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FOXX, GOP WILL NOT GAMBLE WITH THE U.S. ECONOMY, JOBS
House Votes Again to Resolve Fiscal Cliff, Put an End to the President’s Politics of Class Warfare

Congresswoman Virginia Foxx (R-NC) tonight issued the following statement upon the passage of the Permanent Tax Relief for Families and Small Businesses Act of 2012(H.J.Res. 66) from the House of Representatives:

“The House of Representatives cast another vote this evening to resolve the fiscal cliff and spare families and small businesses from job-killing tax increases. House Joint Resolution 66 permanently protects millions of American taxpayers from tax increases demanded by the President and Congressional Democrats.

“Since May, House Republicans have acted in good faith to generate ideas to avert the fiscal cliff. Our balanced proposals have been designed to protect American jobs while the President’s counter-offers have not, consisting of endless stimulus spending and tax increases to stoke the flames of class warfare.

“The President has indicated that if his tax demands are not satisfied, he will allow the country to endure the greatest tax increase in our nation’s history.

“The President might be comfortable playing political games while taxes increase on every American, but Republicans are not. Families and job creators cannot afford such a hit. They need certainty to plan for the future which is what Republicans are working to deliver with the Permanent Tax Relief for Families and Small Businesses Act.

“Admittedly, this legislation is not a perfect solution, but rather the latest Republican effort to protect jobs and American taxpayers to the greatest extent possible from the insatiable tax appetite of the President and Democrat Senate.

“Rather than fixating on a sliver of the Clinton-era tax rates, the President would better serve the country working to shrink the federal government to a Clinton-era size. America’s catastrophic national debt demands it. It’s time for the President to get off his post-election laurels and govern.”

Instead of kicking the tax can down the road with short-term patches, H.J.Res. 66 permanently protects 99.81% of the American people from a $3.91 trillion tax hike scheduled to take effect this January. Included in H.J.Res. 66 are the following permanent tax reductions for families and small businesses:

• $1.9 trillion: Permanently stopping the Alternative Minimum Tax (AMT) from hitting more middle class families;
• $875.7 billion: Permanent extension of current income tax rates for everyone making less than $1 million;
• $388.2 billion: Permanent death tax relief;
• $282.5 billion: Permanent extension of capital gains and dividend tax rates for everyone with less than $1 million in income;
• $220.1 billion: Permanent extension of the $1,000 child tax credit;
• $162.7 billion: Permanent repeal of personal exemption phase-out (PEP) and Pease limitation;
• $59.5 billion: Permanent marriage penalty relief;
• $28.8 billion: Permanent extension of education and other family tax relief; and
• $45.7 billion: Permanent extension of section 179 expensing for small businesses.

In addition to H.J.Res. 66, this evening the House of Representatives reaffirmed its support for comprehensive, strategic spending cuts to stop defense sequestration by passing H.R. 6684, theSpending Reduction Act of 2012. President Obama promised the sequester would not take effect, but has presented no alternatives to avert its trigger.

From May to December, Foxx cast seven separate votes on H.Con.Res. 112, H.J.Res. 66, H.R. 8, H.R. 9, H.R. 6684, H.R. 6365, and H.R. 5652to either avert the fiscal cliff or stop the defense sequester.  

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