Published: 03-07-08
Washington DC – Congressman John Carter (TX-31) House Conference Secretary made the following statement after House Democrats rolled out their yearly budget which includes $683 billion in tax increases for working families and small business owners and refuses to address the looming crisis in the Social Security Medicare and Medicaid entitlement programs.
“Families in Texas are feeling the strain of sky-rocketing gas prices decreasing home values and increasing health care costs piled high on the back of a slowing economy. The last thing they need is to pay more taxes.
If the Democrats have their way Texas families and small business owners will once again pick up the check for billions in new wasteful Washington spending. By allowing Republican tax relief such as the repeal of the death tax and the marriage penalty to expire Democrats are forcing an average $1833 tax hike on 116 million taxpayers-the largest tax increase in American history.
“As irresponsible as the enormous amount of unnecessary spending the deliberate refusal to address the entitlement crisis is equally as irresponsible. It’s been said too many times without being heard-the Social Security Medicare and Medicaid entitlement programs are quickly dying. Without immediate action by Congress these programs will go belly-up in the next few decades leaving millions of Americans without the Social Security and Medicare benefits they earned through years of hard work. The fact that Democrats foolishly ignore this issue is just another example of their fiscal irresponsibility.
“Passing the Democrats’ budget will leave Americans with nothing but empty pockets and a crushed economy. You can bet that I will be working with Republicans and fiscally responsible Democrats to fight for a fiscally responsible budget resolution that balances the federal budget without raising taxes.”
NOTE: According to The Heritage Foundation between now and January 1 2011 the following critical tax provisions will expire:
• Tax rates will rise substantially in each tax bracket some by 450 basis points;
• Low-income taxpayers wills see the 10-percent tax bracket disappear and they will have to pay taxes at the 15-percent rate;
• Married taxpayers will see the marriage penalty return;
• Taxpayers with children will lose 50 percent of their child tax credits;
• Taxes on dividends will increase beginning on January 1 2009;
• Taxes on capital gains will increase also beginning on January 1 2009; and
• Federal Death Taxes will come back to life in 2011 after fading down to nothing in 2010.
