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.◼ The average American family will be hit by a $3,800 increase in their taxes come the New Year unless Congress acts to extend a series of breaks. - Newsmax
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?
◼ Whose taxes are going up? - PODCAST: “Taxmageddon”
◼ Taxmageddon: Massive Tax Increase Coming in 2013 - Heritage
◼ ‘Taxmageddon’ looms at end of payroll tax holiday - Washington Post