U.S. Rep. Todd Platts, R-York County, voted in favor of the so-called “fiscal cliff” compromise, along with other members of the Pennsylvania delegation. Platts called called it an “important first step.”
Here’s his full statement:
“The passage of ‘The American Tax Relief Act of 2012′ (H.R. 8) is an important first step toward a comprehensive bipartisan solution to our nation’s imminent fiscal crisis.
Importantly, this legislation provides for permanent lower tax rates for 99% of individuals, families, and small businesses, prevents the alternative minimum tax from wrongly increasing taxes on more than thirty million middle-class taxpayers, better protects family farms and other family-owned businesses from the onerous death tax, and locks in lower capital gains and dividend tax rates to bolster economic growth.
At the same time, H.R. 8 generates additional federal revenues from our nation’s wealthiest individuals. H.R. 8 is not perfect. While this legislation provides certainty for individuals and businesses alike regarding tax policy, its unfortunate failure to address significant spending reforms, especially at a time when our nation is more than $16 trillion in debt, is deeply regrettable.
The passage of H.R. 8 will hopefully serve as a starting point for substantive and successful bipartisan negotiations addressing out-of-control federal government spending that is clearly unsustainable in the long term.”