Key Vote letter on H.R. 8, the "Job Protection and Recession Prevention Act of 2012"
TO THE MEMBERS OF THE U.S. HOUSE OF REPRESENTATIVES:
The U.S. Chamber of Commerce, the world's largest business federation representing the interests of more than three million businesses and organizations of every size, sector, and region, strongly supports H.R. 8, the "Job Protection and Recession Prevention Act of 2012," which would prevent onerous tax increases on American families and business. Increasing taxes now will undermine economic recovery, choke off job creation, and take money out of the hands of the individuals and businesses that create jobs, spur investment, boost consumption, and promote economic growth.
Acting to avert tax hikes has positive impacts across the economy. This legislation would prevent tax hikes on small businesses, protect retirees and those saving for retirement from burdensome investment tax hikes, and continue current estate tax policy, thereby allowing businesses to make more sound economic decisions.
The Chamber has long urged Congress and the Administration to swiftly enact legislation that appropriately addresses America's impending fiscal cliff. Extending all of the 2001 and 2003 rates is a strong first step, but more work remains. Congress must extend all of the expired and expiring business tax provisions, and must act expeditiously to find spending cuts to replace a sequestration never intended to go into effect.
Immediate action on the fiscal cliff is not a substitute for long term reforms. The Chamber urges the House and Senate to firmly commit to tackling comprehensive tax reform and fundamental spending reforms in the next Congress.
The Chamber urges you to support H.R. 8, which would prevent a massive tax hike on American families and businesses. The Chamber will consider including votes on, or in relation to, this issue in our annual How They
R. Bruce Josten