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Senate Key Vote: Oppose Reid's Tax Bill, S. 3412

July 25, 2012 J

Dear Senators:

On behalf of more than 2.1 million Americans for Prosperity (AFP) activists in all 50 states, I write to encourage you to oppose Sen. Reid’s tax bill (S. 3412). Extending the Bush-era tax cuts would foster economic growth, but they should be extended across all income levels, not just some. Hiking taxes on high earners to advance political rhetoric will only hurt the economy and fail to measurably affect the deficit.

I urge you to vote NO on Senator Reid’s S. 3412. Americans for Prosperity will include this vote in our congressional scorecard.

Top earners are already shouldering most of the cost of government. According to Tax Foundation research, top earners’ share has increased greatly over time. The top 20 percent of households paid 94.1 percent of federal income taxes in 2009; this group contributed only 64.7 percent in 1979. The problem with progressive tax codes is that they discourage people and businesses from spending, saving and investing here in America. More than 900,000 small businesses will be hit by allowing taxes to rise on upper incomes. Facing higher tax rates, many high earners will decide to leave or close shop, taking their tax revenues with them.

Also troubling is that this bill expands the death tax. These capital- and job-killing taxes fail to generate promised revenue and impose huge costs on the American economy by discouraging savings and wealth accumulation. Lawmakers should permanently eliminate the death tax.

The Hatch-McConnell proposal to extend all Bush-era levels for one year is a step in the right direction, but it doesn’t go far enough. Lawmakers should take this opportunity to engage in long-term comprehensive tax reform. This policy would promote certainty and give Americans the confidence about the future they need to invest, expand and hire.

I urge you to vote NO on Senator Reid’s S. 3412. Americans for Prosperity will include this vote in our congressional scorecard.

Sincerely,

James Valvo
Director of Policy
Americans for Prosperity

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