Ribble: Our Nation’s Small Businesses Can’t Afford Another Tax Hike

Aug 1, 2012 Issues: Jobs and the Economy, Taxes

Washington, D.C. – Representative Reid Ribble (WI-08) released the following statement after the House vote on H.R. 8, The Job Protection and Recession Prevention Act of 2012, which extends the 2001, 2003 and 2010 tax rates until the end of 2013. Congressman Ribble voted for the bill, which passed the House by a vote of 256-171.  The House also voted on the Senate amendment that would extend the 2001, 2003 and 2010 tax rates for those making less than $250,000 annually. The House rejected this amendment by a vote of 170-257.

“With the unemployment rate hovering around 8 percent and millions of small businesses struggling to keep their doors open, the last thing our nation’s job creators need is another tax hike.
“I have been outspoken on the need to completely overhaul our country’s 10,000-page tax code, but until that becomes a reality, all current tax rates should be extended. According to a recent report by Ernst & Young, raising rates for these small businesses would result in a loss of more than 700,000 jobs…an economic disruption our fragile economy cannot afford. Raising taxes on entrepreneurs takes our country even further away from economic recovery and puts thousands of American jobs on the line.”