Most Americans, especially voters and taxpayers,
really don’t know how much our federal government
spends and where all that money goes.
We have become accustomed to a
“tax-and-spend” government, regardless of the real
need for such give-away spending.
So it comes as somewhat of a surprise
when a U.S. President actually has the guts and the
will to give us worker-bees a tax break. The motto
in Washington seems to be “tax ‘till it hurts.”
You feel this way especially during tax
time – April 15 of each year – when we sit down and
file our annual tax reports to the federal
government and those state governments that collect
income taxes.
Ouch, it does hurt!
On
the bright side of the ledger is President Bush’s
rather historic tax cuts he made law, but which
expires in three years.
Here’s how that works – by the numbers:
$2.4
Trillion:
The
overall tax increase faced by America families,
seniors and businesses if President Bush’s tax cuts
expire in three years.
$1,716 Trillion:
The
average tax increase for over 100 million Americans
if tax cuts are allowed to expire.
$2,034 Trillion:
The
average tax increase that will hit 17 million
seniors if President Bush’s tax cuts expire.
6.24
Million:
The
number of jobs that would be created over the next
decade by making President Bush’s tax cuts
permanent.
$69
Billion:
The
cost of reinstating the Estate Tax, also known as
the “Death Tax.”
$29
Billion:
The
amount spent in 2006 by Congress on frivolous “pork”
projects that use taxpayer funds to reward local
special interests and pressure groups.
44
Million:
The
number of married couples affected by the Marriage
Penalty before it was reduced by President Bush.
These families will be hit hard once again if the
Marriage Penalty is reinstated.
$1,480:
The
average cost in 2000 for couples punished by the
Marriage Penalty.
$108
Billion:
The
reduction in the federal deficit in 2005 thanks to
economic growth sparked by The Heritage
Foundation-backed tax cuts.
The
U.S. House of Representatives have been talking
about erasing the historic tax cuts enacted in 2001
and 2003. Cost to taxpayers: an average tax hike
of $1,7 16 for over 100 million
Americas.
If
those who control Congress succeed in rolling back
tax cuts, working families will once again face the
Marriage Penalty. According to the Heritage
Foundation estimates, this could punish 818,115
couples,
Allowing President Bush’s tax cuts to expire as they
are currently set to do would bring back the Death
Tax on grieving families, which is supported by
House Speaker Nancy Pelosi of San Francisco and
other members of Congress. According to recent
estimates, this would increase taxes by some $69
billion.
Pelosi claims tax relief “does great damage to our
country,” and that tax cuts are “fiscally reckless”
and “morally irresponsible” – even though this tax
relief has helped create more than 7 million jobs
since 2003.
The
Heritage Foundation is a conservative “think tank”
based in Washington, D.C. Contact them at
800-546-2843. Heritage needs your support in
fighting the tax battle in Congress, which seems
bent on raising taxes, instead of helping the
working-class taxpayers battle government waste and
political bureaucracies.