Rep. Rob Bishop Votes to Extend Tax Cuts for Hardworking Americans
Aug 1, 2012 -
WASHINGTON– Congressman Rob Bishop (UT-01) today voted in favor of the Job Protection and Recession Prevention Act of 2012 [H.R. 8], which will prevent the largest tax increase in American history by extending current rates on all income tax levels for one additional year.
“Raising taxes on anyone right now would have a similar effect on our economy as ice skates would on an Olympic runner. Things would be exponentially slower, a lot more unsteady, and would destroy the ability to remain competitive globally. Extending the current tax rates is the right thing for this country. Raising taxes on small businesses is the last thing we should be doing and therefore I’m pleased to support this common-sense legislation. Washington does not have a revenue problem, it has a spending problem, so let’s let hard working Americans keep more of their hard earned money. By reducing taxes, Americans will be able to reinvest in our country, which will ultimately help grow businesses and create jobs,” said Congressman Bishop.
Specifically, the legislation:
· Extends all current individual tax rates
· Keeps the top rate of 15% on capital gains
· Maintains the 35% top rate and $5 million exemption for the death tax
· Protects the middle class with regards to the Alternative Minimum Tax (AMT) for 2012 and 2013
· Extends small business expensing
· Extends the current $1,000 child tax credit
· Extends the marriage penalty relief