The U.S. House of Representatives passed the American Taxpayer Relief Act of 2012 to avert the fiscal cliff late Tuesday night. The vote was 257 to 167.
U.S. Rep. Tim Murphy (R-Upper St. Clair), who represents Peters Township, voted in favor of passing the legistlation. He explained his reasoning in this statement:
“The process and product are imperfect, but what has been achieved can’t be overlooked. We’ve overcome the impasse to permanently lock in lower tax rates for 99 percent of taxpayers. (The) vote opens the door for work to begin in the next session of Congress on significant cuts in federal spending, meaningful tax reform and pro-growth policies to get our country back on solid fiscal footing.”
The bill permanently extends current tax rates for income less than $400,000 for individuals and $450,000 for households, along with a combination of other spending cuts without raising the nation’s debt limit.
The deal does not include the payroll tax break that expired at the end of 2012. For people earning $50,000 in annual salary, that means a loss of around $80 per month to higher taxes, or about an extra $1,000 per year.
The Senate overwhelmingly passed the fiscal cliff compromise Tuesday at 2 a.m. with a vote of 89-8.
Murphy provided the following links for his constituents:
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