Fitzpatrick Extends Tax Cuts for Pennsylvania Families & Small Business
WASHINGTON, DC – Congressman Mike Fitzpatrick (PA-08) voted today to protect Pennsylvania families and small businesses from a devastating tax hike on January 1, 2013.
"The tax hike looming on January 1, left unchanged, will drain over $20.5 billion from Pennsylvania's economy at a time of anemic economic growth and discouraging jobs numbers," said Fitzpatrick. "I agree with former President Clinton - you cannot raise taxes on anyone in a down economy."
Fitzpatrick continued, citing a July 2012 report by Ernst and Young analysts, warning that "failure to extend current tax rates will shrink our economy by 1.3% and cost us 710,000 jobs. Allowing higher taxes on small-business job creators will further slow what is already the worst economic recovery since the Great Depression."
"Furthermore, allowing these tax cuts to expire would result in an average tax increase of $4,400 per return in the 8th Congressional District."
Today's vote on H.R. 8, the Job Protection and Recession Prevention Act of 2012 extends for one year the tax rates enacted through the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.
In addition to extending the across-the-board tax rates, this legislation prevents a dangerous middle-class tax hike in the Alternative Minimum Tax, and extends several important tax provisions including the child tax credit, estate tax relief, and marriage penalty relief.
Additionally, today the House Financial Services Sub-Committee on Capital Markets marked-up Fitzpatrick’s Fostering Innovation Act (HR 6161), aimed at reducing burdensome regulations on emerging job creators. The bill was favorably reported to the full committee.