Tags: hatch | bush | tax | cuts

Hatch Introduces Amendment to Continue Bush Tax Cuts for Everyone

Wednesday, 11 Jul 2012 10:31 AM

By Newsmax Wires

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Sen. Orrin Hatch, R-Utah, introduced an amendment Tuesday to extend the George W. Bush-era tax cuts to people of all income levels for another year.

The amendment would be attached to the Small Business Jobs and Tax Relief Act. President Barack Obama has proposed continuing the tax decreases only for those with an annual income below $250,000, but nearly all Republicans support Hatch’s stance. The tax cuts will expire Dec. 31 if Congress doesn’t act.

Hatch, like other Republicans, says limiting the extension would produce major hardship for small businesses, as many of them pay their taxes through their owners' personal returns, The Hill reports.

"Unless Congress acts to prevent these massive tax increases, the vast majority of small businesses will be hit with a massive tax increase next year," Hatch said. "It is hard to conceive of a greater impediment to job creation. All of these tax increases and the economic uncertainty that they cause are going into the investment and hiring decisions of businessmen and women today."

The tax hike would have a severe negative effect on the economy, he said. “Here we are with a fragile recovery and a weak jobs market. President Obama seems content to sit idly by and allow this scheduled 4.5-trillion tax hike to occur. I believe Congress needs to act now to prevent this tax hike on America's families and job creators."

An expiration of the tax cuts may put the kibosh on economic recovery, Hatch said. "Our economy simply cannot afford to take on such a fiscal shock."


© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Atlanta US Attorney Yates Tapped for Deputy AG

Sunday, 21 Dec 2014 17:46 PM

President Barack Obama is preparing to nominate the top federal prosecutor in Atlanta to the No. 2 position at the Justi . . .

Pataki: Obama to Blame for US Troubles Abroad

Sunday, 21 Dec 2014 16:54 PM

President Barack Obama's "lead-from-behind" strategy is to blame for most of America's problems abroad, former New York  . . .

Variety's Wallenstein: How Obama Took Sony's Crisis From Bad to Worse

Sunday, 21 Dec 2014 15:53 PM

If there are such things as textbooks in the field of crisis management, the Sony Pictures hack might end up in the chap . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved