Published: 04-15-08
Current Democrat budget proposal would impose the biggest tax hike in U.S. history and allow several tax cuts to expire
WASHINGTON—U.S. Sen. John Cornyn a member of the Senate Budget Committee today issued the following statement regarding tax day tomorrow April 15 2008:
“As hard-working Texans wrap up the arduous annual task of filing their taxes I’d like nothing more than to give them an encouraging pat on the back and share good news about bigger returns and lower taxes in their future.
Unfortunately Democrat leaders in Congress have made this impossible having recently passed the biggest tax hike in U.S. history. Not only does the Democrat budget proposal for next year fail to extend critical tax relief like the child tax credit the sales tax deduction and repeals of the marriage penalty and death tax it also fails to tackle the long-term entitlement crisis we are facing.
“Texans are already shouldering the heavy burden of record-high gas prices and a struggling housing market—the worst medicine for today’s economic climate would be tax hikes on American families and business. I call on my Democrat colleagues in Congress to rethink their fiscally irresponsible plans and do what’s best for the taxpayers they represent and the fragile state of our country’s economy.”
The Democrat budget proposal for Fiscal Year 2009 which is currently being finalized by Senate and House leaders would raise taxes by more than $680 billion and cost:
• 27 million small businesses $4100 each;
• 43 million families $2300 each; and
• 18 million seniors $2200 each.
Background on Sen. Cornyn’s efforts to lower taxes for Texas families and businesses:
• Has been a leader in the effort to protect and expand the Republican tax relief efforts which have been the driving force behind the creation of more than 8 million new jobs since August 2003.
• Cosponsored legislation that would make the deduction of State and Local Sales taxes a permanent part of the tax code. This deduction gives Texans $1 billion in tax relief annually.
• Consistently supported legislation to permanently repeal the marriage tax which unduly penalizes married couples.
• Worked to protect farmers ranchers and small businesses through the permanent repeal of the Death Tax which penalizes taxpayers at the worst possible time after the death of a loved one.
• Worked to include legislation that would require a super-majority of the Senate or 60 votes to pass any legislation that increases income tax rates on the American people in last year’s budget. Unfortunately the Majority stripped this out of the final budget.
