Let’s Stop the Coming Tax Increase
August 2, 2012
Unemployment in the state of Alabama for June ticked up to 7.8 percent from May’s 7.4 percent.
Too many folks across East Alabama are still out of work. More tough economic news looms each week.
With a bad economy holding down job creation, I just don’t believe Congress should raise taxes on anyone.
Just this week, Congress passed H.R. 8, the Job Protection and Recession Prevention Act of 2012, with my support. This legislation would extend the current tax rates through 2013.
It’s true we’ve had this debate before, but what’s different this time is some in Congress are now willing to let all tax rates increase at the end of the year.
Aren’t Americans taxed enough already? After all, most folks I talk with believe Congress has a spending problem and not a revenue problem.
The chairman of the House Budget Committee, Congressman Paul Ryan from Wisconsin, has tried to get spending back on track with his budget proposal. For two years, the House has passed his budget which puts forth solutions and attempts to address some of the most pressing challenges our nation faces in the coming decades. The Democrat-led Senate hasn't passed a budget in over 3 years.
It’s far from perfect. But at least the Ryan budget attempts to address the spending addiction that Washington has been on for decades. It’s a bipartisan spending addiction and one that requires a bipartisan long term solution.
A Balanced Budget Amendment could also help and it’s something I strongly support and have voted for.
Yet for now the debate seems to be about taxes and their impact on our economy. For over 40 months in a row, our national unemployment rate has been at 8 percent or higher.
During these tough economic times, it just doesn’t make sense to me that anyone would want to raise the current tax rates on any hardworking family – no matter their income level.
I believe an unacceptable alternative is the Democratic tax plan, endorsed by President Obama, which according to a summary compiled by Ernst and Young raises taxes on nearly one million small business owners. It could result in a loss of over 700,000 jobs in the long run. Why would we do that? Folks still need relief in this economy and raising taxes right now is not the right move.
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