Congressman Sensenbrenner (R-WI) voted today to stop at tax hike from hitting Wisconsin families and small businesses. The House passed H.R. 8 to block all tax increases scheduled for the end of the year.
The House is also expected to consider legislation, H.R. 6169, the Pathway to Job Creation through a Simpler, Fairer Tax Code Act, to provide a path for comprehensive tax reform that will make our tax code fairer and globally competitive.
“America is fighting a record-breaking 41 months of 8 percent-plus unemployment and measly 1.5 percent economic growth; why would we want to make it more difficult for small businesses to create jobs? It doesn’t make sense to hit Americans or job creators with a bigger tax bill.
President Obama’s call for tax hikes will cost 710,000 jobs, according to a recent report by Ernst and Young. However, businesses in Wisconsin are feeling the pressure and uncertainty of the looming tax hike, as reported in today’s Milwaukee Journal Sentinel: Manufacturing slows amid political uncertainties.
“The looming tax hike has got businesses paralyzed with uncertainty. Manufacturers in Wisconsin are in a holding pattern because people don’t know what to expect from Washington with health care or taxes. I support this legislation to stop the job-killing tax hikes and prepare Congress to undertake long term reform to make America’s tax code simpler, fairer, and more competitive. We can give job creators a hand and get Uncle Sam off of their backs and out of the way.”
Key provisions of H.R. 8 (Courtesy of Ways and Means Committee):
- Maintain existing tax rates and thus prevent a tax hike on January 1, 2013,
- Continue marriage penalty relief,
- Maintain the $1,000 child credit,
- Maintain a 15% top rate on dividends and capital gains,
- Preserve repeal of PEP and Pease,
- Maintain the estate tax at its 2011 and 2012 parameters (indexed for inflation),
- Provide higher Sec. 179 small business expensing limits,
- Provide a two-year AMT patch (covering 2012 and 2013)