The budget the Democratic majority passed before heading back home for the Easter District Work Period, despite arguments to the contrary, is the largest
tax increase in the history of our country. The numbers just don’t lie.
In addition to new taxes, the Democrats will also allow the pro-growth tax relief Republicans passed to expire by 2012. The combined effects of these taxes will ring in to the tune of about $683 billion dollars by 2012 when the American taxpayer feels the full impact of this ill-conceived budget.
While some say that allowing taxes to expire isn’t a tax hike, the truth is expiring tax relief will still take money out of your paycheck that was there last month.
According to this report issued by The Heritage Foundation, the new majority’s ill-conceived budget will raise taxes by an average of just more than $1,500 for every Southwest Missouri taxpayer. That works out to about $125 more a month coming out of your paycheck. That works out to about two tanks of gas a month, even with gas costing almost $3.30 a gallon.
The Democrats’ budget will also cause a $189 million loss to Southwest Missouri’s economy by 2012. And, the 7th Congressional district of Missouri is projected to lose 2,190 jobs simply because of the turbulent economic conditions this budget will impose.
The graph below shows a few Southwest Missouri highlights from the report on the Democrats’ budget:
Congressional District Avg. Tax Increase Loss in Jobs, 2012 Loss to Local
Per Taxpayer, 2012 Economy, 2012
MO – 7 $1,506 2,190 $189,000,000
Numbers are hard things to argue against, and those numbers aren’t something that I think many would want to argue for or argue is good for our economy.
The price of gasoline is on the rise; health care costs are spiraling out of control; mortgages are worth more than homes, and more hardworking Americans are working harder just to break even.
It isn’t a surprise that Americans are worried about the economy. Congress is worried too, but the budget Democrats offered shows their solution just doesn’t make very much sense.