Posted by
John Wallace on Thursday, March 20, 2008 3:55:14 PM
The Democratic leadership in congress has done it again. By a narrow margin, they have passed the biggest tax increase in the history of our nation. The majority leadership managed to pass a budget plan for 2009 that raises taxes on everything from starting a family, to starting a family business. All to finance a reckless tax and spend agenda.
There's plenty of money in the new budget proposal to expand the welfare state and increase the level of government intrusion into every American's life. Don't they understand that keeping the tax burden low, encouraging the creation of new, good-paying jobs, and making it easier for American families to become successful should be the goal of evey member of congress?
The 2009 budget eliminates nearly every tax cut Republicans fought to pass through Congress. In its place, the bill gives the American taxpayer $683 billion in new taxes – far and away the single largest tax increase in the history of the tax code.
The Democrats have slashed the child care tax credit in half (from $1,000 per child to $500) and brought back the marriage tax penalty that Republicans once successfully eliminated. The Democrats have replaced the 10-percent tax bracket (the lowest percentage one can pay and still pay income taxes) with a new lowest bracket of 15 percent so we all can pay more; they have increased the current 15 percent tax rate on capital gains; they have raised the tax burden on dividends; they have paved the way for the Death Tax to rise again from the dead in 2011; and they are trying to ensure that an estimated 116 million American taxpayers pay an average of $1,833 more to the federal government in 2008 than they did in 2007.
Among those who will experience a tax increase if the Democrats' plan ever becomes law:
26 million small business owners, by an average of $3,960.
48 million married couples, by an average of $2,899. (Marriage Tax)
42 million families with children, by an average of $2,181.
12 million single women with children, by an average of $1,082.
17 million senior citizens, by an average of $2,270.
Unfunded liabilities for Medicare and Social Security systems will grow from $38.7 trillion today to over $50 trillion by 2013, but the Democrats have decided to put their head in the sand and ignore the pending insolvency of these important programs. In fiscal year 2009, congress will oversee the spending of more than $3 trillion of Americans' hard earned money, balancing the budget with another $600 million in Fiat Money in the form of IOU's.
Congress needs to either lead the way and reduce the growing tax burden on average Americans by cutting spending and reducing taxes, or get out of the way. Those in congress who voted for this huge tax increase, regardless of what political party they belong to, should be thrown out in the November 2008 election.