Americans for Tax Reform is strongly opposed to this legislation, and will be double-rating a vote against H.R. 3962 in our annual “Hero of the Taxpayer” Congressional scorecard. Furthermore, because support for H.R. 3962 is a violation of the Taxpayer Protection Pledge, any Member of Congress voting for it will be automatically-ineligible to receive any keyvote award from ATR this session.
There are literally dozens of reasons to oppose what the Wall Street Journal termed “the worst bill ever.” ATR is most focused on the 14 new tax hikes in the bill.
The worst tax hike in the bill is a new 5.4 percent surtax which will fall most heavily on small business profits. This new job-killing tax is the equivalent of creating a new top tax rate of 45 percent (not indexed for inflation). The JCT has reported that one-third of the revenue collected from this tax will come from small business income. 57 percent of partnership and Subchapter-S corporation profits will see this tax hike.
There’s also a new tax on Americans who choose not to purchase health insurance. This 2.5 percent tax, along with several others, is a direct violation of President Obama’s repeated promise not to raise “any form” of taxes on families making less than $250,000 per year.
ATR WILL DOUBLE RATE A VOTE AGAINST H.R. 3962, THE HOUSE DEMOCRAT HEALTH BILL