Go Back   SZONE.US Forums > Current Events > News > The Heritage Foundation

The Heritage Foundation Since its founding in 1973, The Heritage Foundation has served as a research and educational institute -- a think tank -- whose mission is to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense

The Heritage Foundation

Five Good Reasons to Prevent Taxmageddon

Views:146
Reply
Thread Tools Search this Thread Rate Thread
  #1  
Unread 05.21.12, 01:10 PM
@Heritage @Heritage is offline
RSS Bot
 
Join Date: 06.09
Posts: 37,373
Five Good Reasons to Prevent Taxmageddon

On 05.21.12 09:40 AM posted by Mike Brownfield




On January 1, 2013, the American people will be hit with the biggest tax hike in history. It’s known as “Taxmageddon,” and it will bring $494 billion in higher taxes resulting from tax policies expiring in seven different categories, on top of new Obamacare tax hikes taking effect. In a new paper, Heritage’s J.D. Foster gives five good reasons for Congress to take action to prevent Taxmageddon before it hits.
  1. Families and small businesses should not be threatened by their own government with a devastating tax hike.
  2. A massive tax hike would obviously devastate the economy in 2013 and beyond, but the uncertainty about how, when, and even whether Congress will prevent Taxmageddon is already adding to the large cloud of uncertainties hanging over the economy, threatening to slow job growth even further.
  3. Congress has no excuse for threatening families and the economy with this tax hike with the entire summer legislative schedule wide open for business.
  4. Many Members of Congress of both parties agree with President Obama on the need for fundamental tax reform. Allowing Taxmageddon to go into effect would raise tax rates while increasing the tax on saving and investmentóthe opposite of tax reformís results. Even though positive reforms are extremely unlikely in 2012, Congress can prevent a severe case of sound policy backsliding and create more opportunities for exploring positive options for tax reform in the balance of the year by preventing Taxmageddon quickly.
  5. Elections are referendums on past decisions and on the future direction of the country. Voters should be able to judge performance of their Members on more than just vague assurances. Those favoring raising taxes should have the opportunity to vote their beliefs while challengers announce their fidelity to higher taxes, and likewise for those favoring low taxes and limited government. Citizens can vote their beliefs based on solid information.
Read more of Foster’s paper, Preventing Taxmageddon Is Congressís Summer Job, at Heritage.org.



http://blog.heritage.org/2012/05/21/...t-taxmageddon/
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Rate This Thread
Rate This Thread:



All times are GMT -8. The time now is 12:42 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Copyright ©2007 - 20017 SZONE.US All rights reserved