Political Quotes

“today I am introducing the Economic Growth and Jobs Protection Act of 2011. This legislation would repeal the 3.8 percent surtax on investment income that was included in the Health Care Reconciliation Act of 2010 (P.L. 111-152, signed into law by the President last year. I am pleased that Senators Crapo, Rubio, Hutchison, and Burr are cosponsors of this legislation. We know that taxpayers will likely face the largest tax increase in history when the 2001 and 2003 tax relief acts expire at the end of 2013. If Congress does nothing, the highest tax rate for individuals will rise from 35 percent to just under 40 percent; taxpayers in the lowest bracket will see a 50 percent tax increase, from 10 percent to 15 percent; the marriage penalty will increase; the child credit will be cut in half; and taxes on capital gains and dividends will increase. In other words, every taxpayer will pay higher taxes to Washington. But while taxpayers may be aware of these expiring provisions, many are likely not fully aware of another unpleasant surprise that will arrive on the first day of 2013. The Health Care Reconciliation Act that was jammed through the Senate along partisan lines includes a 3.8 percent surtax on the dividends, rents, and interest earned by certain taxpayers. Enacting this permanent tax hike was a mistake then and is a mistake now.…”