CONCORD – New Hampshire GOP Chairman Fergus Cullen criticized Reps. Shea-Porter and Hodes for failing to pass a clean AMT relief bill to save 70,000 New Hampshire Residents from a massive tax increase.
“For months Democrats have been talking about raising taxes to pay for eliminating a tax that wasn’t supposed to exist in the first place,” said Cullen , “Instead, Shea-Porter and Hodes should speak for 70,000 New Hampshire residents by supporting the relief bill that passed 88-5 in the Senate instead of voting lock-step with tax and spend liberals like Nancy Pelosi.”
Shea-Porter and Hodes voted with NancyPelosi for the massive tax hike last night. (H.R. 4351,RCV #1153 , December 12, 2007)
JUST THE FACTS: AMT ReliefThe AMT was never supposed to hit the middle-class: “ On Thursday morning, the Senate failed to reach an agreement on fixing the dreaded alternative minimum tax, implemented almost 40 years ago to guarantee the government got its pound of flesh from a handful of millionaires but which now threatens to hit millions of middle-income Americans. ” (Editorial, “ AMTfix ,” Las Vegas Review-Journal, December 7, 2007)
Over 70,000 New Hampshire Taxpayers will be affected if Congress doesn’t, nearly twice the population of Concord. (Heritage Foundation: The Triple Whammy of Taxes: How the AMT, Repealing the Bush Tax Cuts, and the Social Security Wage Cap Would Raise Taxes on Millions of Americans, http://www.heritage.org/Research/Taxes/images/table_lg.gif, Accessed December 12, 2007)
Democrats wanted to raise taxes to pay for fixing the AMT, Republicans refused: “ Senate Democrats argued that changes in the AMT must be offset by other tax increases. Senate Republicans refused to go along.” (Editorial,“ AMT fix ,” Las Vegas Review-Journal, December 7,2007)
The Democrat Congress already failed to pass relief in time for IRS to prepare paperwork for 2008 meaning thousands of refunds next year could be delayed. (Republican Leader website, http://republicanleader.house.gov/uploadedfiles/amtletter.pdf, AccessedDecember 12, 2007)
Tip of the Iceberg? Highest tax rate could reach 60% under Democrat Plan. “ Democrats were already planning to undo the economy-stimulating Bush tax cuts when along came Rep. Charles Rangel, D-N.Y.,with a $1 trillion tax hike. Say goodbye, economic growth. Combined, those two measures would produce a top marginal income tax rate of about 50 percent, U.S. News &World Report's James Pethokoukis reported over the weekend. If Democrats succeed in eliminating the $97,500 cap on Social Security taxes, that'll bump it up to 60 percent.” (Editorial, “ Tax Hikes a comin’: Dems get ready ,” Union Leader, November 6, 2007)