Senator John Thune made the following comments today regarding the Senate Democrats’ Fiscal Year 2008 Budget, which calls for the largest tax increase in U.S. history:
“Today the Senate Democrats passed a fiscally irresponsible budget that would increase taxes by $700 billion. This would be the largest tax increase in American history. Raising taxes will slow our economic growth and take money away from American families. I strongly believe that American families know how to spend their money better than Washington can,” said Thune.
The Democrats’ budget:
“Today the Senate Democrats passed a fiscally irresponsible budget that would increase taxes by $700 billion. This would be the largest tax increase in American history. Raising taxes will slow our economic growth and take money away from American families. I strongly believe that American families know how to spend their money better than Washington can,” said Thune.
The Democrats’ budget:
- Fails to extend all tax relief imposing a more than $700 billion tax increase over the next five years, the largest tax increase in U.S. history;
- Increases non-defense discretionary spending by approximately $150 billion over the next five years;
- Makes no attempt to tackle the problem of entitlements, leaving Social Security, Medicare, and Medicaid on a path to bankruptcy.