Congresswoman Miller votes to prevent biggest tax increase on Americans in history
WASHINGTON – U.S. Congresswoman Candice Miller (MI-10) today made the following statement regarding the passage of the tax hike prevention agreement:
“Michigan and American families and job creators from across our nation have been struggling in this difficult economy. They are doing what they can to make ends meet with what they have and provide for their households and create new jobs. The passage of this bill was vital to ensure that those hard pressed American families and small businesses do not have the biggest tax increase in our nation’s history forced upon them at this critical time.
“By passing this measure, we avoided a $3.8 trillion tax increase. Now, the average middleclass family will be able to keep $1,700 of their hard earned money to spend on their family instead of having their taxes increased over $5,000 yearly, or nearly $100 per week extra that would have been taken from their paychecks, so that government could spend more. The tax relief for small businesses will enable them to hire more workers, and make investments that will help turn our economy around.
“This bill also continues the extension of unemployment benefits for 99 weeks for the chronically unemployed, providing families with help they need while we continue to work to grow our economy and create new jobs. It is unfortunate that the majority would not allow us to fully pay for this extension by using unspent stimulus funds; I do understand the need for them to be included in this framework.
“This deal is not perfect, but the hurting families in Michigan and small businesses deserve better than what they’ve been getting from their national government and I’m determined to help them. This is a good start toward that end and beginning in January the new Republican Majority in the House will begin the job of cutting spending and implementing policies that will allow the private sector to create more jobs, get our economy back on track and reduce out of control federal spending.”
Key provisions:
• Prevents tax increases on every American who pays income taxes
• Eliminates job-killing tax increases on small businesses
• Provides relief from the estate tax for family owned businesses and farms. This agreement reduces top rate to 35% for 2011 & 2012 (In 2011, the rate would have gone to a top rate of 55%.
• Preserves the $1,000 per child tax credit and marriage penalty relief
• Blocks higher taxes on capital gains and dividends
• Protects at least 21 million households from being hit by the Alternative Minimum Tax (AMT) in 2010
• Replaces the stimulus bill’s Making Work Pay Credit with a reduction in the payroll tax
Organizations supporting this agreement are the: U.S. Chamber of Commerce, Americans for Tax Reform, National Association of Manufacturers, National Federation of Independent Business, National Taxpayers Union, National Retail Federation, Business Roundtable, Associated Builders and Contractors, Freedom Works, Family Business Estate Tax Coalition, Information Technology Industry Council, International Franchise Association, Wall Street Journal
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