Hoffman warns against tax cuts lapsing

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July 27, 2010

By JOE LoTEMPLIO Staff Writer The Press Republican Tue Jul 27, 2010, 11:59 AM EDT

PLATTSBURGH — Congressional candidate Douglas Hoffman says expected inaction by House Democrats will allow key tax cuts to lapse at the end of the year.

The loss of the 2001 and 2003 Republican-sponsored tax cuts, Hoffman said, will lead to an extra $1 trillion in taxes for Americans.

"As a certified public accountant, I am worried. New York taxpayers should prepare for the worst."

Hoffman, of Saranac Lake, who owns an accounting firm, is seeking to be the Republican candidate in the 23rd Congressional District race.

He is facing off against Matt Doheny, an investor from Alexandria Bay who now lives in Watertown.

The winner will take on incumbent Democratic Congressman Bill Owens, an attorney from Plattsburgh.

Owens won the seat in a special election last year, defeating Hoffman, who ran on the Conservative Party ticket.

Hoffman said that if Democrats allow the 2001 and 2003 tax cuts to lapse, average Americans will feel the pain.

"Americans will see across-the-board hikes in every personal-income tax bracket.

"Those individuals currently in the 10-percent tax bracket will see a jump to 15 percent, and those in the 35-percent tax bracket will see that number jump to 39.6 percent. Similar jumps will take place in all other brackets."

Hoffman also said the death tax will increase from zero to 55 percent on estates over $1 million; the capital gains tax will rise from 15 percent to 20 percent in 2011; and the dividend tax will jump from 15 percent to 39.6 percent.

The capital gains tax and the dividend tax will both jump by an additional 3.8 percent in 2013, Hoffman said.

"Add on top of these taxes linked to Obamacare (the health-care bill) and hikes on employer taxes, as well as the alternative minimum tax, and 2011 will be a bad year for taxpaying Americans.

"In our current economic crisis, Bill Owens should have the courage to stand up for taxpayers everywhere and call on Nancy Pelosi to renew the 2001 and 2003 GOP tax cuts."

Owens's camp did not specifically say how they will deal with the 2001 and 2003 tax cuts, but they said the congressman has worked to reduce taxes for the North Country since taking office.

"Congressman Owens is committed to keeping taxes low and supports tax cuts for the middle class, working families and small businesses in the North Country," spokesman Sean Magers said.

"During his first few months in Congress, Congressman Owens voted to extend over $30 billion in tax cuts and crossed party lines to raise the federal estate tax exemption to help small businesses and family farmers."

Doheny did not respond to a request from the Press-Republican for a comment on the tax issue.