Biggest tax increase in US history!
Friday, March 30th, 2007The “drive-by media” won’t make this story a priority, so I might as well throw my pebble into the pond that is the blogosphere in an effort to get the word out. My congressman, Jeff Miller, just sent out the following email message:
This week in the House, Democrats passed the largest tax increase in America ’s history– – nearly $400 billion over 5 years – mainly to finance their new spending spree. I found it a little surprising that it took them less than three months in power to begin to raid Americans’ pocketbooks.
The budget spends almost $3 trillion in fiscal year 2008 and is projected to bring a $153 billion surplus by 2012. The surplus is achieved by letting tax cuts expire, ending the wars in both Iraq and Afghanistan and letting the alternative minimum tax hit a larger portion of our working middle class. In the meantime, not only are they raising taxes, but they are dipping their hands into the Social Security trust fund to pay for their social spending programs.
Republicans have proposed a budget that is balanced by 2012 without raiding Social Security, raising taxes, or abandoning our troops. Our budget maintains a strong economy by reforming currently unsustainable entitlement programs, and by exercising accountability in other government spending.
In regards to taxes, the 10 percent tax bracket now increases to a 15 percent tax bracket. This will cause more than 5 million individuals and families who previously did not owe taxes to become subject to the individual income tax in 2011. This means that an elderly couple making $40,000 in income would pay $906 more in taxes a year. Affecting roughly 23 million people, the Democratic Budget Resolution eliminates the marriage penalty relief, raising taxes by $466. The average taxpayer in Florida will pay roughly $3,039 in taxes in five years. The Majority Party claims to be for the middle class and lower income people, but they don’t want to tell you this:
- 115 million taxpayers would see their taxes increase, on average, by $1,795 in 2011.
- 83 million women would see their taxes rise, on average, by $2,068.
- 48 million married couples would incur average tax increases of $2,899.
- Taxes would increase, on average, by $2,181 for 42 million families with children.
- 12 million single women with children would see their taxes increase, on average, by $1,082.
- 17 million elderly individuals would incur average tax increases of $2,270.
- Taxes would rise, on average, by $3,960 for 26 million small business owners.
- Over 5 million taxpayers who previously owed no taxes would become subject to the individual income tax as a consequence of the sunset.
Having already increased current-year spending by $6.1 billion, and adding more than $20 billion to the Iraq supplemental, the Democrat budget proposes another increase of more than $22.5 billion in fiscal year 2008 for non-defense, non-emergency annual appropriations. We now know where they plan on getting the money—our hard-earned paychecks.
If this is the best they can do, which they claim it is, the American people better start a savings account specifically set aside for taxes so they are prepared to pay come 2011.
OK, so there’s plenty of political rhetoric in the message, but I like his rhetoric a whole lot better than that of those who voted for this spending bill. All this vote buying and class bating centered around our obscenly-complicated tax structure pushes me even more towards the FarTax!
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. I should blog about my projects more often. 
