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Washington, D.C. - The first Democratic budget in twelve years was unveiled this week, and it looks familiar to those who remember the last Democrat majority, says U.S. Congressman Kevin Brady (R-The Woodlands).
“The House Democratic budget increases the federal deficit by billions of dollars next year, continues to raid the Social Security Trust Fund and includes the largest tax increase in American history”, says Brady. “That’s not only irresponsible; it means a staggering $2,000 tax increase for the average Texas middle-class family of four.
If passed, this Democratic budget, H.Con.Res. 99, will spend nearly $3 trillion next year alone; and will impose the largest tax increase in American history, $392.5 billion over the next five years, to finance immense new federal spending.
House Democrats allow President Bush’s tax relief to expire, thus bringing back the marriage penalty, death tax, cutting the child tax credit in half, and raising income, capital gains and dividend tax rates. Their budget for next year also kills the state and local sales tax deduction which Congressman Brady has championed. The sales tax deduction saves Texas families $1 billion annually.
After years of criticizing President Bush for not eliminating or reforming the Alternative Minimum Tax, the Democrat budget does not allow for even one year of AMT relief which means an additional twenty million Americans will be hit by the tax next year.
Brady is backing an alternative budget that balances the budget in five years without a tax increase and ends the raid on the Social Security Trust Fund.
“One of the reasons the Republican Party got fired from running Congress is that we drifted from a balanced budget and we didn’t tackle the tough reforms that will keep Social Security and Medicare solvent for many generations”, said Brady. “The first place Republicans can start is by preserving every dollar of Social Security for Social Security.”
The Democrat Budget creates a deficit of $213 billion in 2008, which is $36 billion more than the Congressional Budget Office projects the federal deficit will be at the end of this year. |
