Boustany Votes Against Tax Increases On American Families And Businesses
Washington, D.C.
– U.S. Representative Charles W. Boustany, Jr., (R-Southwest Louisiana), voted on Thursday for the extension of the Bush era tax cuts, thus preventing one of the largest tax increases on American families and businesses in history. The bill was signed into law on Friday by President Obama.
“While this bill is not perfect, I strongly believe that it is critically important that this Congress prevent a massive tax increase of $3.8 trillion on American families and businesses,” Boustany said. “With unemployment hovering around 10% and the nation still experiencing sluggish economic growth, it would have been irresponsible for us to not act. Passage of this legislation is a fundamental first step to avert sliding back into a recession.”
Rep. Boustany, the ranking member on the Oversight Subcommittee of the tax writing Ways and Means Committee, pledged to continue to work to pull the nation’s economy out of a recession in the next Congress, which convenes in January. “We will be focused on fundamental tax reform coupled with spending cuts, which are essential as we work to put the US economy back on a sustainable path of economic growth, job creation and deficit reduction,” Boustany said.
As a member of the Ways and Means Committee, Boustany was one of five Republicans invited to attend the signing of this legislation, H.R. 4853, at the White House on Friday afternoon.
Without the two-year extension, middle class families would see an immediate tax increase of at least $100 per week starting January 1, 2011. In addition to extending the Bush tax cuts, the bill reduces the Death Tax to 35% and increases the exemption amount to $5 million per spouse. It also kills the refundable “Making Work Pay” credit and replaces it with a payroll tax cut for everyone who pays the FICA tax.
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