expand and hire more workers. A big tax increase could harm the very businesses we are relying on to create more jobs. In fact, a new study by Ernst & Young suggests that the President's tax proposal would cost more than 700,000 American jobs. I urge the House to pass H.R. 8 and prevent a tax hike for ALL Americans.

 
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