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.