Today is Tax Day 2012. It's the deadline by which we must have filed our taxes for last year. This is a burdensome process riddled with red tape. According to the National Taxpayers Union, the IRS estimates that individuals will spend $35.2 billion for tax software, tax preparers, postage and other out-of-pocket costs related to filing federal income tax. Further, on average, more of Americans' income will go toward taxes this year than to food, housing and clothing combined. In fact, Americans must work an average of 107 days just to pay their taxes this year.
These figures are staggering. Americans are struggling to pay their bills and fill up their gas tanks, and instead of cutting taxes, the Obama Administration has been throwing our hard-earned tax dollars at things like the failed Stimulus program and Solyndra. In fact, our government will still borrow $1 trillion this year, saddling our children and grandchildren with an even greater debt. It's time our government start living within their means as every American family and business must. That's why it's critical that we pass a balanced budget amendment to the United States Constitution.
I have been in support of a balanced budget amendment since I was first elected to Congress in 1994. At that time we came devastatingly close to passing the bill in the House (it failed by just one vote.) In my opinion, it's a game changer, and the only solution that will really work in getting Washington's spending under control. This year I've introduced The People's Balanced Budget Amendment. This legislation would balance our budget in seven years, and truly put us back on a path of fiscal responsibility. You can read the legislation here. Let me know what you think.
Taxpayers are working hard to support their families while staying within a budget. It's time that Washington do the same.