WASHINGTON, D.C., Aug. 1, 2012 — The Independent Insurance Agents & Brokers of America (IIABA or the Big “I”) today commended the U.S. House of Representatives for passing H.R. 8, the “Job Protection and Recession Prevention Act,” that would extend the 2001 and 2003 tax rates through 2013.
“The Big ‘I’ is pleased with today’s vote in the House to extend the 2001 and 2003 tax rates,” says Robert Rusbuldt, Big “I” president & CEO. “Without this extension American taxpayers will endure the largest tax hike in the country’s history at a time when economic growth and job creation are stagnant. Small businesses, like many independent insurance agencies and those that line Main Streets across America, will also be hit with this tax increase, stifling any chance of a recovery.”
H.R. 8 includes an extension of current marginal tax rates, as well as dividend and capital gains tax rates. It also extends current estate tax rates and exemption levels through 2013 and provides for an alternative minimum tax (AMT) patch, also through 2013. Without a legislative solution, all of the 2001 and 2003 tax cuts will expire at midnight on New Year’s Eve.
“This extension of current rates would help remove the uncertainty looming over the tax code, bolster our economy and allow small businesses to plan, hire and grow,” says Charles E. Symington, Big “I” senior vice president of government affairs. “We call on the Senate to pass a similar extension before the end of the year in order to provide the certainty needed in the tax code to spur an economic recovery.”
Founded in 1896, the Big “I” is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of approximately a quarter of a million agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life, health, employee benefit plans and retirement products. Web address: www.independentagent.com.