House and Senate Democrats are meeting this week to finalize their federal budget, which will cost North Carolina’s Tenth District 2,200 jobs upon its adoption.
The Heritage Foundation released a study this month titled “The Impact of Tax Increases: A Breakdown of How Congress Could Harm Taxpayers and Local Economies,” stating that the Democrats’ budget proposal will be the largest tax increase in American history, decrease job growth, reduce disposable income, and weaken our economy.
“Democrats in Washington are committed to a destructive formula: raise taxes, increase the size of the federal government, and do it all at the expense of our taxpayers,” said Congressman McHenry. “With China already stealing our jobs, the last thing we need is for Washington to lay off 2,200 more of our workers. I am fighting to block the disastrous effects of this policy by strengthening our local economies, attracting new industries, and increasing educational as well as worker retraining opportunities.”
According to the Heritage report, the average tax increase for citizens in North Carolina’s Tenth District will be $2,474 with an additional per capita income loss of $438. Furthermore, our local economy will suffer a $196 million hit as a result of the Democrats’ budget.
Nationally, the Democrats’ budget will slow economic growth by 1 million jobs and damage economic output by over $100 billion.
Congressman McHenry voted against the House version of the Democrats’ budget proposal on March 29. Democrats hope to have a final deal in place by May 15, which is the date under law when the House can begin moving spending bills on the floor without a final budget in place.
