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U.S. House OKs Largest Tax Increase in History

by Jennifer Mesko, associate editor

Dems’ budget plan allows tax relief to expire.

One analyst calls it a “fantasy” plan, but it’s more like a nightmare for America’s families.

The U.S. House passed a $2.9 trillion budget Thursday that Republicans say will result in the largest tax increase in history because it does not extend the president’s tax cuts, which are expected to expire in 2010.
Pete Sepp, vice president for communications at the National Taxpayers Union, said each taxpaying family would fork out $1,900 more annually under the Democrats’ plan. In addition, the child tax credit would be reduced from $1,000 per child to $500, and the marriage penalty would be brought back into the tax code.
“There’s not much for taxpayers to like in this budget,” Sepp said. “The budget plan itself rests on totally unrealistic assumptions, and is an even bigger fantasy than what (the Democrats) accuse Bush” of doing with his budget.
“The numbers are crystal clear, and they tell the truth,” Rep. Paul D. Ryan of Wisconsin, the ranking Republican on the House Budget Committee, told The Washington Post.
The Senate approved a similar proposal last week. Democrats say they hope to work out the differences between the two by early May.