Congressman Ted Poe announces today that he is cosponsoring H.R. 4746, the Taxpayer Certainty Act. This bill makes all of the 2001 and 2003 expiring tax provisions permanent.
The federal governments budget problems have not come from a lack of income, rather an excess of spending, said Poe. Because Congress continues to spend more money than it brings in, the administrations misguided solution is to raise taxes on the American people. We cannot afford to raise taxes on individuals, families and businesses in the middle of an economic downturn.
The current tax cuts are set to expire this year. Unless Congress acts, marginal income tax rates will increase for all taxpayers, the marriage penalty will be reinstated and taxes on dividends and capital gains will increase. In addition, the child tax credit will decrease and the federal death tax returns with a maximum tax rate of 55 percent.
Americans should not be penalized for being married, having children or for dying, but that is what will happen if Congress does not act to ensure that the tax cuts become permanent, continued Poe. The only proven way to stimulate our economy is by allowing taxpayers, including business owners, to keep more of their own money. It is nonsensical to think that we can tax and spend our way into prosperity. It just doesnt work.
For more information on Congressman Ted Poe, please visit our website: poe.house.gov.