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Dear Friends, Last weekend, I penned an op-ed for the Peoria Journal Star that examined the debate on preventing tax increases for one year and on the need for comprehensive tax reform. I wanted to share what I wrote with you and also inform you that during the week of July 30, the House will vote to keep the tax rates for all taxpayers from going up at the end of the year. In the process, the House Ways and Means committee, on which I serve, will be given the go ahead to continue and complete our work on comprehensive tax reform by next year. By keeping taxes from increasing on any American in the short term as our economy recovers, and by reforming the 70,000 page tax code in the near future, we will provide much needed certainty to individual taxpayers and small businesses, and in the end we will have a tax code that will be leaner, simpler and fairer for everyone. Respectfully, Aaron Extend tax cuts, then restructure the tax code
By: Congressman Aaron Schock Journal Star Posted Jul 13, 2012 @ 11:05 PM 'I personally don't believe we ought to be raising taxes" "You don't raise taxes in a recession, which is why we haven't and why we've instead cut taxes ..." "The real risk to this economy is on the side of slowdown...and that means we've got to make sure that we don't take gasoline out of the tank at the end of this year." If you thought these quotes regarding the extension of the current tax rates were from a Republican, I wouldn't blame you. They're from former President Bill Clinton, President Barack Obama and former White House economic adviser Larry Summers. The debate centers around what to do with the 2001 and 2003 tax rates, first passed under President George W. Bush and extended in 2010 for two years by President Obama with the support of 91 sitting House Democrats and 39 Democratic senators. The uncertainty over these tax rates, which expire at the end of the year, has paralyzed small businesses and slammed the brakes on private-sector job creation. |
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