• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • Pawlenty and Boehner Agree: Stop Taxmageddon Now

    Former Governor Tim Pawlenty (R–MN), national co-chair of the Romney for President campaign, appeared on CNBC yesterday and chastised President Obama for failing to lead on stopping Taxmageddon before the November election.

    Pawlenty is right: Washington should stop Taxmageddon now. Heritage has been saying just that for weeks.

    Speaker of the House John Boehner (R–OH) understands that Taxmageddon must be stopped soon.

    In a speech this week before the Peter G. Peterson 2012 Fiscal Summit, Speaker made clear the House will vote to stop Taxmageddon before the November election:

    We shouldn’t wait until New Year’s Eve to give American job creators the confidence that they aren’t going to get hit with a tax hike on New Year’s Day. Any sudden tax hike would hurt our economy, so this fall—before the election—the House of Representatives will vote to stop the largest tax increase in American history. This will give Congress time to work on broad-based tax reform that lowers rates for individuals and businesses while closing deductions, credits, and special carveouts.

    The Speaker is right to have the House vote to stop Taxmageddon before the election. In fact, he shouldn’t wait until the fall. Stopping Taxmageddon should be Congress’s summer job.

    There is no reason to wait and all the reasons in the world to stop Taxmageddon now. As Mohammad El-Erian, CEO of Pimco, the world’s largest bond fund, told Washington last week, the uncertainty caused by Taxmageddon lingering ominously in the not-too-distant future is hurting economic growth today.

    The Speaker is also right that tax reform should follow preventing Taxmageddon. The country badly needs tax reform, but completely re-ordering the tax code isn’t going to happen before the end of the year. The right thing to do is stop Taxmageddon, which runs contrary to the purpose of tax reform, and then undertake tax reform next year.

    The list of influential people going on the record in favor of stopping Taxmageddon is growing longer by the day. That’s why the conventional wisdom that Congress would deal with Taxmageddon after the election is dead wrong.


    Posted in Featured [slideshow_deploy]

    4 Responses to Pawlenty and Boehner Agree: Stop Taxmageddon Now

    1. Bob says:

      To my knowledge the only way to stop this is to abolish the entirety of our current tax structure and re-enact the 16th Amendment to the U.S Constitution. Make it so no one can ever, in any way, shape or form implement any new tax other than the 16th. That is why the founders put it in there. Our ancestors came here to avert over taxation and yet here we are some 500 years later doing to ourselves what we fought against so many years ago. We also fought the oppressive nature of the monarchy because we didn't want to be told how we could live in our own homes. Or how much we could earn for ourselves. For the first time in the History of this country, we are bordering on social communism that we rejected so passionately between 1768 and 1792. Twenty-four years of those that believed in the potential of this new land fought and died for. Today we have younger men and women doing that very thing but with one difference. They are being told it is pointless to believe in anything other than what they are told to. That seems bass ackwards to me because that is NOT what our forefathers would have tolerated or remotely accepted! If any of you out there have any kind of regard for thus Nation and our people, YES EVEN THOSE THAT SEEM TO NOT BE WORTH THE EFFORT, vote come November and let get this wonderful land of ours back on the right track. Because unless you aint been watching, the left track definitely TAINT working!

    2. Blair Franconia, NH says:

      Tim Pawlenty should be considered for Veep.

      • Bobbie says:

        Love his passion but he did have finanglings with cap and trade and national health care!

    3. RennyG says:

      Come on all you leaders, of all we have given to you, why can't you stand "FAST" and do something for us?? Stop this chaos and take over our country, "THE ALINSKY MODEL!!"

    Comments are subject to approval and moderation. We remind everyone that The Heritage Foundation promotes a civil society where ideas and debate flourish. Please be respectful of each other and the subjects of any criticism. While we may not always agree on policy, we should all agree that being appropriately informed is everyone's intention visiting this site. Profanity, lewdness, personal attacks, and other forms of incivility will not be tolerated. Please keep your thoughts brief and avoid ALL CAPS. While we respect your first amendment rights, we are obligated to our readers to maintain these standards. Thanks for joining the conversation.

    Big Government Is NOT the Answer

    Your tax dollars are being spent on programs that we really don't need.

    I Agree I Disagree ×

    Get Heritage In Your Inbox — FREE!

    Heritage Foundation e-mails keep you updated on the ongoing policy battles in Washington and around the country.