REP. GUINTA STANDS WITH GRANITE STATE FAMILIES AND SMALL BUSINESSES BY VOTING TO EXTEND TAX CUTS
(WASHINGTON – August 1, 2012) U.S. Representative Frank Guinta (R, NH-01) voted on Wednesday in support of H.R. 8, the Job Protection and Recession Prevention Act. The measure would block scheduled tax increases at the end of this year by extending current income rates for one year. The House approved the bill in a bipartisan vote of 256 to 171.
This extension would provide a one year bridge for crafting significant, long-term tax reform in 2013. It would also:
- continue marriage penalty relief;
- maintain the $1,000 child credit;
- maintain the estate tax at its 2011 and 2012 parameters (indexed for inflation); and
- preserve certain education-related benefits.
(Click here for more details about the bill from the House Committee on Ways and Means.)
Representative Guinta released the following statement after the vote: “This is an especially bad time to slap Granite State families and small businesses with a tax hike. The economic recovery remains weak and too many people remain unemployed or underemployed. A study by the accounting firm Ernest and Young finds a tax hike would cause the loss of 700,000 jobs. We simply cannot afford that. Instead of imposing new burdens on New Hampshire families and job creators, I urge President Obama and congressional Democrats to work with us and end the uncertainty about taxes that’s hovering above our economy.”