A combination of significant tax hikes and budget cuts is set to take effect on January 1, 2013, which the nonpartisan scorekeepers in Congress project will push the economy back into a recession.
Treasury Department officials anticipate that the current debt limit will be reached early in 2013, which is the same time that across-the-board spending reductions are scheduled to take place. Income tax rates for all Americans – from the lowest to the highest bracket – are situated to increase with earnings on investments and estates following suit.
The Congressional Budget Office (CBO) estimates that these fiscal measures, taken as a whole, would reduce economic growth by 1.3 percent and drive unemployment to 9.2 percent by the end of next year.
Raising taxes while payroll reports out of Mississippi continue to demonstrate unsteady employment numbers is not the answer. This is why I will vote next week to stop the tax hike.
Member of Congress