Conservatives to Super Committee: Don’t Raise Taxes
House conservatives are circulating an important letter for signatures. The letter, sponsored by Rep. Patrick McHenry (R-NC), tells committee co-chairs Representative Jeb Hensarling (R-TX) and Senator Patty Murray (D-WA) that it would be “irresponsible and dangerous” for the super committee to “increase Americans’ tax burden.”
Conservatives understand – as President Obama did at one point – that “increasing taxes on Americans would destroy jobs” and “erase all hope of an economic recovery.” Unfortunately, higher taxes are already on the horizon and they are “already limiting economic growth.” The letter highlights a Congressional Budget Office report that found “tax revenues will reach or exceed the historical average of 18 percent of economic output by the end of this decade.”
It goes beyond the economic harm of tax increases, though. Increasing taxes on American workers and employers will “simply serve to feed out-of-control spending in Washington.” Today, the federal government spends roughly one out of every four dollars in the American economy – a post-World War II record. The taxes and borrowing required to support that spending drains money from the private sector, stymieing job creation.
The letter closes with a simple appeal: “Although there are diverse beliefs toward specific policies that should be included in any deficit reduction plan, we must recognize that increasing the tax burden on American businesses and citizens, especially during a fragile recovery, is irresponsible and dangerous to the health of the United States.”
The signers of this letter (which is still being circulated) understand the looming threat of tax increases will do nothing to spur businesses to use their capital to hire.
Every single member of Congress – regardless of party – should be on this commonsense letter.