It’s been called the “ticking tax bomb” and even “Taxmageddon” – and it’s a central issue that must be addressed in order to avoid the so-called “fiscal cliff” when the clock strikes midnight on December 31, 2012. But by whatever name it’s known, one thing is clear: if we don’t #StopTheTaxHike and prevent the expiration of the tax policies originally enacted in 2001 and 2003 – that fiscal cliff will turn into a jobs cliff. Even the non-partisan Congressional Budget Office has said the failure to act would push the country back into a recession.
In July, the Republican-led House voted not only to #StopTheTaxHike but also establish a pathway to comprehensive tax reform next year – sending a clear signal to families, employers, and the financial markets that taxes will not go up on January 1, 2013.
In light of the threat to families and our economy, prominent Democrats, such as former President Bill Clinton, former Obama economic advisor Larry Summers, and Senate Budget Committee Chairman Kent Conrad (D-ND), are joining the growing bipartisan chorus to #StopTheTaxHike. Other Democrats are joining as well. Senators McCaskill, Manchin, Webb and Nelson (FL) have refused to endorse a year-end tax increase.
In 2010, a two-year extension of the 2001 and 2003 policies won broad bipartisan support including ‘yes’ votes from 40 sitting Democratic Senators, 85 sitting Democratic House Members and President Obama. The question is: Will President Obama and the Democrats who run Washington work with House Republicans to prevent this massive, job-killing tax increase on small businesses and on every American who pays income taxes, or will they insist on higher taxes to pay for continued bailouts and wasteful Washington spending?
For more details on what is at stake if this ticking tax bomb explodes, please see the documents below.
Tax Bomb I: Overview
Tax Bomb II: How Typical Taxpayers Will Be Affected
Tax Bomb III: Middle-Class Families
Tax Bomb IV: Seniors
Tax Bomb V: Small Business
By the Numbers: Democrats’ Proposed Tax Increases
New Report Confirms Obama Tax Hike Bad for Small Business
State by State Analysis: How Stopping the Tax Hike Will Provide Tax Relief
House GOP legislation to #StopTheTaxHike:
H.R. 8, Job Protection and Recession Prevention Act of 2012
H.R. 8, Job Protection and Recession Prevention Act of 2012 Section by Section Summary
H.R. 8, JCT Table as Introduced
H.R. 8, JCT Technical Explanation as Introduced
H.R. 6169, Pathway to Job Creation through a Simpler, Fairer Tax Code Act of 2012
Be sure to follow the #StopTheTaxHike hash tag on Twitter.
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COMMITTEE on WAYS and MEANS