I'll be joining some other conservative bloggers in blogging from the Capitol today. The House Republican leadership has invited a group up to cover the budget debate and interact with about 30 Members of the House Republican conference. It's my understanding I'll be joined by Mark Impomeni of Red State, Rob Bluey of the Heritage Foundation, Pat Cleary of the NAM, Mary Katharine Ham of Townhall, Ivy Sellers of Human Events, and Stephen Spruiell of NRO.
I've not blogged about the budget yet, but it's worth paying attention to. The Democrats are proposing to terminate a range of tax cuts, and impose the largest tax increase in American history. They plan to increase the 10 percent tax bracket to 15 percent, eliminate marriage penalty relief, and halve the child tax credit. While President Bush has gotten little credit for the strong and steady economic growth that has prevailed virtually throughout his Presidency, these tax increases will undercut that growth.
Read more about it here at the Republican Budget Committee homepage. Here are a few highlights:
Elderly Couple with $40,000 in Income
Family of Four With $60,000 in Earnings
- This elderly couple’s tax bill would rise by 156% in 2011 – from $583 to $1,489.
Single Parent with Two Children and $30,000 in Earnings
- This family’s income tax bill would rise from $3,030 to $4,893 in 2011 – that’s an increase of more than $1,850, or 61%.
EVERY Working American Would be Affected by Democrats’ Tax Hike
- This single parent would see her tax benefits decline 67% in 2011. With tax relief, this single parent qualifies to get back $2,414. With the Democrats’ tax hike, this single parent would only get back $799.
- 115 million taxpayers would see their taxes increase, on average, by $1,795 in 2011.
- 83 million women would see their taxes rise, on average, by $2,068.
- 48 million married couples would incur average tax increases of $2,899.
- Taxes would increase, on average, by $2,181 for 42 million families with children.
- 12 million single women with children would see their taxes increase, on average, by $1,082.
- 17 million elderly individuals would incur average tax increases of $2,270.
- Taxes would rise, on average, by $3,960 for 26 million small business owners.
- Over 5 million taxpayers who previously owed no taxes would become subject to the individual income tax as a consequence of the sunset.
As a rule of thumb, if you are reading this, your taxes will probably go up.