Mississippi Congressman Calls For Extension Of Nearly All Tax RatesBy Jeffrey Hess | Published 20 Dec 2012 06:03pm |
Mississippi's Republican congressmen are calling for the extension of nearly all the current tax rates as part of a deal to avert a set of automatic spending cuts and tax hikes known as the fiscal cliff. MPB's Jeffrey Hess reports that time is running out for the white house and congressional Republicans to reach a deal.
Mississippi's 3rd district congressman Greg Harper says the right way to deal with the fiscal cliff is to extend the current tax rates on every American making less than 1-million dollars a year.
"This plan would mean that, they ran the numbers, 99.81% of all tax payers would see no change in their rates. So, this is something that you have to do to try to protect folks from the taxes going up," Harper said.
Harper echoed government economists that going off the fiscal cliff could put the economy back in recession.
In addition to extending nearly all of the current tax breaks, Harper says House Republicans want to shift spending cuts away from defense into other parts of the federal government for one year.
Congressman Harper feels the negotiations could run until the end of the year when the cuts and tax hikes are set to take effect.
"I anticipate we will be back up here after Christmas to finish up whatever can be done. When you get past the games of chicken, going over the cliff is not good for either part. It is certainly not good for the country and I am hopeful that we will work out something in that process," Harper said.
But time is running out, the president and congress have 10 days left to come to an agreement or watch taxes rise across the board while the government experiences deep spending cuts.
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