Capito Denounces Largest Tax Increase in American History
Rep. Shelley Moore Capito (R-WV) today denounced the budget resolution approved by the House, stating it reflects the largest tax increase in American history. After voting against the resolution, Rep. Capito released the following statement:
"As elected representatives, members of Congress have a duty to put forward a budget that honors our values and spends taxpayers' money wisely. Unfortunately, the budget approved today fails to hit that mark by doing nothing to reform wasteful and out of control government spending. Instead, it actually increases spending while placing the bill squarely on the backs of everyday citizens across the country. By increasing taxes by nearly $400 billion - the largest tax increase in American history - this budget sends a clear message to West Virginia families that they should prepare to give up more of their hard-earned money because Washington politicians know how to spend it better than they do. That is the wrong message and this is the wrong budget for American taxpayers."
Examples of Taxpayer Fallout Under the Democrat Budget:
* Raising the 10% Tax Bracket to 15%. More than 5 million individuals and families who previously owed no taxes would become subject to the individual income tax in 2011
* Eliminating Marriage Penalty Relief. 23 million taxpayers would see their taxes increase, on average, by $466 in 2011.
* Cutting the Child Tax Credit in Half. 31 million taxpayers would see their taxes increase, on average, by $859 in 2011.
* Family of Four with $60,000 in Earnings. This family's income tax bill would rise from $3,030 to $4,893 in 2011 - that's an increase of more than $1,850 - or 61%
* Single Parent with Two Children and $30,000 in Earnings. This single parent would see his/her tax benefits decline 67% in 2011.
* Taxing West Virginians. By 2012, 587,000 West Virginia taxpayers will see their taxes increase by an average of $2,428 annually.