Washington, DC - U.S. Senator Jim Risch today voted to extend current tax rates for all Americans for the next two years. The tax extension was part of H.R. 4853, which passed by an 81-19 margin.
“Since this debate began, I have been adamant about not raising taxes on any Americans. This legislation helps accomplish that by maintaining all tax rates and protecting those who would be hit by the estate tax,” said Risch. “In addition, it provides certainty for families and small business owners by leaving the capital gains and dividends taxes the same, encouraging investment in new jobs.”
Under current law, tax rates would revert back to 2000 levels on January 1st, costing the typical working family more than $3,000 annually. H.R. 4853 ensures that will not happen for at least the next two years. It also extends current tax policy for small businesses including the research and development credit.
While noting he is pleased with the extension, Risch voiced his support to make the current personal and business rates permanent and voted for an amendment that would do so. That amendment failed in a 37-63 vote.
“Allowing families and small businesses to keep their money is the right thing to do. They, after all, know far better how to use their hard-earned dollars than the federal government ever will.”
H.R. 4853 now moves to the House.