King Defends Middle-Class Against The Largest Tax Increase In American History
Washington D.C. - Today, by a narrow vote of 216-210, Pelosi Democrats approved a $400 billion tax increase for every American man, woman and child. Under this Pelosi Budget, middle-class Iowa families will be penalized with an average $2,777.00 increase on their annual tax bill.
U.S. Congressman Steve King sided with middle-class Iowans and voted against the Pelosi budget on March 29, 2007. The Budget Resolution for Fiscal Year 2008, or H.Con.Res. 99, is the basic framework that Congress will use for every spending decision for the rest of the year.
"I believe in an ever-broadening American middle-class that benefits from smaller government and lower taxes. The Pelosi budget, on the other hand, claims that more government and more taxes on your income are better for America. In fact, if the federal budget were a McDonald's meal, the Pelosi Democrats would be saying - Super size me!" said King.
Speaker Pelosi's budget resolution allows automatic tax increases when Republican tax cuts expire in the coming years, including income taxes, marriage penalties, and reduced child tax credits. By ignoring automatic tax increases, Pelosi claims to balance the budget by 2012 without actually voting to raise taxes. The Pelosi Budget also significantly raises both discretionary and mandatory spending at a much higher rate than projected inflation.
"Make no mistake, with Speaker Pelosi at the helm, "Tax and Spend Democrats" are back. Super-sizing federal programs and taxing the earnings of hard-working Americans will not solve the problems facing our nation today," stated King.
