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Blog

New Budget Raises Taxes $3,135 Per Household

03/10/2008

The Heritage Foundation's Brian Riedl has a new analysis of the House Budget Committee's budget blueprint. Among his findings, the budget plan:

* Raises taxes by $1.265 trillion over five years and $3.911 trillion over 10 years, or more than $3,135 per household annually;
* Includes 17 reserve funds that could be used to raise taxes by hundreds of billions more;
* Increases discretionary spending by 8 percent and does not terminate a single wasteful program; and
* Completely ignores the impending explosion of Social Security, Medicare, and Medicaid costs.