Largest Tax Increase Ever
Largest Tax Increase Ever: I spent most of yesterday participating in the Budget Committee’s proceedings on the budget for 2008. Our hearing lasted from 10 AM yesterday until 1 AM this morning. And the Budget that the Democrats proposed and approved (without my support) contained huge spending increases and the largest tax increase in American history. Below are the details of this proposal, which will be considered on by the whole House next week:
Their budget proposes the largest tax increase in American history – The Democrat’s budget calls for a tax increase of every tax bracket, slashes the child tax credit, raises the death tax, and reinstates the marriage penalty. And this is just a sampling, there is more. In all, the Democrat’s plan will cost taxpayers over $390 billion in the next 5 years. What is particularly frustrating about this ill-advised action is that the Democrats are blatantly ignoring the economic consequences and fiscal benefits that lower taxes have brought to the treasury the past few years. Revenue has increased in double digits the last two years alone because of the economic expansion… Read More