Senate Democrats Would Increase Taxes — And The National Debt
Now that Obamacare has become law, it is impossible for Democrats to put together a tax-and-spending plan that does not increase taxes by hundreds of billions of dollars yet still add trillions to the national debt.
The Democrats are so eager to raise both taxes and spending that the budget plan they submitted yesterday for the next fiscal year increases spending this year by $46 billion. Then they hike spending another $116 billion next year on their way to a 60 percent increase over the next 10 years.
To put that in perspective, the budget submitted Tuesday by House Budget Chairman Paul Ryan, R-Wis., increases spending by just 40 percent over that same time frame. The Ryan budget, which returns federal spending to its post-World War II historical average, calls for outlays of $41.5 trillion over 10 years. That’s $4.9 trillion less than the Democratic total of $46.4 trillion.
In addition to historically high government spending, the Democratic budget also raises taxes by $1 trillion starting immediately. Thanks to the weakest economic recovery since World War II, federal taxes as a percentage of GDP are still below historic norms. But as the economy improves, Democrats steadily ramp up the government tax burden, reaching a high of 19.8 percent in 2023. Only once since World War II — right before the tech bubble collapsed in 2000 — has the nation’s tax burden ever been that high.
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