May 21, 2012
If the White House and Congress don’t act this year, a huge, unprecedented tax increase described by Ben Bernanke as a “massive fiscal cliff” will slam American taxpayers. This looming tax hike will result mostly from letting long-standing tax policies expire at the end of 2012.
Instead of waiting until after November’s election, obama should stop campaigning for a moment and start working with Congress to prevent this gargantuan tax increase from taking place. Not only would doing so give assurance to families, businesses, and investors that taxes won’t be rising while the economy is still staggering. It would also show that obama is capable of chewing gum and walking at the same time.
The tax increase, also known as “Taxmageddon” is a $494 billion hike. If action isn’t taken, current law dictates that seven different categories will witness expiring tax policies, while five new obamacare tax increases begin.
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