The Democrat Budget – A Disaster for the Middle-Class
Tuesday, March 25th, 2008Recently passed, Democrat tax hike assumptions raise the tax burden of every American, particularly the middle-class. Their budget, which they voted to pass this week, includes the following tax assumptions:
- Raises the current "10 percent tax bracket" to 15 percent. This would increase the burden on all American taxpayers, especially the lowest income earners.
- Implements an across-the-board increase on marginal income tax rates.
- Reinstates the marriage penalty. Approximately 23 million married couples would be affected.
- Slashes the $1,000 per-child tax credit in half.
- Increases the tax on dividends, which often supplement the income of senior citizens relying on Social Security.
- Reinstates the death tax, which is considered the largest impediment to transferring family-owned businesses from one generation to the next.
The consequences are chilling for ordinary Americans. Democrat strategists believe that by hiding these assumptions in a larger budget, the American people won’t hold them accountable over the resulting tax hikes. Fortunately, the legislative struggle is not yet over and it is not too late to prevent their plan from succeeding.
House Republicans will fight against these tax hikes at every opportunity; we must not allow tax hikes to plunge this economy into recession and chase jobs away. It is time to get Washington working again – working on common-sense solutions to the problems facing people’s everyday lives, rather than adding to those problems by imposing a heavier tax burden. Now, more than ever, we need a fiscal policy that spurs job growth and investment to create good middle-class jobs and brighter economic days.




