[Congressional Record Volume 158, Number 111 (Tuesday, July 24, 2012)]
[House]
[Pages H5138-H5139]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           STOP THE TAX HIKE

  (Mr. GUINTA asked and was given permission to address the House for 1 
minute.)
  Mr. GUINTA. Mr. Speaker, I rise today to add my voice to those 
calling attention to the harmful tax hikes that could soon come our 
way.
  With tax cuts set to expire at midnight on December 31 of this year, 
the

[[Page H5139]]

Obama administration wants some of those taxes to increase. I think 
that that would inflict a body blow to our economy and prolong this 
recovery.
  A recent study by the accounting firm Ernst & Young finds raising 
these taxes would cause the estimated loss of 700,000 jobs, wages would 
be reduced by 1.8 percent, and our economy would shrink by 1.3 percent.
  My State of New Hampshire relies heavily on small businesses; they 
are the backbone of our economy. This tax hike would hit small 
businesses especially hard because at least 75 percent pay their taxes 
as individuals.
  I think of the many job creators in my district, such as Hampshire 
Fire Protection in Londonderry. They face enough challenges without 
Washington imposing higher taxes and that burden on their small 
business. With the Nation's unemployment at 8.2 percent, we simply 
cannot afford to lose an additional 700,000 jobs. That is why I say we 
must stop this tax hike, Mr. Speaker.

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