Here’s his press release:
Manzullo Will Vote Tonight to Prevent Huge
Tax Hikes and More Job Losses for Americans
(WASHINGTON) Congressman Don Manzullo (R-Egan) will vote later tonight for bipartisan legislation to avert a pending economic disaster that would have cost the average family in northern Illinois thousands of dollars in extra taxes next year.
The legislation, which passed the Senate and is supported by the President, will be considered later tonight in the House.
It extends all current income tax rates for two years, preventing huge tax hikes on all Americans.
The bill also preserves marriage penalty relief and the $1,000 per child tax credit.
It also provides a two-year fix that would ensure 21 million households will not be hit by the Alternative Minimum Tax (AMT), a tax that was originally designed to cover only 200 individuals.
The legislation also provides a temporary (one-year) 2 percentage points payroll tax cut for all Americans who pay Social Security taxes.
The bill also funds unemployment compensation.
“In these very difficult times, a massive tax increase on Americans, including small employers, would have devastated family budgets and put more Americans on the unemployment lines,” Manzullo said.
“This bill is not perfect. I would have preferred permanent extensions of the tax rates and cuts in federal spending to pay for the unemployment extension. But it could have been much worse.
“In the end, this bill is better than the alternative – a massive tax increase starting on January 1st that would have harmed American families and destroyed our economy.”
In addition, the bill allows businesses to write off new equipment more quickly, making them more competitive.
The legislation will also protect more family farmers and small business owners by reducing the death tax to 35 percent (down from 55 percent next year) and increasing the exemption to $5 million per spouse (up from $1 million next year).
Finally, the bill allows more than 70 existing tax subsidies to expire as a first step in the effort to simplify the tax code.
For more details about the legislation, click here.