Think this may put a dent into our economy?
Writing a budget is about setting priorities — priorities like keeping the tax burden low, encouraging the creation of new, good-paying jobs, and making it easier for American families to plan for and invest in their future.
Unfortunately, the budget Democratic leadership narrowly passed this afternoon puts the quality of that future in serious risk. It extends our new obligations to unprecedented new levels. And it imposes a $400 billion tax increase — the largest in American history — in a short-sighted attempt to cover it.
Read through this budget from preface to postscript, and you’ll find new taxes and an awful lot of new spending. You’ll find faulty assumptions and misguided premises. You’ll find a house of cards stacked on a bed of worms.
But nowhere will you find honest answers to honest questions about our future. And in instituting the largest tax increase in American history, what you may just find are the instruments of its undoing.
Among those who will experience a tax increase if the Democrats’ plan becomes law:
— 26 million small business owners, by an average of $3,960.
— 48 million married couples, by an average of $2,899.
— 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.
Elections have consequences. Now we are observing what consequences we have wrought on ourselves by putting these yahoo’s into power. The same yahoo’s who ran on fiscally responsible platforms incidentally:
“After masking themselves as agents of fiscal responsibility, many Democrats had their cover blown after last week’s pork-stuffed supplemental proved to protect more peanuts and tropical fish than troops in the field and veterans at home,” said NRCC spokesman Ken Spain. “Now they mistakenly think they can get away with voting for the largest tax increase in American history. This is an assault on the pocketbooks of middle-class Americans that will not be allowed to go unnoticed in their districts back home.”
Targeted Democratic members include Reps. Kirsten Gillibrand (N.Y.), Tim Mahoney (Fla.), Jason Altmire (Pa.), Zack Space (Ohio), Patrick Murphy (Pa.), Chris Carney (Pa.), Nancy Boyda (Kan.), Harry Mitchell (Ariz.), Steve Kagen (Wis.), Brad Ellsworth (Ind.) and Stephanie Herseth (S.D.)
Ellsworth and Altmire have both signed pledges with Americans for Tax Reform promising not to vote to raise taxes. But as Altmire argues, “this budget doesn’t raise a penny of taxes.”
Nope, taxes don’t get raised, only the tax cuts we have currently are allowed to expire. Do these people really believe we cannot see through this silly argument? If tax cuts we’ve had for many years are allowed to expire then our taxes are raised……plain and simple.
Think the shenanigans are over?
Something else Democrats should be more upfront about is the 30 “reserve funds” in the draft 2008 budget. A reserve fund is a sort of legislative hidden-ball trick that authorizes Congress to spend additional billions on favored programs so long as either spending elsewhere in the government is reduced or taxes are increased by an equivalent amount. For example, Section 306 of the draft 2008 budget includes a reserve fund worth an additional $15 billion in farm aid. But does anybody seriously think Congress will reduce spending somewhere else by $15 billion? Whoops, here comes another tax hike!
Beautiful….and guess what?