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Stop the Tax HikePosted Friday, August 3, 2012, at 5:00 PM
This week the House of Representatives had a choice to make: Members could either vote to keep taxes low or raise taxes during one of the toughest economic times many of us have ever seen.
One thing we know for certain, raising taxes will seriously harm job creation, small businesses, and hinder our struggling economy. This is why the House came together and passed H.R. 8, the Job Protection and Recession Prevention Act of 2012, extending tax cuts for all Americans. Now it is up to the Senate to take action. If the Senate fails to act on H.R. 8, a family of four earning $50,000 a year will see their taxes increase nearly $2,200 per year, and the total tax hike for all American taxpayers would be more than $4 trillion over the next decade.
The impact tax increases have on our economy is stunning. Now is NOT the time to raise taxes and grow government. Now is the time to put in place pro-growth policies that create jobs, allowing folks to find opportunity, be successful, and move up in the workforce to earn a higher salary.
We continue to hear class warfare arguments, but fairness is not found in taxing some people more than others. Fairness is found in ensuring opportunity for all to succeed. As it has been said before, "the ladder of success does not care who climbs it."
Reforming the Tax Code
In addition to stopping the tax hike, the House also voted this week to pave the way for comprehensive tax reform. The Republican plan, H.R. 6169, Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012, will boost economic growth and create jobs by enacting tax reform next year that makes the code simpler, flatter, and fairer for families and employees, as well as closing special-interest loopholes.
When coupled with spending restraint, the commonsense tax reform policies included in the last two House-passed budgets will lead to the creation of 1 million jobs in the first year alone. These reforms include:
· Reducing the current six tax brackets down to just two (10 and 25 percent);
· Establishing a corporate rate of 25 percent, helping to make America competitive in the global marketplace;
· Eliminating the alternative minimum tax;
· Transitioning America to a more competitive territorial tax system; and
· Refusing to bail out Washington's wasteful spending and maintaining revenue levels in the range of historic norms (18-19 percent of gross domestic product).
These votes are the beginning of a strong push for tax reform in Congress. We must get back to a flatter, fairer, simpler tax code so we can get Americans back to work.
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Stephen Fincher is the U.S. Representative for Tennessee's 8th congressional district.