GOP Effort to Stop Largest Tax Increase Defeated by Democrat Majority

(Washington, DC) - Congressman Michael McCaul (R-TX) spoke today on the House floor after Democrats defeated a GOP-led vote to stop the largest tax increase in American history.

Today, April 15th, is the day American taxpayers scramble to comply with a tax code, over 67,000 pages long. In 2007, individual taxpayers spent an estimated 3.18 billion hours complying with the federal income tax laws. Individuals spend $26.5 billion for tax software, tax preparers, postage, and other costs related to filing their federal income tax, while corporations spend $156.5 billion to comply with federal tax laws. Americans may send two and a half trillion dollars to the IRS, but the cost to our economy is much greater.

Despite this, the majority party is forcing a $654 billion dollar tax increase on the American people, the largest in American history. Whether you are a single filer or a family, investor or small business, you will be hit with the largest tax hike in American history, courtesy of the budget passed last month by this Democratic Congress. As the economy struggles, your tax bill will be higher. At a time when families and businesses are already struggling with rising gas prices and high costs of living, the Democratic Majority declines the chance to stop the tax hike that will affect every American taxpayer, sending more money to Washington for wasteful spending.

"It’s time to scrap the IRS and this oppressive tax code. It’s time to look at the fair tax or the flat tax as viable alternatives to our overly burdensome tax code. It’s time to stop punishing taxpayers and pass fundamental tax reform," stated Congressman McCaul

On June 14, 2007, Rep. Tim Walberg (R-MI) introduced the Tax Increase Prevention Act (H.R. 2734). The legislation would stop the $683 billion tax increase passed by House Democrats in March as part of their FY 2009 budget proposal. House Republicans used Rep. Walberg’s proposal to force today’s vote on stopping the largest tax increase in American history, however, House Democrats stood firmly with Speaker Pelosi and defeated the GOP proposal.