| Export-Import Bank Reauthorization Act Of 2012—Motion To Proceed |
May 14, 2012 |
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Jon Kyl, R-AZ
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"I am speaking about the so-called Bush tax cuts. Ten years ago Congress passed these tax cuts, but they had a limit of 10 years. Actually, it was a shorter period than that. They were extended 2 years ago because the President said it would be bad for the economy if these tax rates were allowed to go up, and he was right. He was right then, and he is right today. It would be bad for the economy. It would be bad for businesses, especially small businesses. It would be bad for the American family. Yet, automatically, if Congress does not act and the President does not act, every one of the marginal income tax rates will go up. Things such as the marriage tax penalty, the child tax credit, the capital gains rate, dividends tax rate, the death tax rate—all of these combined will go up, resulting in the largest increase in the country."
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| Taxation |
April 27, 2012 |
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Allen West, R-FL
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"Mr. Speaker, seniors who count on dividends and investments to cover expenses during retirement will have to pay higher tax rates, even if they have a modest income. Children of farmers and small business owners who wish to continue the legacy of their parents will find it increasingly difficult to do so as the death tax exemption will shrink from $5 million to $1 million. Further, inherited assets exceeding that amount will be taxed at a maximum rate of 55 percent, with a 5 percent surcharge on estates over $10 million. Investors will be battered with a capital gains tax increase from 15 percent to a top-level maximum of 25.8 percent. Seniors who rely on those dividend returns will also be hammered. Stock dividends currently at 15 percent will be taxed as ordinary income at a top rate of 43.4 percent."
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| Taxmageddon, January 1, 2013 |
April 24, 2012 |
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Cliff Stearns, R-FL
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"We’ll also see the return of the Death Tax to its pre-Bush levels, when the maximum rate can be 55 percent of your estate. I believe there should be no taxation without respiration; that is, you have to be breathing. It is wrong to tax a business or a family farm when it’s transferred from parent to child. This tax has hurt family farms and family businesses where children have been forced to sell the business or farm because they could not afford to pay the Death Tax."
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| Solutions For Small Businesses |
April 18, 2012 |
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Tom Graves, R-GA
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"Just to make clear, I mean, the Fair Tax is not an additional tax; it’s not something that is added on, a layer. It’s actually eliminating income tax, eliminating corporate income tax, eliminating capital gains tax, dividend tax, death tax. It’s eliminating all of that. It’s throwing it all out. I guess it’s eliminating the Internal Revenue Service for some part and in a great way, and I think there would be a lot of Americans across the country applauding on that day if that were to ever occur."
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| Concurrent Resolution On The Budget For Fiscal Year 2013 |
March 29, 2012 |
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Tom Graves, R-GA
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"Today, we have the opportunity to reverse this trend of trillion-dollar deficits and balance the budget in 5 years. Today, we will decide whether to stop borrowing from the future to pay for the present. This budget presents a path to the balanced budget without raising taxes. It eliminates the death tax; it unlocks America’s energy sources. This budget unleashes the power and ingenuity of America’s job creators and addresses the entitlement elephant that is this impending path of insolvency that lays before us. In 6 years, Madam Chair, we will begin paying down the debt with this budget that’s before us."
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