Americans for Tax Reform WILL RATE the conference report on the FY2010 budget in both chambers.

The conference report on the budget taxes too much and spends too much.  It lays the groundwork for permanently higher levels of taxes and spending which will cripple job creation and destroy family nest eggs.

On taxes, this budget resolution calls for a permanently higher rate of tax on two-thirds of small business profits.  It calls for raising the tax rate on businesses that employ at least one in three Americans.  By raising the top small business tax rate from 35 percent to 39.6 percent (and over that when mathematical effects of phase-outs are included), small business takes it on the chin in this budget resolution.

American families will pay higher energy bills as a result of this budget.  If all the tax increases outlined in the Obama budget are implemented by Congress, the average American family will pay $10,000 per year in higher energy taxes—30 percent of which come from the deadly “cap and tax” scheme which Congressman John Dingell (D-MI) has called “a tax, and a big one.”

The budget resolution conference report paves the way for permanent new taxes to pay for government-controlled and run health care.  Reconciliation is used to shoehorn a total takeover of the health care sector by the government. 

All told, the Pelosi-Reid-Obama budget envisions a world where the federal government spends 25 percent of economic output (historically, it’s been closer to 20 percent).  Taxes will have to catch up, sooner rather than later.  Taxes must rise from their historical level of 18.5 percent of GDP.  What’s not seen in this budget is all these higher taxes—on energy, on small businesses, on internationally-competitive American employers, and on shareholders.

AMERICANS FOR TAX REFORM WILL RATE A VOTE AGAINST THE BUDGET RESOLUTION

CONFERENCE REPORT IN BOTH THE HOUSE AND SENATE

PDF version of this legislative alert

Posted by Ryan Ellis on Tuesday, April 28, 2009 1:02 PM EDT

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