Taxes: Enough Pain to Go Around

By April 13, 2007Economy

With the IRS filing deadline soon upon us, many Americans are writing checks to the government this weekend – big, expensive, painful checks.

Unless Congress takes action, those checks to the IRS will be getting bigger, more expensive and even more painful.

In 2001, Congress passed pro-growth tax reforms that made major reductions in individual income tax rates.

The tax cuts, strongly supported by the NAM, also helped about 27 million businesses filing as individuals, especially small business.

Since these cuts went into effect in 2003, the rate of economic growth in America has doubled, bringing in hundreds of billions of dollars in additional tax revenues.

Unfortunately, those tax cuts are temporary, scheduled to end in 2011.

And if they do end, the very next year, taxpayers will get hit $250 billion more in taxes. A $250 billion tax increase in a single year, falling directly on the middle class and on business – the largest tax increase in the history of our nation.

So when you write out that big, painful check this week, also consider writing a note to your Member of Congress. And ask them to make tax relief permanent.

After all, on Tax Day, there’s already enough pain to go around.