Congress letting Bush-era tax cuts expire at year’s end will literally hit home
Instead of downsizing government to deal with our country’s budget woes, President Obama and the Democrat-led Congress seem poised to downsize families instead.
A new report from the Arkansas Economist—a publication of UALR’s Institute for Economic Advancement—reveals some unsettling information. Michael Pakko writes:
For the average middle-income American family, the expiration of the tax cuts would mean a tax increase of $1540. For a middle-income family in Arkansas the increase would be $1418–a little bit less than the national average. In percentage terms, however, the difference is remarkable: the national average represents an increase of 45% while the Arkansas increase is over 100%.
Pakko gleaned this information from a larger report on all 50 states published by the Tax Foundation on August 1. As you can see, the effect of the tax cuts expiring will be felt across the nation. Families will have less income to spend on essentials like food, clothing and bill payments.
Is this President Obama’s idea of a cruel joke? While he and his Democratic majority in Congress push more federal spending and government programs down our throats, Arkansans and Americans nationwide are being asked to tighten their belts even more—as if there’s ample room to do so.
The sad reality, as you all know, is that the average American family is hurting and there is no relief in sight. Our federal government continues to spend like Paris Hilton in a Hollywood shoe shop, with the tab being put on us and future generations, either in new debt (which eventually has to get paid down) or new taxes (which are used to pay down the debt). But anyone who thinks long and hard about this “method” knows it’s just a vicious cycle, and it’s individuals and families who end up losing.
If President Obama and the Congress truly want to fix things and get our country back onto the path of prosperity, they need to get serious and follow the courageous lead of New Jersey Governor Chris Christie: radically downsize government and its responsibilities. Until then, Americans in every state and my fellow Arkansans will be on the receiving end of more economic pain. The true plight of families will remain misdiagnosed and ultimately ignored.
Josh Mesker is a guest contributor to The Arkansas Patriot. As a policy analyst for a non-profit organization in Little Rock, he specializes in research, public relations and media communications. He is passionate about articulating conservatism to young people and hopes to run for public office in the future. Follow Josh on Twitter & check out his personal blog at JoshMesker.com