This evening, the U.S. House will again consider H.R. 4872, the “Reconciliation Act of 2010” which the Senate passed this afternoon.
This legislation takes the flawed healthcare bill which President Obama signed into law on Tuesday and makes it worse. It adds on a net $53 billion in further tax increases, including:
- a hike in the capital gains rate from 15 to 24 percent
- a hike in the dividends rate from 15 to 43 percent
- increases the mandate tax on individuals and employers from the levels already signed into law by the President
- codifies the “economic substance doctrine,” which would give the IRS blanket power to disallow perfectly-legal tax deductions it just doesn’t like
These new tax hikes come at a time of 10 percent unemployment, and trillions of dollars in looming tax increases already on the horizon. It’s the last thing taxpayers need after a very tough weekend of bad news.
ATR WILL RATE A VOTE AGAINST H.R. 4872, THE “RECONCILIATION ACT OF 2010”