Idaho Congressman Mike Simpson joined 144 Members of Congress in sending a letter to House Speaker Nancy Pelosi requesting an up-or-down vote on extending the 2001 and 2003 tax cuts before the November election.  If Congress fails to act on extending these tax credits before the end of the year, American families and small businesses will see a tax increase of almost $4 trillion.

“All taxpaying Americans have benefited from marriage penalty relief, increased child tax credits, and a reduced tax burden on their income and their investments,” said Simpson.  “Right now American families are struggling to make ends meet and small businesses are facing the possibility of laying off employees or closing their doors, and I simply don’t believe that a huge tax increase on families and job creators is the best way to get our economy growing again.”

Because many small businesses pay taxes within the framework of the individual income tax, small businesses are three times more likely to see their taxes increase, compared to other individuals. 

“Small businesses are the engines of our economy, and if we want our economy to recover, we need to give them the tools that they need to grow their businesses and hire more employees,” said Simpson.  “Now is not the time to raises their taxes, pile unnecessary regulations on them, and create more uncertainty that will impede their ability to create jobs.”

Simpson is a cosponsor of numerous pieces of legislation to extend or make permanent existing tax relief provisions, including the repeal of the death tax, increased child tax credits, and relief from the marriage penalty.