Dear Friends and Neighbors,
After weeks of speculation about just how much new tax revenue House Democrats would demand from Washington taxpayers in order to fund their 2019-21 operating budget proposal, we now have an answer: more than $4 billion over the next four years.
Their $52.6 billion plan calls for a new capital gains income tax, a graduated real estate excise tax, and increased B&O taxes on certain services. Additionally, it would increase spending by $8.5 billion, a 19.4 percent increase over current levels. That's simply irresponsible, especially at a time when many economists are projecting a slowdown in U.S. economic growth over the next two years.
Keep in mind that if this plan is adopted, state spending will have increased by a whopping 70 percent since 2013.
Later this afternoon, we will be debating the budget on the House floor. You can watch live here. In my weekly review, recorded a couple of hours ago, I provided a small preview of what that debate will look like. Take a look:
During the debate, you will hear House Republicans fighting hard against this push to tax and spend without any regard for the future. We will point out, as we have all session, that you have provided more than enough revenue for us to fund our shared priorities. We will also talk about the fact that you have repeatedly made it clear that you don't want new taxes. It's about time we respect your wishes.