From Captain's Quarters
Democrats To Propose Largest Tax Hike In History
House Democrats today will propose the largest tax hike in American history, one which will add more poor people to the tax rolls and which will further burden millions of small businesses. They will position this as fiscal discipline while refusing to trim federal spending, according to Robert Novak:
The new Democratic majority begins dancing the next phase of the tax-and-spend minuet in the House of Representatives today. Following the example set by their Senate brethren last Friday, House Democrats will adopt a budget resolution containing the largest tax increase in U.S. history amid massive national inattention.
Nobody's tax payment will increase immediately, but the budget resolutions set a pattern for years ahead. The House version would increase non-defense, non-emergency spending by $22.5 billion for next fiscal year, with such spending to rise 2.4 percent in each of the next three years. To pay for these increases, the resolution would raise taxes by close to $400 billion over five years -- about $100 billion more than what was passed in the Senate.
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