House Votes to Stop President Obama’s Tax Hike on Small Businesses; Bipartisan House Majority Also Rejects Senate Dems’ Tax Hike Plan
WASHINGTON, DC - House Speaker John Boehner (R-OH) today issued the following statement after the House passed H.R. 8, legislation to stop President Obama’s tax hike on small businesses:
“Today, the House voted on a bipartisan basis to stop the president’s tax hike on small businesses, which according to Ernst & Young, would destroy more than 700,000 jobs. At a time when the American people are asking ‘where are the jobs?,’ the last thing we should be doing is raising taxes on the people who create them. A bipartisan majority of the House also rejected the small business tax increase passed by Senate Democrats last week. This means that as of now, only the House has acted to stop both the tax increase on small businesses that threatens our economy and the defense cuts that threaten our national security. Having run a small business, I know how important it is for job creators to have certainty, and the House will reconvene in August should the Senate act on these priorities. It was President Obama himself who said less than two years ago that stopping tax hikes was the right thing for our struggling economy – it is still the right thing to do.”
NOTE: Click here to read the nonpartisan study by Ernst & Young, which found wages would decrease and unemployment would increase by .5 percent – or roughly 710,000 jobs – if the president’s small business tax hike is imposed.