House Speaker John Boehner vowed Tuesday the House of Representatives will vote to extend the Bush-era tax cuts--due to expire at the end of this year--before the Nov. 6 election.
"Any sudden tax hike would hurt our economy, so this fall – before the election – the House of Representatives will vote to stop the largest tax increase in American history," Boehner, R-Ohio, said in remarks prepared for delivery later Tuesday. Boehner will address the Peter G. Peterson Foundation's 2012 fiscal summit.
The vote, almost sure to pass the GOP-run house, "will give Congress time to work on broad-based tax reform that lowers rates for individuals and businesses while closing deductions, credits, and special carveouts."
The measure would establish an "an expedited process by which Congress would enact real tax reform in 2013."
Details would be worked out by the House Ways & Means Committee.
"if we do this right, this will be the last time we ever have to confront the uncertainty of expiring tax rates. We’ll have replaced the broken status quo with a tax code that maintains progressivity, taxes income once, and creates a fairer, simpler code," Boehner is to say.