By Congressman Jack Kingston
Without action, current tax rates will expire on January 1 causing taxes to increase on every American. This part of the “fiscal cliff” will take more money out of the pockets of hardworking Americans and threatens to send our economy into the throes of a double dip recession.
House has acted to avert fiscal cliff, now President and Senate must take action
To date, only the House has acted to prevent the tax increase and preserve current rates for all Americans. We also laid the groundwork for fundamental tax reform that would make the tax code fairer, flatter, and more conducive to growth. Such reforms would stimulate growth and increase government revenues without harming the livelihoods of millions of Americans. The Senate has sent the House no legislation to address either issue in any way.
Yesterday, Speaker Boehner attempted to break the logjam in the negotiations over averting the fiscal cliff. The plan would have preserved current tax rates for 99.81 percent of Americans and make permanent tax relief for small businesses, family farms, and families. Unfortunately, the bill was pulled from consideration because there were not sufficient votes for it to pass.
As I told you yesterday, I would have supported that measure had it come to a vote because it would have protected the vast majority of Americans from seeing their taxes increase. I also support decentralizing and bringing into the open the talks over the fiscal cliff. It was not perfect but protecting – and making permanent – the existing tax rates for the vast majority of Americans and small businesses is better than allowing tax increases for all.
The House has done its will. We voted to prevent a crushing tax hike on millions of Americans and to replace the arbitrary cuts of the sequester with targeted spending cuts and budgetary reforms.
Now it is time for the President and Senate to act. To date, neither the White House nor Senate Democrats have put forward a serious proposal that cuts spending or addresses the drivers of our national debt.
I, and the entire House, stand ready to work through Christmas and do whatever it takes to prevent these tax increases and achieve desperately-needed spending cuts. This is our time to show leadership and to free our children and grandchildren from a life indebted to China.
Yesterday, Speaker Boehner attempted to break the logjam in the negotiations over averting the fiscal cliff. The plan would have preserved current tax rates for 99.81 percent of Americans and make permanent tax relief for small businesses, family farms, and families. Unfortunately, the bill was pulled from consideration because there were not sufficient votes for it to pass.
As I told you yesterday, I would have supported that measure had it come to a vote because it would have protected the vast majority of Americans from seeing their taxes increase. I also support decentralizing and bringing into the open the talks over the fiscal cliff. It was not perfect but protecting – and making permanent – the existing tax rates for the vast majority of Americans and small businesses is better than allowing tax increases for all.
The House has done its will. We voted to prevent a crushing tax hike on millions of Americans and to replace the arbitrary cuts of the sequester with targeted spending cuts and budgetary reforms.
Now it is time for the President and Senate to act. To date, neither the White House nor Senate Democrats have put forward a serious proposal that cuts spending or addresses the drivers of our national debt.
I, and the entire House, stand ready to work through Christmas and do whatever it takes to prevent these tax increases and achieve desperately-needed spending cuts. This is our time to show leadership and to free our children and grandchildren from a life indebted to China.
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