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HOUSE WAYS AND MEANS COMMITTEE TO HEAR TESTIMONY ON BOAT 'LUXURY' TAX

HOUSE WAYS AND MEANS COMMITTEE TO HEAR TESTIMONY ON BOAT 'LUXURY' TAX
 National Marine Manufacturers Association (NMMA) President Jeff Napier is scheduled to testify on the damaging effects of the boat excise tax at a House Ways and Means Committee hearing tomorrow, Feb. 5, beginning at 10 a.m. in Room 1100 of the Longworth House Office Building, New Jersey and Independence avenues, N.E., Washington.
 Napier is expected to outline the job-loss factor of the tax -- an estimated 20,000 to 25,000 mostly blue collar American boat workers have been laid off as a result of the tax imposed after last year's budget agreement. The tax was initially touted as a "tax the rich" measure, but backfired as it proved to be revenue negative and a threat to one of America's net export industries comprised mostly of small family owned businesses, NMMA says.
 President Bush has included repeal of the boat excise tax in his economic recovery budget proposals in an effort to restore the thousands of jobs lost due to the tax. Napier's testimony will illustrate to Chairman Dan Rostenkowski (D-Ill.) and the House Ways and Means Committee the urgency of the problem, and the need to repeal the tax in the next several weeks in order to give the industry a fighting chance to recover.
 Copies of Napier's full testimony will be available at the hearing or by contacting the NMMA Washington Government Relations office at 202-338-6662.
 CONTACT: Cheri Jacobus of the National Marine Manufacturers Association, 202-338-6662.
 -0- 2/4/92


CO: National Marine Manufacturers Association ST: District of Columbia IN: SU: LEG

MH -- DC028 -- 6724 02/04/92 13:03 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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