$352 Billion in Net Tax Increases for 111th Congress
Americans for Tax Reform has released the final tab for the 111th Congress, and the conclusion is that it has been a bad two years for tax payers.
The 111th Congress has enacted $352 billion net tax increases. Most of the tax hikes were permanent and most of the tax cuts were temporary. There were seven dollars in permanent tax hikes for every dollar of permanent cuts. Keep in mind this does not take into account the higher taxes set to kick in on January 1, 2011.
Fortunately for American taxpayers, the midterm elections have increased the number of Taxpayer Protection Pledge signers in Congress.
Reported by The State Policy Network, Nov/Dec Edition 2010