“The passage of ‘The American Tax Relief Act of 2012’ (H.R. 8) is an important first step toward a comprehensive bipartisan solution to our nation’s imminent fiscal crisis. Importantly, this legislation provides for permanent lower tax rates for 99% of individuals, families, and small businesses, prevents the alternative minimum tax from wrongly increasing taxes on more than thirty million middle-class taxpayers, better protects family farms and other family owned businesses from the onerous death tax, and locks in lower capital gains and dividend tax rates to bolster economic growth.
At the same time, H.R. 8 generates additional federal revenues from our nation’s wealthiest individuals. H.R. 8 is not perfect. While this legislation provides certainty for individuals and businesses alike regarding tax policy, its unfortunate failure to address significant spending reforms, especially at a time when our nation is more than $16 trillion in debt, is deeply regrettable. The passage of H.R. 8 will hopefully serve as a starting point for substantive and successful bipartisan negotiations addressing out-of-control federal government spending that is clearly unsustainable in the long-term.”
Bob Reilly
Deputy Chief of Staff
U.S. Congressman Todd Platts (PA-19)