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Show Record high tones coming f Hatch says Utahns will be paying the highest federal peacetime taxes since World War II during the coming year as a result of what Senator Or-rin Or-rin Hatch calls the "subversion "subver-sion of the taxpayers' interest inter-est to the bigspendingWash-ington bigspendingWash-ington special interests". taxpayers into higher tax brackets. These increases will total at least $19 billion in 1980 and a whopping $34 billion for the next year, at current rates. That is a $53 billion tax increase that is going to come right out of our most productive citizen's citi-zen's hides. They are already al-ready taxed too much, how do the big spenders think our people will be able to Dav vet more.? Senator Hatch's assessment assess-ment came as the U.S. Senate Sen-ate concluded a midnight long debate on the Budget Committee's Com-mittee's report on the First Resolution on the Federal Budget for 1980-81. According Accor-ding to figures included in the committee's resolution, which is the first step in the Senate's role in managing the federal budget, federal spending for 1980 will exceed $532 billion, with a deficit of $29 billion, and for 1981 will exceed $576 billion with no deficit. Projections for 1982-83 based on those figures estimate a federal budget surplus totalling $45 billion in the later years. "The big spenders who control the Senate are trying to play a shell game with the American people and the need for a balanced federal budget to stop inflation," Senator Hatch said. "The Budget Committee's resolution reso-lution deliberately allows taxes to increase in real terms on the American taxpayer this year, due to larger Social Security levies voted by the last Congress and due to inflation moving "These tax increases will bring federal taxation to the highest peacetime levels we have seen in a quarter of a century," the Senator noted. not-ed. "Over the past 2 5 years federal tax revenues, as a percentage of our Gross National Product (GNP), have averaged 18.6. Now that the Senate's big spenders spen-ders have worked their will on this First Resolution, federal taxes will eat up 20 of all our citizens produce. pro-duce. The federal budget may be balanced in three years but it will only be on the aching backs of the American people whose interests in-terests are beng subverted subver-ted to those of the Washington Wash-ington special interest groups who demand more and more spending." "During the debate on the budget, I supported the Roth amendment, which would have cut federal tax rates by $14 billion and reduced re-duced federal spending by $10 billion, and by cutting tax rates, we can increase take home pay with each pay check and increase incentives in-centives to save and invest, in-vest, which will lead to greater productivity and more responsible federal spending to cope with inflation. in-flation. Why shouldn't we let our citizens keep more and more of the money they earn?" |