Congressman Gary Miller’s Weekly Newsletter
Posted by Newsletter Reprint on August 4, 2012
This came over the wire from Congressman Gary Miller’s office yesterday…
August 3, 2012
Congressman Miller Votes to Prevent Tax Hikes on Taxpayers and Job Creators
Looming large over our economy is the pending expiration of the 2001 and 2003 tax relief. Beginning January 1, 2013, the lowest-income taxpayers will see their tax rate rise from 10 percent to 15 percent, while the top income tax rate –at which two-thirds of small business profits are taxed – will rise from 35 to 39.6 percent. All other tax rates in between will also rise, hurting middleclass taxpayers. These personal income tax hikes will mean less money for American families and less capital for small businesses to reinvest and create new jobs. As if that wasn’t bad enough, tax hikes on savings and investment will also hit at the beginning of the year, the marriage penalty will be restored, and the child tax credit will be reduced from $1,000 to $500 per child. A recent report from the non-partisan Congressional Budget Office indicates that allowing these massive tax hikes to occur would likely send the United States back into a recession. On Wednesday, the House of Representatives passed legislation to extend the current rates for one year. Congressman Miller supported this extension because he believes taking moremoney from American taxpayers and small businesses to pay for a larger and more intrusive government is not the way to create jobs and grow our economy. While a temporary extension is not ideal, it will give Congress additional time to pursue badly needed reforms to make our current federal tax system simpler,flatter, and fairer for taxpayers and job creators.
House Passes Framework for Consideration of Comprehensive Tax Reform
The complex and burdensome U.S. tax code imposes significant compliance costs on American taxpayers and job creators. At a time when our economy continues to struggle to grow, our corporate tax rate – the highest in the world – is weakening our ability to compete globally. On Thursday, the House passed H.R. 6169, legislation that will establish a framework for Congress to consider comprehensive tax reforms in 2013 in an expedited manner. To be eligible for this accelerated process, the tax reform bill under consideration must consolidate the current six individual income tax brackets into no more than two brackets with a top rate of not more than 25 percent; repeal the alternative minimum tax; reduce the corporate rate to 25 percent or less; and broaden the tax base to maintain revenue levels to 18 or 19 percent of the economy. Congressman Miller supported H.R. 6169 to create a pathway for essential tax code reforms that will reduce the tax burden of hard-working Americans and enhance our global competitiveness.
Congressman Miller Asks EPA to Waive Ethanol Fuel Mandate
This week, the House passed a $383 million package to reauthorize several expired agricultural disaster assistance programs to compensate livestock producers and certain other farmers for losses incurred from October 1, 2011 through September 30, 2012. Instead of spending taxpayer dollars on programs that won’t address the rising cost of food that is expected to occur as a result of this summer’s drought, Congressman Miller believes the federal government should waive a requirement that forces approximately 40 percent of the U.S. corn crop to be diverted to ethanol fuel production. It has been estimated that 80 percent of the renewable fuel standard for 2013 – 13.8 billion gallons – will be fulfilled by ethanol derived from corn. With this summer’s drought taking its toll on the U.S. corn crop, it makes no sense to continue reducing the corn supply available for livestock and poultry producers. Congressman Miller joined over 150 of his colleagues this week in calling on the EPA Administrator to exercise her authority to waive the ethanol mandate as a common-sense way to provide immediate relief for our nation’s farmers, ranchers and consumers.