Democrat Patty Murray is the Senior US Senator from the state of Washington. She has been in the US Senate since 1992 and now serves as the Chair of the Senate Budget Committee, which places her in a very influential role when it comes to the nation’s finances. She was also a member of the failed Supercommittee that was supposed to solve all of the nation’s deficit woes, but didn’t.
Murray is proposing a new budget plan that calls for $975 billion in additional tax revenue and $975 in spending cuts for a total package of $1.85 trillion dollars.
Most of the tax revenue is supposed to come from a complete overhaul of the Federal Tax Code. The overhaul is supposed to close many loopholes used by corporations and wealthy individuals.
So they want to close tax loopholes on the businesses that employ millions of Americans and on the individuals who own businesses who employ millions of Americans. These individuals have already taken a healthy tax hit this year with some 12 or more different taxes that are reducing their profits and ability to hire more people.
As much as I despise the oil companies and how they gouge the public at the pump then report record profits, I hate to see them get nailed with more taxes. Why? Because they’ll pass it straight down the line to the gas pumps and it will be you and me that will be paying their increased taxes. Remember when we heard economists predicting $5-$6/gal prices at the pumps? If Sen. Murray gets her way, it’ll be here sooner than any of us would like.
I see Murray’s plan as costing more jobs because businesses will not be able to afford to employ as many people and the increased taxes on the owners. In addition to the thousands to millions of jobs that would be lost under her plan, it would also result in higher prices for nearly everything we buy from gasoline to every product that is trucked into every store across the nation.
Less jobs plus a higher cost of living will only hurt the already fragile economy and send us deeper into recession and quite possibly another depression.
And what about $975 in spending cuts? To begin with, the Republicans have been trying to get the Democrats to make drastic cuts in spending and they keep putting it off. In all of the fiscal cliff talks, the GOP wanted spending cuts and all Obama and Reid would say is if you pass our increases, we’ll come back to the table and discuss spending cuts. They’ve been saying that for the past 4 years and it really hasn’t happened yet, so what makes anyone believe that it’ll happen under Murray’s plan?
Murray has briefed the other Democrats on the Budget Committee and reports indicated that they will stand unanimously behind it. However, there are a handful of Democrats from Republican controlled states that will be coming up for re-election soon who may find it difficult to win if they back a trillion dollar tax increase.
The federal government has grown so big and out of control that the only way to salvage it is to start cutting federal grants, programs, agencies and departments. Yes, thousands of federal employees will lose their jobs, but there is no way to make enough cuts without cutting jobs. Yes, it’s going to hurt, but in order to save the patient, radical surgery and cutting must be done, and Murray’s plan really only adds to the financial cancer that is killing our nation.