FROM: HOUSE COMMITTEE ON WAYS AND MEANS: CHAIRMAN DAVE CAMPIt’s been called the "ticking tax bomb" and even "Taxmageddon" – and it’s a central issue that must be addressed in order to avoid the so-called "fiscal cliff" when the clock strikes midnight on December 31, 2012. But by whatever name it’s known, one thing is clear: if we don’t #StopTheTaxHike and prevent the expiration of the tax policies originally enacted in 2001 and 2003 – that fiscal cliff will turn into a jobs cliff. Even the non-partisan Congressional Budget Office has said the failure to act would push the country back into a recession.
No later than the last week in July, House Republicans will hold a vote not only to #StopTheTaxHike but also establish a pathway to comprehensive tax reform next year – sending a clear signal to families, employers, and the financial markets that taxes will not go up on January 1, 2013.
In light of the threat to families and our economy, prominent Democrats, such as former President Bill Clinton, former Obama economic advisor Larry Summers, and Senate Budget Committee Chairman Kent Conrad (D-ND), are joining the growing bipartisan chorus to #StopTheTaxHike. Other Democrats are joining as well. Senators McCaskill, Manchin, Webb and Nelson (FL) have refused to endorse a year-end tax increase.
In 2010, a two-year extension of the 2001 and 2003 policies won broad bipartisan support including ‘yes’ votes from 40 sitting Democratic Senators, 85 sitting Democratic House Members and President Obama. The question is: Will President Obama and the Democrats who run Washington work with House Republicans to prevent this massive, job-killing tax increase on small businesses and on every American who pays income taxes, or will they insist on higher taxes to pay for continued bailouts and wasteful Washington spending?
