MEDIA RELEASE                                          CONTACT: For Immediate Release                                         Greg Moore April 15, 2008                                      
John Stephen Visits Manufacturing Company To Tout Tax Reform  Candidate Says Tax Day Event Highlights Need For Change To Tax Code To Help Economy
BARRINGTON, NH- On Tax Day, 1st District Congressional candidate John Stephen today visited Turbocam, a turbomachinery manufacturer of aerospace and industrial products.  Stephen toured the facility with Turbocam President Marian Noronha, who explained the many challenges the company faces with the existing federal tax code that limits growth in the company.  Noronha cited the Death Tax, the lack of immediate expensing of capital purchases and the high corporate tax rate- the second highest in the industrial world, behind only Japan- as obstacles to allowing businesses to expand and add new employees.

"Every day I hear these stories from business owners across this district and across the state," Stephen said.  "The message is clear- our tax code is interfering with growth, interfering with job creation and diverting precious resources away from productive activities.  At a time when global competition is intensifying daily, we cannot stand still, and the federal government must become an ally to our economy, not an impediment."

Stephen called for comprehensive tax reform for businesses and individuals.  He proposes allowing the choice between the existing, cumbersome tax code and a simple, flat tax.  He supports the plan proposed by the House Republican Study Committee that would contain two tax rates: 10% for joint filers on income of up to $100,000 ($50,000 for singles) and 25% on income above these amounts. The standard deduction would be more than doubled to $25,000 for joint filers and $12,500 for singles. The personal exemption amount would be increased to $3,500.  A family of four would be exempt from income tax on the first $39,000 of income. The simplified tax code would contain no other tax credits or deductions.  The plan would also have simple, flat tax for business, that allows immediate depreciation, cuts corporate tax rates and eliminates the death tax.

"Tax reform is a strong first step in regaining the trust of the American people in their government," Stephen added.