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VIDEO: Foxx opposes $683 billion tax increase, new spending in budget
Washington, DC,
March 14, 2008
U.S. Representative Virginia Foxx (NC-5) today voted against the Democrats’ 2009 federal budget, which includes a $683 billion tax hike and $276 billion in new spending. This tax increase is the largest in American history.
Contact: Aaron Groen North Carolina taxpayers will see $2,672 average tax increase U.S. Representative Virginia Foxx (NC-5) today voted against the Democrats’ 2009 federal budget, which includes a $683 billion tax hike and $276 billion in new spending. This tax increase is the largest in American history. “Our country cannot afford this irresponsible budget,” Foxx said. “This budget fails to rein in spending and raises the taxes of 116 million hard-working middle class Americans. As average North Carolinians face a slowing economy, the last thing they need is a job-killing tax hike.” Under the Democrat budget, North Carolina taxpayers will be hit with an average tax increase of $2,672. With more than $3 trillion in annual spending, the Democratic budget increases discretionary spending by $22 billion in FY 2009 and by $276 billion over the next five years. “The federal government should not spend one penny more of taxpayer money than it needs to,” Foxx said. “American taxpayers deserve the kind of fiscal accountability that prioritizes balancing the budget without raising taxes on the American people. But this budget is straight from the same old tax-and-spend school of budgeting that Americans simply can’t afford.” Foxx also highlighted the absence of Medicare and Social Security reform proposals in the Democrat budget. The budget does not address the $38.7 trillion unfunded liabilities of Social Security and Medicare. By 2013, under this budget, unfunded liabilities will balloon to about $52.5 trillion. “Our children and grandchildren face an uncertain retirement future under these enormous unfunded Medicare liabilities. This budget fails to meaningfully address runway entitlement spending. Ignoring entitlement reform today only saddles the next generation with crushing debt while risking future benefit cuts and massive tax hikes. The longer we wait to address entitlement spending the harder and more painful it becomes.” Read more: |
