Not too long ago President Barack Obama said, "I don't care whether you're driving a hybrid or an SUV. If you're headed for a cliff, you have to change direction." This may be one area where I agree with the president.
You've probably heard the term "fiscal cliff" over the last few months. It's an expression being used to sum up the economic quandary our country will find itself in beginning January 1st. The combination of expiring tax cuts, new taxes from Obamacare, and scheduled spending cuts will hit at once, taking a potentially catastrophic toll on our economy.
Afamily of four earning $50,000 per year could pay almost $2,200 in higher taxes if Washington doesn't act. That's a five-fold increase in their tax liability. Democrats want to extend all rates except for those with income above $200,000. This plan will hit about 940,000 small businesses, according to the nonpartisan Joint Committee on Taxation. Additionally, an independent study showed that this increase would cost about 700,000 jobs.
The President said it best in 2009. You don't raise taxes in a recession. And based on the economic data -- like October's increase in unemployment - we're experiencing recession-like growth.
The House voted to stop the tax hikes entirely, and passed nearly 40 bills to reduce regulations and create jobs, but the Senate has failed to act.
After the election, members of Congress and our next president will have to sit down and find a compromise to help the American people in these rough economic times. I promise you that I will fight to prevent all Americans' taxes from being raised.