The Largest Tax Hike in American History
At the time, the Clinton Tax Hike of 1993 was the largest tax increase in American history. It was $241 billion over 5 years.
But that is just a fraction of what Senate Democrats, led by Senate Budget Chairman Kent Conrad, are now proposing. They want to increase taxes by over $900 billion over that same time period.
Pat Toomey, the Club's president will be on Larry Kudlow's show tonight at 5pm EDT on CNBC to discuss this horrendous new budget proposal. He'll be on CNBC's "On the Money" program at 7pm EDT to talk about it as well. Be sure to tune in if you can.
UPDATE: Treasury Secretary Hank Paulson just issued the following statement:
"The budget resolution reported by the Senate Budget Committee today assumes a significant tax increase, which is the last thing our economy needs as we work to extend the current expansion. I am also disappointed that the resolution doesn't address entitlement reform. The rising costs of Social Security and Medicare, if left unchecked, will ultimately consume the bulk of the federal budget. Balancing the budget is only one step toward addressing entitlements, which is the long-term fiscal challenge. We must also keep the economy growing, both to create jobs and increase wages for American workers and to put us in a stronger fiscal position to deal with the growing entitlement challenges in the coming years."
