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Published on Jul 27, 2012
You know, American businesses and families are wondering what will their tax rate be come 2013. Well, a lot of us are wondering the same ourselves because the President seems intent on making sure that we have a massive tax increase that hits families and successful small businesses come January 1, 2013.
We think it's a mistake. We don't think it's the right way to go. There's all this uncertainty plaguing the economy as to what our tax rates are going to be. So next week in the House of Representatives, we are going to be passing legislation to show very clearly, here is what we want to do.
We want to extend the current tax code for one more year and have fast track procedures in the House and the Senate to make sure that we actually embrace tax reform. The days of picking winners and losers through the tax code need to come to an end. We need to lower our tax rates by plugging loopholes so we don't lose revenues but by making it easier for families to keep more of what they earn, for small businesses to take risks and create jobs.
If this tax increase hits our economy come January as the President seems to be committed to doing, it is going to cost us jobs. It's going to make our businesses less competitive. One estimate says it could cost us 700,000 jobs. All of this uncertainty, all of this taxing and spending -- it's not working.
We need to reform our tax code, cut our spending, and give families and businesses the certainty that they need to make good decisions so they can prosper and create jobs in this economy - that's exactly what we're doing in the House of Representatives next week.