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The House Budget's $3,000-per-Household Tax Increase

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Publication Date: March 2008

Publisher(s): Heritage Foundation (Washington, D.C.)

Author(s): Brian M. Riedl

Series: WebMemo

Topic: Banking and finance (Taxation and tax policy)
Economics (Economic policy, planning, and development)

Keywords: Budget; House

Type: Brief

Coverage: United States

Abstract:

The White House has responsibly pledged to veto legislation with tax and spending increases that would follow from these proposals. Congress should start over and write a budget that does not raise taxes on American families or businesses, is in line with the President's spending proposals, and addresses the coming entitlement tsunami. Anything less would likely worsen the economic downturn, make it more difficult for families to make ends meet, and kick serious budget challenges further down the road.