REDDING, Calif. - Statement of Congressman Wally Herger on the Fiscal Cliff Deal
"In order to reverse the large tax hike that had already taken effect, I supported the measure that was presented to the House by the Senate. In the absence of a new tax law, Americans would have faced a tax hike that included a 50% cut in the value of the child tax credit, the return of the 'marriage penalty' for working families, and higher taxes on dividends for seniors living on fixed incomes. Furthermore, the alternative minimum tax (AMT) would have ensnared middle-income taxpayers. An average family of four could have seen a tax increase of almost $2,200 this year.
"This legislation makes permanent the tax relief that up until now has only been temporary. Hundreds of thousands of Northern California families will now have certainty regarding lower tax rates.
"I regret that our exploding entitlement spending was not addressed in this legislation. The President hinted that he was open to dealing with this matter, but appeared to back away when members of his party balked. The explosive growth in entitlement programs will have to be tackled by incoming lawmakers, because that is the underlying cause of our escalating debt crisis. Reforms are not optional. Just this week our nation hit the debt limit once again, and the upcoming debate on raising it must be centered on one thing -- cutting spending and reforming the federal government to save our nation from certain economic collapse and protect the American Dream for our children and grandchildren."
- Updated Italy earthquake: A country in mourning begins burying the dead
- Some evacuations lifted for Grade Fire in Siskiyou County
- Updated Stranded mariners saved after writing 'SOS' in the sand
- Yellowstone National Park worker falls to death
- Trump's immigration pivot a buzz kill for Coulter's book tour