The House- and Senate-passed budgets would raise taxes on every American taxpayer by an average of $3,000 per household. But don’t expect Congress to share in the sacrifice: The budget would hike discretionary spending by 8 percent, and not cut a single government program.

First, the tax increase. The largest four-year revenue surge in 40 years has pushed tax revenues to 18.8 percent of GDP -- well above the historical average. Yet the House-passed budget tied itself to a revenue baseline that assumes the 2001 and 2003 tax cuts will expire, and that the Alternative Minimum Tax (AMT) will catch another 20 million Americans. That baseline also assumes the child tax credit would be halved, the marriage penalty reimposed, and the 10 percent tax bracket raised to 15 percent. Investment taxes would likely rise, and the 55 percent “death tax” would be reinstated as well. (The Senate budget would prevent some of the lower-income tax hikes.)

 

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While there is never a good time to raise taxes, pledging $4 trillion in tax increases during a time of economic uncertainty is especially worrisome. Raising tax rates on every taxpayer and business would reduce incentives to work, save and invest, and therefore significantly reduce the economy’s long-term capacity to grow and raise living standards.

You can read Senator Mitch McConnell's comments on the budget here.