Foxx voices opposition to Democrats $1 trillion tax hike
Democrats introduce $1 trillion tax bill that will slow economy and job-growth
Washington, D.C.After congressional Democrats yesterday introduced a tax bill that ranks as the largest individual tax increase in history, Congresswoman Virginia Foxx (NC-05) said the bill would harm small businesses and economic growth. Already known as the "Mother of all Tax Hikes," the legislation introduced by Rep. Charles Rangel would raises taxes by more than $1 trillion.
"Just when we thought we might make it to 2008 without another Democratic tax increase, the Democrats have provenonce and for allthat they are the tax and spend party," Rep. Foxx said. "We saw this tax hike coming, but never imagined it would be this huge."
Rep. Rangel's tax increase bill assumes the expiration of current tax cuts and increases the top tax rate to more than 44 percent. With this increase the United States will have a much higher top tax rate than most developed nations. In fact, the average top tax rate among developed nations is 35.7 percent.
"America has long been a leader of the free world," Rep. Foxx said. "But the high tax leader of the free world? In a competitive, global economy we can't afford that kind of designation. Massive, punitive tax increases like this are an economic slap in the face to the small businesses and the people of America."
Democrats plan to bring back the marriage penalty under the new tax legislation, penalizing many married couples by taxing them at a higher tax rate than if they filed their taxes as singles. The legislation also includes provisions that reduce the value of deductions and hands out close to $40 billion in so-called "tax cuts" to people who do not pay income taxes.