I considered that as a title for Mitch McConnell’s new piece, but I decided against it, as well as “Pelosi Congress Give You the Tax Finger.”
According to the Senate minority leader,
While most of the media were busy covering the latest developments on the Iraq funding bill or the bipartisan immigration proposal, congressional Democrats on Thursday quietly passed a budget creating the framework for the largest tax increases in American history.
Until Thursday, the largest tax increase had been in 1993. That’s when Bill Clinton proposed a monstrous budget that even he would later admit had contained too many tax hikes. The Democrats lost the House of Representatives the following year for the first time in half a century. Clinton, speaking at a Texas fundraiser soon after Election Day, pinned the blame squarely on the hikes: “It might surprise you,” he said, “to know that I think I raised them too much too.”
Despite what happened to Democrats as a result of that tax hike, the budget they submitted their first year back in control of both houses of Congress — and pushed through Thursday on a party-line vote — provides a framework for tax hikes a full three times larger than the one that put them in the minority back then. This budget reverses more than a decade of Republican tax relief. It means a tax hike on every single American — working, retired, rich or poor — and, even as it aims to raise nearly $1 trillion with new taxes, does absolutely nothing to rein in spending or shore up an entitlement system badly in need of reform.
Everyone takes a hit. Forty-five million working families with two children will see their taxes increase by nearly $3,000 annually. They’d see the current child tax credit cut in half — from $1,000 to $500. The standard deduction for married couples is also cut in half, from the current $3,400 to $1,700. The overall effect on married couples with children is obvious: Far from shifting the burden onto the wealthy, the Democratic budget drives up taxes on the average American family by more than 130 percent….
More here.