June 17, 2007
If Democrats follow through on their budget promises, the American people will face the following:
• A $500 per child tax increase.
• A 55 percent Death Tax.
• A 13 percent tax increase for many small businesses.
• A 33 percent tax increase on capital gains.
• A 164 percent tax increase on dividends.
Indeed, it is worse than that. The $400 billion dollar increase in taxes supported by every Democrat running for President will impact 100% of Americans. Take a look at the impact in one Michigan Congressman's district.
A recent Heritage Foundation study revealed the Democratic plan would raise taxes by $3,019 for each person in my south-central Michigan district. Also, the Heritage study revealed this tax increase would cause 2,272 job losses in south-central Michigan and cost my district's economy $207 million.
Why don't we hear about this planned tax increase? Because they don't call it a tax increase -- instead the refer to it as "ending the Bush tax-cuts for the wealthy" by allowing them to expire. You know, tax cuts that reduced the tax rate of every single American who paid income taxes, and which freed millions of Americans from paying any income taxes at all.
Let me leave you with the words of a great American, speaking about tax cuts and their impact on the American economy.
"Lower rates of taxation will stimulate economic activity and so raise the levels of personal and corporate income as to yield within a few years an increased -- not a reduced -- flow of revenues to the federal government."
And no, that is not Ronald Reagan -- it is John F. Kennedy, whose words nearly a half century ago accurately predicted what the Bush tax cuts of 2001 and 2003 have done for our economy and government revenues.
Posted by: Greg at
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