Repeal of section 1031 like-kind exchanges would hurt small businesses, investment & economic growth https://t.co/UsuNj6VkhC
ATR and COGC Urge House to Support Tax Reform and Full Extension of the 2001 and 2003 Tax Cuts
As seen on www.atr.org.
Dear Chairman Camp,On behalf of Americans for Tax Reform and the Cost of Government Center, we are pleased to support H.R. 8, the “Job Protection and Recession Prevention Act of 2012,” and H.R. 6169, the “Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012.”On January 1st, the nation will experience the largest tax hike in American history as the 2001 and 2003 tax cuts expire. Despite the fact that allowing these cuts to expire will raise taxes by $4.3 trillion over the next decade, Democratic leaders have said they are ready to take the country right over this fiscal cliff if their demands for tax increases aren’t met. Meanwhile, Republican leaders in the House of Representatives are putting forward substantive policy proposals to stop the tax hike and reform the nation’s inefficient tax system.Next week, the members of the House will have a chance to send a strong message to American taxpayers that they understand Washington has an overspending problem. The Job Protection and Recession Prevention Act would extend the 2001 and 2003 tax cuts for all Americans. By preventing job-killing tax hikes on America’s small businesses and family farms, full extension sets the groundwork for future economic growth, while protecting taxpayers at every income level from the specter of sharply increased tax rates.At the same time, the House of Representatives will be considering legislation that outlines principles for a fundamental reform of the current tax system. The cumbersome income tax system and onerous double taxation of saving and investment have made the United States uncompetitive, driving jobs and capital overseas. Through eliminating loopholes for special interests and lowering rates across the board, comprehensive tax reform would create a simpler and fairer tax structure that stimulates economic growth and job creation.As the national economy struggles to recover under the burden of excessive government spending and regulation, a tax increase of this magnitude would have serious repercussions for the nation’s fiscal health. The non-partisan Congressional Budget Office estimates that allowing this ticking tax time bomb to go off would send the economy reeling into recession.In 2010, both parties came together to reject the onslaught of this fiscal nightmare. We applaud Chairman Camp for his committee’s dedication to fiscal responsibility and we urge members of the House of Representatives to support his full extension of the 2001 and 2003 tax cuts and lay the groundwork for comprehensive tax reform next year.SincerelyGrover NorquistPresidentAmericans for Tax ReformMattie DupplerExecutive DirectorCost of Government Center