Statement on Proposed Tax Increases
in new taxes -- this is how the Democrats on the Senate Finance and the House
Ways and Means Committees now propose to meet the 1988 Gramm-Rudman-Hollings
deficit reduction targets. With Republicans on both panels not participating in
the drafting sessions, the Democrats on the Senate Finance Committee proposed a
tax hike of approximately $7.6 billion, with a promise of more to come.
Democrats on the
If there were a legitimate need for these taxes, I would be less angry, but these tax hikes would only cover utterly unwarranted domestic appropriations bills totaling some $15.6 billion more than our budget request and $5.3 billion more than last year.
Simple prudence, a simple sense of responsibility, would make it possible to meet the deficit reduction targets with no new taxes. I look forward to working in this spirit with many in Congress -- I believe the majority -- who join me in rejecting new taxes. And let me repeat that if reason should fail, if Congress should actually pass a tax hike, my answer will be simply this: veto.
This Democratic tax hike is an exercise in fiscal irresponsibility. It's a breach of faith with the American people. It is unwise. It is uncalled for. It will not be tolerated by me or the American people.