Cole Responds to Majority's Budget Blunder
WASHINGTON – Congressman Tom Cole (OK-04) issued the following statement today after the release of the Democratic Majority's FY 2009 proposed federal budget.
"Right now, Americans are working hard to move past their feelings of uncertainty about the economy," Congressman Cole said. "The last thing they need is to be handed a tax hike that has been touted as the 'single largest tax increase in American history.' This sweeping tax increase will affect hard working families and small business owners to the collective tune of $683 billion over the next five years. That averages out to a $1,833 increase for each of our country's 116 million taxpayers."
"Also, the way the budget proposal is written, key tax incentives that were made law by President Bush in 2001 and 2003 would expire. Married taxpayers could see the marriage penalty return, taxpayers with children could lose 50 percent of their child tax credits, and the federal death tax could be reinstated. These tax provisions have helped keep the economy growing and it would be catastrophic to allow them to expire at this critical point in time."
"Washington clearly has a spending problem. Throughout my time in Congress I have consistently voted for the lowest budget proposal, one that covers the needs of our country without recklessly spending a penny more. I will only support a budget that is fiscally responsible, moving our country towards a balanced federal budget without raising taxes on Americans."
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