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|Michelle Dimarob, or Sarah Swinehart (202) 226-4774|
Camp: Americans Want More Jobs and a Simpler, Fairer Tax Code – Not Higher Taxes
Legislation introduced to stop the tax hike
Washington, DC - Today, Ways and Means Chairman Dave Camp (R-MI) introduced H.R. 8, the Job Protection and Recession Prevention Act, blocking scheduled tax increases at the end of the year by extending current income tax rates for one year.
Camp said: “This bill will stop the tax hike facing every American who pays income taxes at the end of the year and give small businesses and families the certainty they need in these tough economic times. Despite more than three years of high unemployment, the President and Democrats who control Washington are calling for higher taxes that will eliminate more than 700,000 jobs. That is the wrong direction, and I call on President Obama and Congressional Democrats to join Republicans and abandon their pursuit of job-killing tax hikes.”
Key Features of the Legislation
The legislation provides a one-year extension of the low-tax policies originally enacted in 2001 and 2003 and then extended again in 2010. This extension serves as the bridge to tax reform in 2013 and would: