The U.S. House of Representatives passed the American Taxpayer Relief Act of 2012 late on Tuesday night to avert the "fiscal cliff."
U.S. Rep. Tim Murphy, a Republican whose 18th Congressional District includes all of Whitehall Borough, joined many Democrats in voting in favor of passing the legislation. Murphy 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 individuals with incomes of fewer than $400,000 per year and households with incomes of fewer than $450,000 per year—along with a combination of other spending cuts—without raising the nation's debt limit.
The deal does not include the payroll tax break, however, 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 U.S. Senate overwhelmingly passed the fiscal cliff compromise at 2 a.m. on Tuesday with a vote of 89 to 8.
Murphy provided the following links for his constituents:
What do you think of the fiscal cliff deal? Please tell us in the comments section below.
This article originally appeared on the UpperSt.Clair Patch.
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