Raising taxes in a recession on anyone– let alone on small business owners– is a bad idea. Yet, at President Obama's insistence, the Democrat controlled Senate voted last week to do just that.
House Republicans are committed to growing our economy and creating jobs. That's why, this week, the House will vote to stop the tax hike and provide a path for comprehensive tax reform.
Majority Leader Eric Cantor made the following comments:
“This week, the House will vote to extend the current tax rates to ensure that all Americans know they will not see their taxes go up at the end of this year. We will also put forward our plan for pro-growth tax reform. Together, these bills will stop the tax hike coming on January 1, while providing our small businessmen and women with the confidence they need to grow, hire and create more jobs.
“Two years ago, the President said extending these same tax rates was the ‘right thing to do’ for jobs, the middle class and small business. Keeping taxes low is still the right thing to do to get this economy growing again. In the near term, our plan gives working families and small businesses the certainty that they will not face a tax increase. In the long term, we will reform the tax code to spur sustained economic growth. While both sides agree we must get our economy back on track, only House Republicans have offered real solutions to create a stronger economy and a more certain future for our country.
“The President and his party are pushing for a massive tax hike that will cost the economy hundreds of thousands of jobs. In the House, Democratic leaders are insisting on offering this same proposal to raise taxes on small businesses. The choice is clear. We can continue down the path of higher taxes, more red tape and government spending that has not worked, or we can stop the tax hike for all Americans and put in place a simpler, fairer and more competitive tax code that will actually foster economic growth and boost job creation.”