On
Tuesday, July 24, 2012, Chairman of the House Ways and Means Committee
introduced H.R. 8, a bill that would extend the 2001 and 2003 tax cut
rates for an additional year.
H.R.
8 would extend through the end of 2013 the current income tax and
estate tax rates, which are set to expire at the end of 2012. This
extension would also include a "marriage penalty" fix, a $1,000 child
tax credit, a 15 percent top rate on dividends and capital gains, and a
"patch" to ensure that the Alternative Minimum Tax does not ensnare
millions of taxpayers it was never intended to affect.
Some
Members of Congress are opposed to extending the 2001/2003 tax cuts for
upper-income taxpayers who earn more than $200,000 for individuals and
$250,000 for families. You and I both know that many of us and small
businesses throughout the country would be hit with skyrocketing taxes
if these extensions are capped at $200,000 and $250,000, respectively.
It
is imperative that you contact your Member of Congress and state your
full support for H.R. 8 and your opposition to capping the cuts at the
reduced levels. Estimates from the Joint Committee on Taxation state
that H.R. 8 would prevent taxes from rising by $384 billion over 10
years. Our families and small businesses cannot survive any increase in
taxes and we need to make sure Congress hears your voice.
If
you do not know your Representative, you can use the links below to
identify your congressperson in the U.S. House of Representatives:
The Mason Contractors Association of America thanks you in advance for your efforts on this issue.
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