There are very few people in this country who don’t understand the significance of the date April 15. For most, the date does not have positive connotations, as they rush to the Post Office or their computer screens to meet the deadline to file their tax returns.
However, I can’t help but feel that for the current Democratic Majority in Congress, April 15 must be a good day, because that’s when Americans fill up the government’s coffers with money that the leadership can then dip their hands into, and spend, spend, spend.
To date, passing tax increases is about the only thing this do-nothing Democratic Congress has done on a consistent basis. Last year, Democrats even went so far as to jeopardize tax refunds for millions of Americans by delaying bipartisan action to save the middle class from paying the Alternative Minimum Tax. And last month, House Democrats took it up another notch, passing a record $683 billion tax increase that would affect workers, parents, married couples, seniors, small business entrepreneurs and family farmers.
Instead of making tax relief one of its highest priorities, Congress last week considered legislation like the Beach Protection Act, and a number of bills under suspension, which are typically non-controversial and consequently, of moderate substance. Congress needs to be proactive in protecting American taxpayers from the effects of high taxes and rising costs of living that we can expect once current Republican-passed tax relief measures expire. If Congress does not act, the following tax increases, among others, will automatically take effect:
2008
Alternative Minimum Tax exemption will decrease from $44,350 to $33,750 for singles and from $66,250 to $45,000 for married couples filing jointly;
Tax credit for first time homebuyers will expire;
Research and development tax credit for businesses will expire.
2009
Energy tax credits for new energy efficient homes and residential energy efficient improvements will expire.
2011
Capital gains rates for individuals will increase from 15 percent and 0 percent to 20 percent and 10 percent;
Marriage penalty will be restored;
Child tax credit will decrease from $1,000 to $500;
Marginal income tax rates will increase in all brackets.
Nearly all taxpayers can find a tax hike among this list that will pinch their pocketbook. Throughout my congressional tenure, I have sought to always keep the best interests of the Wisconsin economy and its residents in mind … and now is no different. During debate of the various bills on the House floor this week, some of my colleagues offered procedural motions to enable the House to consider legislation that would prevent these tax increases, all of which I supported. Regrettably, each of these motions failed.
Nonetheless, I, and my fiscal conservative-minded colleagues are not deterred in our mission – to protect taxpayers’ money from the long reach of the Democratic Majority with each passing spending bill.
Congressman F. James Sensenbrenner (R-Wis.) represents Wisconsin’s Fifth District and lives in Menomonee Falls.
