Tags: Senate | Democrats | taxes

Senate Democrats Want Trillions in New Taxes

Monday, 09 Jun 2008 08:30 AM

By Newsmax Staff

The spending plan approved by the Senate last week fails to extend President Bush’s tax cuts — and could lead to the largest tax increase in U.S. history.

“Make no mistake: This tax hike is gargantuan,” the Investor’s Business Daily states in an editorial.

“Simply by not making Bush’s tax cuts permanent, taxes will rise by a minimum of $2.8 trillion between now and 2018.”

The IBD says that if the tax cuts are allowed to expire in 2010:

  • Spending will rise by half a trillion dollars over the next five years. And the Democrats will pay for it by raising taxes by $683 billion — “the biggest such increase ever.”

  • About 48 million married couples — “the heart of the middle class that Democrats say they want to help” — will see an average annual tax increase of $3,007.

  • The tax bill for the elderly will rise $2,181 a year on average.

  • A single parent with two children earning $30,000 a year will see a tax hike of $1,600.

  • A family of four earning $50,000 a year will be hit with a tax increase of 191 percent.

  • The 2009 budget for the first time ever spends $1 trillion on discretionary items — non-defense, non-entitlement.

    “This is a foretaste of future fiscal recklessness under a Barack Obama presidency (he voted for the bill),” the IBD observes.

    Noting that the budget would weaken the economy and kill job growth, the IBD concludes: “This is supply-side economics in reverse — creating massive disincentives to work, save and invest, and shrinking the pie.”

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