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By Gordon Bishop on Apr 23, 07
Most Americans, especially voters and taxpayers, really don’t
know how much our federal government spends and where all
that money goes.
We have become accustomed to a “tax-and-spend”
government, regardless of the real need for such give-away
spending.
So it comes as somewhat of a surprise when a U.S. President
actually has the guts and the will to give us worker-bees
a tax break. The motto in Washington seems to be “tax
‘till it hurts.”
You feel this way especially during tax time – April
15 of each year – when we sit down and file our annual
tax reports to the federal government and those state governments
that collect income taxes.
Ouch, it does hurt!
On the bright side of the ledger is President Bush’s
rather historic tax cuts he made law, but which expires in
three years.
Here’s how that works – by the numbers:
$2.4 Trillion: The overall tax increase faced by America
families, seniors and businesses if President Bush’s
tax cuts expire in three years.
$1,716 Trillion: The average tax increase for over 100 million
Americans if tax cuts are allowed to expire.
$2,034 Trillion: The average tax increase that will hit
17 million seniors if President Bush’s tax cuts expire.
6.24 Million: The number of jobs that would be created over
the next decade by making President Bush’s tax cuts
permanent.
$69 Billion: The cost of reinstating the Estate Tax, also
known as the “Death Tax.”
$29 Billion: The amount spent in 2006 by Congress on frivolous
“pork” projects that use taxpayer funds to reward
local special interests and pressure groups.
44 Million: The number of married couples affected by the
Marriage Penalty before it was reduced by President Bush.
These families will be hit hard once again if the Marriage
Penalty is reinstated.
$1,480: The average cost in 2000 for couples punished by
the Marriage Penalty.
$108 Billion: The reduction in the federal deficit in 2005
thanks to economic growth sparked by The Heritage Foundation-backed
tax cuts.
The U.S. House of Representatives have been talking about
erasing the historic tax cuts enacted in 2001 and 2003. Cost
to taxpayers: an average tax hike of $1,7 16 for over 100
million Americas.
If those who control Congress succeed in rolling back tax
cuts, working families will once again face the Marriage Penalty.
According to the Heritage Foundation estimates, this could
punish 818,115 couples,
Allowing President Bush’s tax cuts to expire as they
are currently set to do would bring back the Death Tax on
grieving families, which is supported by House Speaker Nancy
Pelosi of San Francisco and other members of Congress. According
to recent estimates, this would increase taxes by some $69
billion.
Pelosi claims tax relief “does great damage to our
country,” and that tax cuts are “fiscally reckless”
and “morally irresponsible” – even though
this tax relief has helped create more than 7 million jobs
since 2003.
The Heritage Foundation is a conservative “think tank”
based in Washington, D.C. Contact them at 800-546-2843. Heritage
needs your support in fighting the tax battle in Congress,
which seems bent on raising taxes, instead of helping the
working-class taxpayers battle government waste and political
bureaucracies.
(Gordon Bishop is a ‘Who’s Who In America’
national award-winning author, historian, syndicated columnist
and New Jersey’s first “Journalist-of-the-Year”—1986/New
Jersey Press Association.)
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