There is little debate right now on Capitol Hill about whether the American economy is struggling. The real conversation in Washington, D.C. and in living rooms across the country is about how to get our economy moving again.
Essentially this debate boils down to one question: Should America promote economic growth and job creation or raise taxes to destroy jobs and economic opportunity?
Beginning this week, Republicans will make all House members decide which side of this debate they are on by forcing votes on a bill I introduced, the Tax Increase Prevention Act (H.R. 2734). House members will have to choose whether they support Speaker Pelosi’s budget proposal that, in total, is the single largest tax increase ever proposed in the history of the United States, a $3,000 per taxpayer tax increase.
With so much money already being wasted in Washington, I believe it is wrong for Congress to try and take more money out of the paychecks of hard-working Americans. My bill would make permanent the tax relief of 2001 and 2003, and stop tax increases on raising children, earning money, saving and investing, operating a small business, adopting a child, paying off college loans and even dying.
Consider the implications of the Democrats’ proposed $680 billion tax hike in 2011 alone:
Marginal income tax rates will increase as follows:
--35% bracket will increase by 13 percent
--33% bracket will increase by 9 percent
--28% bracket will increase by 11 percent
--25% bracket will increase by 10 percent
--10% bracket will increase by 50 percent
Capital gains rates for individuals will increase from 15% and 0% to 20% and 10%.
Restoration of the marriage penalty tax.
The child tax credit will be slashed 50 percent, raising taxes by $500 per child.
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