July 25,2012

Press Contact:

Julia Lawless, Antonia Ferrier, 202.224.4515

What People Are Saying About the Hatch-McConnell Tax Hike Prevention Act

WASHINGTON - “Strong first step,” “provides manufacturers confidence,” “ensures businesses make sound economic decisions,” “provides needed certainty,” and “puts Congress on a path towards fundamental reform,” is how American job creators are talking about S. 3413, the Hatch-McConnell Tax Hike Prevention Act, legislation to prevent the largest tax hike in American history from taking place and pave the way for comprehensive tax reform in 2013.

With the Senate slated to vote on this pro-jobs, pro-growth, pro-business legislation today, here is a closer look at what people are saying:

“Increasing the top tax rates would also shrink the economy by 1.3 percent and result in the loss of 710,000 jobs. S. 3413 prevents these economic consequences while setting the stage for comprehensive tax reform.  S. 3413 provides needed certainty to family-owned businesses, which will otherwise be left guessing about their estate tax liabilities and unable to make prudent business decisions.”  (National Federation of Independent Business, Letter to Senators, July 25, 2012)
“Tax policy plays a critical role in manufacturers’ ability to thrive in the United States and effectively compete in the global economy. By extending current lower rates for all Americans for one year to provide time for Congress to complete comprehensive tax reform, S. 3413 would provide manufacturers the confidence to make the investments necessary to create and sustain jobs.” (National Association of Manufacturers, Letter to Senators, July 25, 2012)

“The Chamber has long urged Congress and the Administration to swiftly enact legislation that appropriately addresses America’s impending fiscal cliff. Extending all of the 2001 and 2003 rates, such as in the McConnell-Hatch alternative, would be a strong first step…” (U.S. Chamber of Commerce, Letter to Senators, July 25, 2012)

“Farm Bureau believes that estate taxes should be repealed and capital gains taxes permanently lowered. We support passage of S. 3413, the Tax Hike Prevention Act of 2012, to temporarily extend tax relief for all Americans and to put Congress on a path toward fundamental reform. This is a priority issue for Farm Bureau.” (American Farm Bureau Federation, Letter to Senators, July 24, 2012)

“…we urge you to support estate tax relief which is needed to ensure businesses are able to make sound economic decisions.” (Family Business Estate Tax Coalition, Letter to Sens. McConnell and Reid, July 24, 2012)