Graves said a few hours ago, “The Senate fiscal cliff bill offers no commitment to debt reduction, only a demand from taxpayers to bailout Washington. As taxes rise, freedom diminishes. Without any spending reforms, the debt crisis continues. I cannot support a bill that protects Washington and promotes bigger government at the expense of my constituents and future generations.”
“What began in 2011 as an effort to address our nation’s debt crisis has been twisted by the president into a mandate to raise taxes. Every effort to reform spending has been bucked in favor of raiding the wallets of hardworking Americans.”
Presently, the U.S. House is debating on the democratic majority Senate-passed fiscal crisis bill according to Fox News.
Earlier today, highlights of a tentative agreement Monday between the White House and Senate Minority Leader Mitch McConnell (R-KY) were posted on Fox News which involves increases on taxes in which conservatives are opposed to.
Some of those increases include extends decade-old tax cuts on incomes up to $400,000 for individuals, $450,000 for couples. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. It also extends Clinton-era caps on itemized deductions and the phase-out of the personal exemption for individuals making more than $250,000 and couples earning more than $300,000.
Estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. In 2012, such estates were subject to a top rate of 35 percent and Capital gains, dividends would see an increase on capital gains and dividend income exceeding $400,000 for individuals and $450,000 for families from 15 percent to 20 percent.
Congressman Graves ended his statement by saying, “If Congress does not work with more conviction to solve the spending problem, we may soon realize we’re already over the cliff, and in a fiscal free-fall.”