Morning Bell: Beware the Taxmageddon

Morning Bell: Beware the Taxmageddon

Brace yourself. In a mere 271 days, you and your fellow Americans will
be hit with a tax hike the likes of which this country has never seen. The
Washington Post aptly called the unprecedented $494 billion tax hike
“Taxmageddon,” and Federal Reserve Chairman Ben Bernanke described it as a
“massive fiscal cliff.” Whatever your preferred imagery, it’s a really big
deal.


Despite all the warnings, President Barack Obama has kept his silence while
Congress has made no apparent effort to prevent this impending calamity to
families and the economy. The prevailing wisdom is that “something will get
done” in a lame duck session of Congress after the election. But why
wait? And why after the election?


Here’s why you should be worried. For starters, remember that this is the
same President who in 2009 promised, “if your family earns less than
$250,000 a year, you will not see your taxes increased a single dime.” That’s a
vow he’s broken, and in 2013, things are going to get even worse if this year
Obama doesn’t lead and Congress doesn’t act. Katy, bar the door, there’s big
trouble in store.

http://blog.heritage.org/2012/04/05/morning-bell-beware-the-taxmageddon/?utm_source=Newsletter&utm_medium=Email&utm_campaign=Morning%2BBell

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