Long Votes to Stop the End of Year Tax Hikes on Families and Small Business08/01/12
WASHINGTON, D.C.- U.S. Rep. Billy Long voted to prevent the end of year tax hikes on American families and small businesses.
“We all know that our nation’s tax code is broken and discourages savings and investment,” Long said. “I will continue to support efforts that keep Washington from taking more of your hard-earned dollars. We need to simplify our nation’s broken tax code and ensure it does not pick winners and losers.”
Long voted in support of the Job Protection and Recession Prevention Act (H.R. 8). The legislation would stop the scheduled end of year tax increases by extending the current income tax rates for one year. The one year extension of all current tax rates is meant to serve as an avenue to address long overdue reform of the broken tax code.
Long has worked to simplify the tax code since coming to Congress and is proud of co-sponsoring the Fair Tax (H.R. 25) and the Tax Code Termination Act (H.R. 462).
The Fair Tax eliminates the Internal Revenue Service, the income tax, employment tax, and the death tax while establishing a consumption-based tax. A consumption-based tax would catch elements of the “underground economy” which currently do not pay taxes while significantly reducing the cost of doing business. Under the Fair Tax families and business would no longer have to file taxes each year and ensures that all Americans get to keep more of their hard-earned dollars.
The Tax Code Termination Act would end the Internal Revenue Code of 1986after December 31, 2015, except for self-employment taxes, Federal Insurance Contributions Act (FICA) taxes, and railroad retirement taxes. The legislation states that the new tax code should be simple, fair, promote jobs and economic growth, and not penalize marriage or families. The legislation states the new tax system must be approved by Congress by July 4, 2015.