Oklahoma, Prepare Yourself for Higher Taxes

When I think about Tax Day I think of something Will Rogers once said, "If you make any money, the government shoves you in the creek once a year with it in your pockets, and all that don't get wet you can keep."  The April 15th deadline is just around the corner and Americans everywhere are anxiously filing their taxes.  Thanks to the Republican led tax cuts in 2001 and 2003, taxpayers have been able to keep more of their hard-earned money in their wallets.  Unfortunately, that may be about to change. Last week in Washington, Nancy Pelosi and the new Majority voted for a budget that included the largest tax increase in American history, $392.5 billion over the next five years.

Republican led tax relief and pro-growth policies have worked to sustain our economy's solid, consistent growth.  Since 2003, our economy has grown faster than any other major industrialized country, and has created more than 7.2 million new jobs.  This growth has also fueled double-digit growth in federal tax revenues, which has been the key factor in driving down the federal deficit, and putting us on a path to a balanced budget.

By allowing several tax cuts to expire, the new Majority in Congress is effectively raising taxes on middle class families, small businesses and family farms - the very backbone of the American economy.

For example, the elimination of the marriage penalty that has saved married couples from paying higher taxes will be allowed to expire for 23 million taxpayers.  This tax hike will cost couples $466, on average, by 2011.  In addition, the new Majority's budget also reduces the child tax credit by half thereby effectively increasing each family's taxes by $500 for each child.

According to Americans for Tax Reform, the recent Democratic budget proposal will hit 1.175 million Oklahomans with an average $2,500 increase in their federal taxes in 2011.  Across the U.S., this budget will impose an average $2,890.11 tax increase on American taxpayers.  In addition, 26 million small business owners nation-wide will see their tax bill rise by nearly $4,000.

The budget proposed by Nancy Pelosi and her liberal allies in Congress will result in bigger government, fewer jobs, and less opportunity for middle class taxpayers to pursue the American Dream.  This is contrary to the Oklahoma values of hard work, thrift and fiscal responsibility, and as your Member in Congress, I will be working hard to pass a budget that reflects our values, not those represented by the terrible budget put forth by the Majority party.

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© 2008 Congressman Tom Cole (OK-4), All Rights Reserved.