Budget Proposes Largest Tax Increase in History
The House voted today to allow the largest tax increase in history 216-210. The proposal would allow the tax cuts of 2001 and 2003 to expire, raising taxes $392.5 billion over 5 years. Congresswoman Michele Bachmann voted against the fiscally irresponsible proposal and released the following statement:
"As a former federal tax attorney, small-business owner and mother of five, I know that higher taxes and increased government spending is not the path to continued economic success. Instead of proposing a massive tax increase of $392.5 billion, Washington should be learning to live within a budget just like Minnesota families and small business owners.
"Under the current proposal, nearly 2 million Minnesotans would see their taxes rise and more than 480,000 business owners would have less money to invest in equipment, hire new employees or offer health benefits for current employees.
"Washington doesn't have a revenue problem, it has a spending problem. That's why I have been leading the effort for the American Taxpayer Bill of Rights, which is guided by four principles:
1. Taxpayers have a right to have a federal government that does not grow beyond their ability to pay for it.
2. Taxpayers have a right to receive back each dollar that they entrust to the government for their retirement.
3. Taxpayers have a right to expect the government to balance the budget without having their taxes raised.
4. Taxpayers have a right to a simple, fair tax code that they can understand.
"Over the last 42 months our nation has seen unprecedented economic growth with the creation of 7.6 million new jobs. I am committed to making sure that Congress spends taxpayer dollars wisely and continues to pass policies that will promote, not stifle, job creation and competitiveness."