House Votes for Middle Class Tax Relief & Job Creation
With our economy struggling and unemployment still above 10 percent in Florida, middle class Americans and small businesses cannot afford job-destroying tax increases. That’s why this week the House of Representatives passed, with bipartisan support, the Middle Class Tax Relief & Job Creation Act, which provides much-needed tax relief for middle class Americans and small businesses. The bill is now awaiting action in the Senate.
The bill extends the current payroll tax holiday, protects the Social Security Trust Fund, reforms and extends unemployment insurance, and extends tax relief for businesses of all sizes. It also includes several bipartisan measures that will directly support the creation of private-sector jobs, including the Keystone XL energy pipeline. Everything in the House bill is offset by spending cuts, rather than through tax increases that would hit small businesses and destroy jobs.
What does the Middle Class Tax Relief & Job Creation do?
- HELPS CREATE NEW AMERICAN JOBS: The bill includes several jobs proposals that have bipartisan support, including the Keystone XL energy pipeline and a provision making it easier for employers to invest in new machinery and equipment, and create new jobs.
- EXTENDS THE PAYROLL TAX BREAK: It extends the temporary payroll tax break, which was reduced from 6.2 percent of wages to 4.2 percent, for one year, and protects Social Security from being harmed by cutting spending and directing those savings to replenish the trust fund.
- REFORMS & EXTENDS UNEMPLOYMENT INSURANCE: The bill extends federal unemployment insurance (UI) benefits and gradually reduces the maximum weeks of benefits from 99 to 59. It also permanently reforms unemployment insurance to reduce waste, cut costs, and increase state flexibility.
- IS FULLY PAID FOR THROUGH SPENDING CUTS: The Congressional Budget Office confirms that the bill is fully paid for by reforming and cutting spending on government programs, freezing the pay of federal workers and Members of congress, eliminating government benefits for millionaires and billionaires, and targeting fraud and abuse.
- PRESERVES ACCESS TO MEDICARE PHYSICIANS: The bill protects Medicare physicians from large scheduled reimbursement cuts, ensuring that seniors continue to have access to the doctors they need. The bill pays for these provisions by cutting spending for President Obama’s health care law.
I firmly believe that we need long-term solutions to improve our economy and help create jobs, and I have authored legislation that will create an environment where businesses can grow and hire new workers. My jobs bill, the Restore America Act, would reform the tax code, get rid of unnecessary regulations, expand domestic energy production, and improve federal job training programs. While the Middle Class Tax Relief & Job Creation Act does include these long-term solutions, it does prevent massive tax increases on small businesses and middle class families that would hurt our economy and cost us much-needed jobs. It also includes important reforms to help Americans get back to work, and it will not add to the deficit.
As Congress debates this issue, I would appreciate your input. Please let know what you think of this proposal by taking the survey in this email and then sharing your thoughts on my website, facebook page or twitter account. I look forward to hearing from you.
Congressman Tom Rooney