U.S. Senator Kelly Ayotte (R-NH) voted today to protect small business owners in New Hampshire and nationwide from tax increases that are set to go into effect on January 1, 2013. The legislation (S. 3413) she backed would extend existing tax rates for all Americans, who currently face across the board rate hikes unless Washington acts. The Republican proposal failed by a vote of 45 to 54. A Democrat plan to increase taxes on individuals earning more than $200,000 and families earning more than $250,000 passed the Senate on a party-line vote of 51-48. The bill, sponsored by Senate Majority Leader Harry Reid, also calls for a dramatic increase in the estate tax (or "death tax").
"With 41 straight months of over eight percent national unemployment, the last thing our economy needs is a job-killing tax hike. Yet, the bill Democrats passed today would hit nearly one million small business owners - the very people we need to help create jobs," said Senator Ayotte. "The Republican plan I supported would protect families and small business owners from a massive tax increase on January 1. And it would force Congress to enact tax reform next year."
She continued: "Tax uncertainty leaves a cloud hanging over our entire economy. I will continue my efforts to stop a massive tax increase from slamming small business owners when they can least afford it."