Congressman Tom Cole Marks a Bittersweet Tax Day

WASHINGTON, D.C.-As millions of Americans lined up at post offices around the country to file their 2006 income tax returns, U.S. Representative Tom Cole (OK-4) marked Tax Day 2007 as a bittersweet moment with the new House Majority preparing to put the tax hammer to working families, senior citizens and small business owners.

"This Tax Day, Oklahomans will once again reap the benefits of pro-growth Republican policies that have put more of their hard-earned money back into their pockets, right where it belongs," Congressman Cole said.

Indeed, this year American taxpayers, on average, will have less of their hard earned money confiscated by the federal government than they did in 2006. And today the average federal tax rate for a four-person family earning the median income is at its lowest since the 1960's.

However, despite continued economic progress, the new Majority in Congress recently passed a budget that will impose an average $2,500 tax hike on 1.175 million Oklahomans. Across the country this budget will impose an average increase of $2,890.11 on American taxpayers, and 26 million small business owners nation-wide will see nearly $4,000 in federal tax increases.

"This is a bittersweet Tax Day for the American people," Cole continued. "The new Majority in Congress has made it very clear that their first priority is to raise taxes by billions of dollars on millions of Americans. The Wall Street Journal has said that a tax increase of this magnitude could well lead to an economic recession. For Congress to ignore these facts and allow the world's greatest economy to decline into recession is simply unforgivable. Our national economic security is literally at stake and it is critical that we not allow the progress we have made to be reversed by tax hikes."

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