The fiscal impact of a combination of tax cuts ending this year will be nothing short of Armageddon for the economy, leading many to call it “Taxmageddon.”
Meanwhile, like Nero and his fiddle, Obama is in charge of stopping this.
Take a listen: I Spy Minute Wed July 25 2012
Or read the transcript below…
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Most people by now have probably heard about the coming tax crisis in January, which some are calling “Taxmageddon.”
“Taxmageddon” sounds pretty scary enough but what’s really scary about it is that the only thing able to stop it is Congress.
Taxmageddon is a whole series of tax cuts that are set to expire, and doing so will impact the entire economy.
They include not only the Bush tax cuts but things like the Alternative Minimum Tax kicking in, the payroll tax cut, home mortgage deductions, and so on.
The Heritage Foundation estimates it will increase taxes by $494 billion. They estimate the impact for families will be an increase of 4,138 more in taxes next year.
And no matter what Congress does, Obama has to sign it. But he’s not doing anything about it.
According to Senator McConnell, “The taxpayers are basically paying Obama 400,000 a year to hold campaign rallies and show up at fundraisers.
And if we’re depending on Obama to end Taxmageddon, isn’t that like putting the devil in charge of ending Armageddon?