On Thursday, the House of Representatives voted 234-188 to limit the extension of the 2001 and 2003 tax cuts to “middle income” earners – defined as individuals earning under $200,000 or married couples earning less than $250,000 per year. For all others, the tax cuts would expire at the end of the year, resulting in an increase in estate taxes, the alternative minimum tax, capital gains taxes and personal income taxes.
The bill now moves to the Senate, where it will face increased opposition from those who understand that passage of this bill will result in a massive tax increase to those not covered – including successful small business owners.
Action: Contact your Senators today and tell them to extend the tax cuts permanently and for all Americans! TIME IS OF THE ESSENCE – the tax credits will expire at the end of the year if Congress does not act now!
• Extending the tax rates for some, while failing to do so for others, only punishes job creators and discourages investment in our economy
• By seamlessly extending all current tax rates, Congress could spur investment, boost consumption, and promote economic growth. Failing to do so undermines our country and its economic recovery.
• Limiting the tax cuts as proposed specifically hurts small business owners like me. Further taxation of America’s small business owners will hinder economic growth, reduce already minimal bottom lines and will lead to increased layoffs.
Go to CFA Votes to send a customizable letter to your Senators.