Tuesday, March 25, 2008

House Democrats: Passed Largest Tax Hike in American History

Rep. Eric Cantor (R-VA) recently sent out an email which highlights one area where the difference between Republicans and Democrats still remains stark: raising taxes.

Congressman Cantor:
Before adjourning for recess, House Democrats passed the largest tax-hike in American history; a rate hike that will soak an average of $3,120 from every family. In an economy reeling from a slowing housing and job market, this is a burden that American families and small business owners simply cannot afford.

Let's be clear – this Democrat tax hike raises 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.

Cantor apparently believes that some of the taxes may be able to be rolled back or blocked.

Read the rest of "House Democrats Pass Largest Tax Hike in History" at DBKP.com.

by Mondoreb
images: passiac
* House Democrats Pass Largest Tax Hike in History
* The Democrat Budget: A Disaster for the Middle Class
* Cantor email


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