DEMOCRATS' FISCALLY IRRESPONSIBLE BUDGET -- (House of Representatives - April 15, 2008)
(Mr. CHABOT asked and was given permission to address the House for 1 minute.)
Mr. CHABOT. Madam Speaker, House Democrats' fiscally irresponsible budget will impose on American workers and businesses a $683 billion tax hike, the largest in U.S. history.
With our economy slowing and many families losing their homes, the last thing Congress needs to do is to take more money from these hardworking Americans. Tax relief, not a tax increase, is the best stimulant to our economy. Socking 116 million Americans with an average tax hike of over $1,800 is an irresponsible fiscal strategy.
Working families would be hit especially hard by the Democrats' irresponsibility. A family of four with two children that currently earns $50,000 annually would have to pay an additional $2,155 in taxes under the Democrats' plan. That would amount to a 191 percent increase in their tax bill.
The last thing our economy needs right now is the largest tax increase in history. House Republicans are dedicated to protecting working families, investors, and small businesses from the irresponsible tax hike that is being foisted upon us.