Roe Statement on Tax Cut Extensions
WASHINGTON D.C. – Today, U.S. Congressman Phil Roe, M.D. (TN-01) made the following statement on the tax bill that passed the House by a vote of 277-148:
“Passage of this legislation is the first step to help our economy. No American should face a tax increase in this economic climate, and that is why I voted YES in support of tax legislation that will prevent a massive, job-killing tax hike from kicking in on January 1.
“Since I came to Congress, my main focus has been on creating an environment that will get people in East Tennessee back to work. The threat of these job-killing tax hikes is one of the leading causes for concern among both working families and employers.
“This legislation will help alleviate some worries many small businesses, families and farmers were facing if these tax cut extensions were to expire. All and all, this legislation will minimize much of the uncertainty, and businesses will have an easier time budgeting for 2011.
“Looking forward, this legislation will help small businesses create jobs. When Republicans take control of Congress January 1, our first priority must be to stop the job-killing spending binge in Washington, and provide certainty for private-sector job creators by permanently eliminating the threat of tax hikes, as promised in the Pledge to America.
“The bill is by no means perfect, but it should make clear to all Americans that Republicans were serious when we said that our top priority was job creation and stopping job-killing policies.”
On Wednesday, the Senate overwhelmingly approved the legislation by a vote of 81-19. This bill will now go to the President for a signature.
• Prevents a tax increase on working Americans, small businesses and job-creating investments.
• Kills the refundable Making Work Pay credit and replaces it with a payroll tax cut for everyone who pays the FICA tax.
• Reduces the Death Tax to 35% (down from 55% next year) and increases the exemption amount to $5 million per spouse (up from $1 million next year).