Representative Fred Upton (R-St. Joseph) voted today for legislation to block a massive tax increase that will otherwise hit all U.S. taxpayers on January 1, 2013.  The looming tax hike totals more than $4 trillion over the next decade, equating to a tax increase of nearly $2,200 for a family of four earning $50,000 a year.  Among other provisions, the Job Protection and Recession Prevention Act (H.R. 8) extends current income tax rates for one year, maintains the $1,000 child tax credit, extends marriage penalty relief, and continues the 15 percent top rate on dividends and capital gains, which are important to both young Michigan families and retirees. H.R. 8 passed the House by bipartisan votes of 256-171.   Tomorrow, the House is expected to consider legislation (H.R. 6169) that sets into motion the process of drastically overhauling our nation’s overly complex tax code next year.

“Allowing this massive tax hike to hit already struggling families and employers would have a chilling effect on our recovery – costing hundreds of thousands of jobs in the process.  That is simply unconscionable,” said Upton. “Unemployment remains too high in Michigan and employers continue to face a hostile regulatory climate that breeds further uncertainty.  By providing our job creators and families with this tax relief today, we set the stage for enacting what our economy desperately needs in the near future: comprehensive, pro-growth tax reform that makes our country more competitive and the current tax code simpler and fairer to all taxpayers.”

Providing continued tax relief is particularly important as the national unemployment has remained above 8 percent for 41 consecutive months – 48 months in Michigan – and nearly 13 million Americans find themselves looking for work.