Photo Credit: cliff1066/Flickr
Americans for Limited Government, a non-partisan group dedicated to limiting the size and scope of government at all levels and is the parent organization of this website, blasted members of Congress who voted in favor of the tax increase measure that passed both the Senate and House of Representatives on New Year’s Day.
Bill Wilson, president of the group denounced the law saying, “This so-called ‘deal’ is typical Washington, D.C., laden with pork including a subsidy for Obama’s Hollywood buddies and even NASCAR, while increasing taxes on every working American. Incredibly the law will be classified as a tax cut because it passed after the Bush tax cuts expired, so in D.C. doublespeak, politicians will claim to have cut taxes when everyone’s taxes are actually going up.”
An initial analysis of the legislation utilizing estimates from the Joint Committee on Taxation conducted by ALG showed that while the tax increases on those making more than $400,000 a year will generate approximately $30 billion in revenues a year, the cost of servicing the projected increased federal debt of $1.2 trillion will actually eat away about 88 cents of every new dollar raised.
“By avoiding actually dealing with Washington’s spending addiction, they have raised taxes to do little more than pay the increased interest on the debt over the next year. Meanwhile, the head in the sand types on Capitol Hill will be clamoring to spend this ‘new money’ on their favored special interests. We are truly through the looking glass.”
Also check out:
- CBO Report: Fiscal Cliff deal is a $600 billion tax hike
- Landing on the fiscal rocks below
- Congress passes fiscal cliff deal…
