Rep. Dave Camp (R-Mich) announced yesterday that House Republicans will not be extending a harmful tax on jobs, known as the FUTA surtax:
“The time was October 1976. KC and the Sunshine Band encouraged Americans to 'Shake Your Booty' and the Bee Gees proclaimed that 'You Should Be Dancing.' And Congress created a supposedly 'temporary' Federal unemployment tax on jobs, sometimes called the Federal Unemployment Tax Act (FUTA) 'surtax.' Today, after 35 years and eight separate extensions of this provision, the surtax will expire as House Republicans, led by Ways and Means Committee Chairman Dave Camp (R-MI) have refused to entertain an extension of this 'temporary' tax on jobs beyond its current June 30, 2011 expiration date.
Discussing the expiration of the FUTA surtax, Camp stated, ‘The death of any tax on jobs – no matter how big or small – is a historic moment and one to be celebrated. The fact that it has taken 35-years for this ‘temporary’ tax to expire clearly illustrates the dangers of higher taxes – once in place, they are unlikely to ever go away. We need employers paying more salaries, not paying higher taxes. And when the surtax expires, job creators will get a little and long overdue relief.’”
Number 1 on the Billboard Hot 100 in 1976:
Needless to say, 1976 was a long, long time ago. ATR is pleased that this horrible surtax has finally expired and will likely never return.
In the comments section, let us know which onerous taxes you would most like to see expire.