The Myth of the "Biggest Tax Increase in History"
Critics of the budget resolutions recently passed by the U.S. Senate and House of Representatives are claiming that these budget plans include the "biggest tax increase in history." The truth is that they don't raise a single cent in taxes.
Citizens for Tax Justice released a response to these claims today explaining that the real cause of angst among these critics is the pay-as-you-go (PAYGO) rules that Congress wisely has decided to revive to prevent the federal government from digging itself into deeper debt.
"The President's allies in Congress understand that they have no serious plan to balance the budget while also extending their cherished tax cuts," said Robert S. McIntyre, director of Citizens for Tax Justice. "That's why they want to exempt their new tax cuts from the PAYGO rules. In other words, what they really want is the biggest deficit increase in history."
