In a released statement this morning, Congressional candidate Elizabeth Colbert-Busch rejected President Obama’s proposed budget.
I respectfully disagree with the budget that President Obama is expected to present today because it simply doesn’t take the right steps to putting our fiscal house back in order – especially from my perspective as a businesswoman. The fact is, we have to balance our budget, cut our spending and lower taxes for small businesses to create jobs. Unfortunately, this budget takes the opposite approach; it raises taxes, doesn’t balance and doesn’t cut enough – when we should be laser-focused on slashing wasteful and duplicative spending.
Most notably, Colbert-Busch, took aim at the President’s proposed change to a chained CPI. The change would slow the growth rate in federal payments, including Social Security disbursements. Chained CPI would also slow tax credits/deductions that generally increase with inflation. This could mean higher taxes for many filers and affect income brackets, 401K contributions, standard deductions, and other tax credits.