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 Washington, Mar 29 - U.S. Representative Henry E. Brown, Jr. joined with his Republican colleagues today in opposition to a Democratic budget plan that would saddle taxpayers with nearly $400 billion in new taxes. The Democratic budget plan also provides for huge spending increases, includes significant budget gimmicks, and ignores the need to bring reform to our nation’s entitlement programs.
The tax increases provided for in the Democratic plan includes increases to personal income tax rates, reinstatement of the marriage penalty, adjustment to the child tax credit, and hikes in taxes on dividend and investment earnings. In the end, these widespread tax increases would hit almost 1.5 million South Carolina taxpayers with an average tax increase of $2,482.
Continuing their return back to the tax-and-spend policies of old, the Democratic budget includes the largest year-to-year increase in non-defense spending ever. While past Republican budgets held the line on additional spending, Democrats have used their return to power to set the stage for $24 billion in spending increases this year alone.
“While Republican pro-growth tax policies have led to record tax revenues and millions of new jobs, Democrats want to turn their back on this record of progress for the sake of higher taxes and more spending,” said Brown. “Despite a pending entitlement crisis and a need to go through with efforts like reforming the Alternative Minimum Tax (AMT), this budget either ignores those needs or makes empty promises about reform.”
Republican tax relief passed in 2001 and 2003 has resulted in 7.6 million new jobs, reduced the unemployment rate from over 6 percent to 4.5 percent, and increased Federal revenues at a average rate of almost 12 percent over the past three years. Instead of ensuring that this tax relief continues into the future, the Democratic budget provides for their cancellation, meaning that Americans will see some $400 billion in new tax increases across the board.
“Reducing the deficit requires continued pro-growth economic policies while holding the line on new spending,” continued Brown. “It does not require saddling over half of South Carolina’s taxpayers with a $2,500 tax increase while ignoring the need to make tough decisions on spending and reform.”
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