LATTA OPPOSES DEMOCRAT BUDGET
Congressman Votes Against Largest Tax Hike in American History
Congressman Bob Latta (R-Bowling Green) protected the constituents of Ohio's Fifth District today from the height of fiscal irresponsibility by voting against a $683 billion tax increase in the Democrat budget proposal. This tax increase, the largest in American history, would directly affect middle-income families, low-income earners, families with children, and small businesses over the next five years.
"This budget proposal is an irresponsible and reckless way to spend taxpayer dollars. The working-class families and small businesses in my district should not have to shoulder the burden of this tax increase, especially at a time when our economy is slowing and energy costs are rising at alarming rates," Latta said.
Under the Democrat budget proposal, Ohioans can expect an average tax increase of $3,170 by 2012. The Democrat budget proposal also fails to make previous tax cuts permanent, which are set to expire in 2010. By 2011, capital gains, income, and death taxes will all increase under the proposal, in addition to cutting the Child Tax Credit in half.
The top tax rates move higher:
Ordinary Income 35% 39.6%
Capital Gains 15% 20%
Dividends 15% 39.6%
Estates (death tax) 0% 55%
Child Tax Credit $1,000 $500
Lowest Tax Bracket 10% 15%
(source: House Committee on Ways and Means, Republican Staff)
"It is time for Congress to get serious about fiscal responsibility. This budget proposal asks taxpayers across the country to tighten their belts while the Democratic leadership proposes billions of dollars in new, wasteful spending. This hypocritical budget proposal raises both taxes and spending, passing more debt on to future generations," Latta added.