Gary L. Bauer: Today is a very taxing day for many Americans, as April 15th is an unwelcome annual reminder of paying the bill for Big Government. Rep. Roscoe Bartlett (R-MD) has a novel suggestion: He wants to move tax filing day from April 15th to the first Monday in November – the day before Election Day. It would, at a minimum, shine a greater spotlight on the tax and spending policies of the candidates seeking public office.I’m sure you are familiar with the slogan “It’s the economy, stupid.” It was the successful mantra, along with “Change,” that propelled Bill Clinton into the White House in 1992. Clinton promised to make the rich “pay their fair share;” and he also promised a middle-class tax cut. Once elected, taxes went up, but that middle-class tax cut never materialized. In 1995, Mr. Clinton conceded, “Probably there are people … still mad at me and that budget because you think I raised your taxes too much. It might surprise you to know that I think I raised them too much, too.”
After eight taxing years of Bill and Hillary Clinton, the American people thankfully elected George W. Bush, who not only said he would cut taxes, but did cut taxes! According to the Tax Foundation, an individual making $30,000 paid $3,157 in taxes in 1999. That same person got a $400 tax break under George W. Bush. A married couple earning $50,000 a year paid just over $5,000 in taxes under Bill Clinton. That couple got to keep nearly $1,100 more of their hard-earned money thanks to the Bush tax cuts. A married couple earning $75,000 a year paid nearly $9,500 in taxes under Bill Clinton. The Bush tax cuts allowed them to keep an additional $1,664 of their money.
However, virtually all of the Bush tax cuts expire in 2010, and the liberal Democrats who control Congress passed a budget last month based on revenue projections that assume the Bush tax cuts will not be extended. According to the Heritage Foundation, that means individual tax rates will go back up to the Clinton-era levels, the child tax credit will be cut in half, the 55% “death tax” will be resurrected, the marriage penalty will return and even lower income earners will once again get to “pay their fair share” when the 10% tax bracket goes back up to 15%. The result will be an average tax hike of $3,000 per household!
But as Ronald Reagan used to say, “The problem is not that people are taxed too little, the problem is that government spends too much.” Recently, the San Francisco Chronicle chided Speaker Nancy Pelosi for not keeping her word in 2006 to eliminate earmarks or pork barrel spending projects. Citizens Against Government Waste reported this month that the number of congressionally earmarked spending projects jumped 337% from 2007 to 2008, and will cost taxpayers more than $17 billion this year.
When it comes to fighting wasteful government spending, there are few politicians as courageous as Senator John McCain. He was one of only four senators to not ask for earmarks in 2008. Barack Obama requested 52 earmarks, while Hillary Clinton asked for 281 special projects. Today, Senator McCain also unveiled a comprehensive economic plan that includes:
* Permanent repeal of the Alternative Minimum Tax
* Doubling the personal exemption for dependents from $3,500 to $7,000
* Reducing the corporate tax rate from 35% to 25% to spur job creation
* Elimination of subsidies and tariffs that are driving up food prices
* A one-year freeze on federal spending to evaluate government programs
Senator McCain also called for a “Summer gas tax holiday,” urging Congress to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day. Barack Obama and Hillary Clinton, in contrast, are promising to turn back the clock – they want to repeal the Bush tax cuts and return us to the high-taxing, big spending ways of the Jimmy Carter malaise!
[Interested in receiving Mr. Bauer's daily report by e-mail, visit SIGN UP FOR GARY BAUER'S "END OF DAY REPORT"]
Tags: diesel tax, Gary Bauer, gas tax, government spending, income tax, tax day To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
0 comments:
Post a Comment