House Democrats just voted in favor of the largest tax increase in American history.

Democrats in the House Budget Committee just voted for the largest tax increase in history. Along with this, they voted down a moratorium on earmarks. This, after they promised the American people that they would be fiscally responsible and reign in spending.

This is your money folks. Call your Representative today and tell them that we won’t take it anymore. Either Congress needs to get their house in order or the American people will do it for them. Vote the bums back into the minority this November.

Taxes on Americans and American business are currently 18.3% of the GDP. Under the Democrat plan, taxes will be 24% of the GDP.

Watching the Budget Resolution Meeting on C-Span, the Democrat leaders tried in vain to state with a straight face that their budget results in tax decreases on middle income housholds. They were lying and need to be held accountable.

Highlights of the Democrat Budget:

* Largest Tax Increase in American History: Democrats unanimously voted to retaintheir$683-billion tax hike – the largest in history – on American workers and businesses.

* They remained committed to eliminating the 10-percent bracket for low-income
individuals; raising taxes on families by $500 per child; reinstating the marriage penalty;and reimposing the death tax.

* Pork Over Paychecks: Democrats unanimously voted against a 1-year earmark moratorium, once again choosing pork over the paychecks of American workers.

* No AMT Fix: Democrats unanimously voted against repealing the alternative minimum
tax [AMT]. Instead they chose to simply raise taxes by an equal amount to “pay for” a 1-year patch.

* Entitlement Reform: Democrats unanimously voted against all attempts to rescue Social Security and Medicare, and make these and other entitlements sustainable. Instead they pushed off reform for another 5 years, thereby imposing an additional $14 trillion of debt on today’s children.

* Stopping the Raid on Social Security: Democrats unanimously voted against protecting the Social Security surplus. Instead they chose to continue raiding Social Security funds to pay for earmarks and other reckless spending increases.

* PAYGO Gimmicks: Democrats unanimously voted against strengthening their pay-asyou-go [PAYGO] rule. Instead they preserved gaping loopholes that allow them to scam the rule while maintaining the guise of fiscal responsibility.

* Debt Increase: Democrats unanimously voted against putting House Members on record every time they vote to increase the debt. Instead they preserved the Gephardt Rule. (Of course - they don't want to be held accountable for anything. They just like blaming everything on GWB.)

* Blue Dog Process Reforms: Democrats unanimously voted against a leading Blue Dog reform bill that would have required greater transparency and accountability in the budget process. Instead they put off commonsense reform for “another day.”

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mapleleaf's picture
Submitted by mapleleaf on Sun, 03/09/2008 - 9:09am.

Notice the statement that politicians are imposing an additional $14 trillion of debt on today’s children by not reforming Social Security now.

Whether it's really true or not, it's another instance of the widespread "it's for the children's sake" argument favored by far too many people who don't think things through.

The way I look at it, the less taxes we pay, the greater the inheritance we'll be able to leave to our children. So if we create more government debt at the same time we individually accumulate greater assets, they are no worse off.

It astounds me how some people look only at the government's debt without looking at its assets. Think of everything the government owns. Vast national forests and natural resources. Buildings. Roads and bridges. Ships. Planes. Electronics. Intellectual property. This we will all leave to our children.

So imagine I leave a $500,000 house with a $100,000 mortgage to my children. Will they be so ungrateful (and stupid) that all they'll see is the $100,000 mortgage? Or won't they be pleased to get the $400,000 equity? What if I leave them a $100,000 bank account on top of that? Won't they be able to make the connection that they can use the $100,000 bank account to pay off the mortgage if they want to?

This "we're leaving a debt for our children" argument is uninformed and foolish. Smarten up.

Submitted by sageadvice on Sun, 03/09/2008 - 2:14pm.

How do you propose paying the interest on the fourteen trillion federal debt if you pay LESS taxes?
It has to come from someplace else in the budget doesn't it?

Simple accounting by simple people.

mapleleaf's picture
Submitted by mapleleaf on Sun, 03/09/2008 - 3:43pm.

The government’s revenues come from taxes, fees, and the sale of assets (including exotic items like auctions of bandwidth). Revenues tend to grow with the growth in population and in the gross domestic product (GDP). Economists look at government expenditures as a percentage of GDP to determine whether government expenditures are sustainable.

My point is that the argument about our children having to repay the national debt is itself childish. Certainly simple-minded.

If the money is wisely spent, as grants for college education, or research for medical advances, it is an investment, not simply an expense. If we spend to provide college educations for our children, for instance, we’ll have a better educated work force, our GDP will rise faster, and repaying the debt won’t be a problem.

yardman5508's picture
Submitted by yardman5508 on Sun, 03/09/2008 - 4:35pm.

what if we spend money on military adventures and on outsourcing government functions? What impact does that have on our future GDP and debt resolution? Keep the faith.

Democracy is not a spectator sport.

Submitted by sageadvice on Sun, 03/09/2008 - 4:32pm.

But why must we borrow it for those good reasons?
It cost so much more to finance it!

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