Congressman Harris released the following statement on the legislation addressing the fiscal cliff.
“Unfortunately, the legislation endorsed by the President increases taxes by $40 for every $1 in spending cuts, raises taxes on 77 percent of Americans, and continues corporate cronyism by providing billions in tax breaks to special interests. I opposed this legislation that increases taxes on 77 percent of people in my district. This bill is business as usual in Washington and does nothing to deal with the real fiscal cliff – our 16.4 trillion dollar deficit. In fact, it adds almost 4 trillion dollars to the debt. ”
The legislation allowed the payroll tax holiday to expire and thus 77 percent of Americans will pay an average of almost $1,000 more in taxes in 2013 than in 2012.
The corporate tax loopholes extended in this bill include a who’s who of special interests:
· $12.1billion for wind energy production
· $248million for Hollywood movie productions
· $222million for Puerto Rican rum
· $78million for race track facilities
· $62million for corporate interests in Samoa