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FOR IMMEDIATE RELEASE: April 15, 2008
CONTACT: Suzanne Bibby (202) 544-0353
Eagle Forum Reminds Taxpayers on Tax Day: It's Only Going Up from Here
Washington, D.C. — Eagle Forum, a leading pro-family organization founded by Phyllis Schlafly, advises American taxpayers to savor this National Tax Day as quite possibly the last time, for a long time, that they will be paying this little in income taxes. Unless Congress acts to extend the Bush tax cuts in the Budget for Fiscal Year 2009 (H. Con. Res. 70), America will see the largest tax increase in the history of the country, as the following tax increases will automatically occur: 1) the child tax credit will decrease from $1,000 to $500, 2) the marriage penalty will be restored, 3) capital gains rates for individuals will increase from 15% and 0% to 20% and 10%, 4) every marginal income tax rate will increase, and 5) the exemption for the Alternative Minimum Tax (AMT) will decrease from $44,350 to $33,750 for single filers and from $66,250 to $45,000 for married couples filing jointly.
"If Congress allows this budget to pass in its current form and allows the Bush tax cuts to expire, the average American taxpayer, in every state, will be forced to pay an additional $3,000 a year in income taxes in the coming years," said Eagle Forum Executive Director Jessica Echard.
"With the current credit and housing crunch, taxpayers are already cash-strapped and for Congress to even consider passing the largest tax increase in the history of the United States is just a recipe for disaster," said Echard. "Even first-time homebuyers in the nation's capital will no longer be able to claim a tax credit."
"The American people are fed up with carrying this enormous tax burden on our backs, and this Congress is scheming to make it even worse," Echard said. "It is a moral and political outrage that the average family is now paying approximately 30% of its income in federal taxes."
"We cannot allow the tax-and-spend liberals of the new Congressional majority to control the language of the tax debate," concluded Echard. "The larger principle here is not how much it will 'cost' politicians to give money back to the taxpayers, but rather, how much the taxpayers are willing to give to the politicians."