U.S. Congressman Mike McIntyre voted to keep current tax rates and benefits at the same level and not raise taxes.
Congressman McIntyre stated, “Raising taxes on individuals and businesses is the wrong approach to help us create jobs and stimulate the economy. This bill will enable businesses to keep their doors open, prevent further job losses, and ensure that our family farms are not double taxed! Many small business owners all across Eastern North Carolina have told me how important it is to have certainty and continuity for their operations. By extending the current tax rates and benefits, we provide a stable playing field for them to consider future growth and job expansion. “
The U.S. House of Representatives recently passed a bill that temporarily extends for one year, through 2013, the reduced tax rates and other tax benefits enacted in 2001 and 2003 that are scheduled to expire on Dec. 31. The measure keeps the estate tax rate from rising to 55% from the current 35% while retaining the current exemption, provides a two-year “patch” to prevent the alternative minimum tax (AMT) from hitting 27 million taxpayers and allows small businesses to deduct an increased amount of their capital expenditures for another year.
Tags: Tax Cuts