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Chart of the Week: Taxes Soaring Past Highest Level Ever
Posted By Rob Bluey On May 20, 2012 @ 3:05 pm In Entitlements, Taxes & Spending,Featured,Scribe | 15 Comments
Conventional wisdom suggests lawmakers in Washington will wait until the 11th hour to come up with a solution. Fortunately, Speaker John Boehner (R-OH) announced last week he won’t wait for a lame-duck session of Congress. From his speech to the Peter G. Peterson Foundation’s 2012 Fiscal Summit :
Tax hikes destroy jobs – especially an increase on the magnitude set for January 1st. Small businesses need to plan. 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.
The bulk of Taxmageddon comes from expiration of the 2001 and 2003 Bush tax cuts, but also means the child tax credit will be cut in half, the Alternative Minimum Tax patches end, the Death Tax returns to its 2001 level, and a handful of new Obamacare tax hikes take effect.
Here’s the outlook under Heritage’s Federal Budget in Pictures :
If this isn’t enough to scare you, then the prospect of waiting until after the November election should be. Here are five good reasons  from Heritage’s J.D. Foster why Congress should act now:
Conservatives should applaud Boehner for seeking a solution  sooner rather than later. But without action from the do-nothing Senate, there’s little hope of stopping this enormous and unprecedented tax increase before November.
Article printed from The Foundry: Conservative Policy News Blog from The Heritage Foundation: http://blog.heritage.org
URL to article: http://blog.heritage.org/2012/05/20/chart-of-the-week-taxes-soaring-past-highest-level-ever/
URLs in this post:
 unprecedented $494 billion tax hike: http://www.heritage.org/research/reports/2012/04/taxmageddon-massive-tax-increase-coming-in-2013
 Taxmageddon: http://www.washingtonpost.com/business/economy/end-of-payroll-tax-holiday-sets-up-harder-hit-for-taxpayers/2012/02/16/gIQAnxqTMR_story.html
 economic devastation: http://thehill.com/blogs/on-the-money/801-economy/213351-fed-boss-warns-of-massive-fiscal-cliff
 speech to the Peter G. Peterson Foundation’s 2012 Fiscal Summit: http://www.speaker.gov/speech/full-text-speaker-boehners-address-economy-debt-limit-and-american-jobs
 Heritage’s Federal Budget in Pictures: http://www.heritage.org/federalbudget/total-tax-burden
 five good reasons: http://www.heritage.org/research/reports/2012/05/tax-increase-preventing-taxmageddon-is-congress-s-summer-job
 applaud Boehner for seeking a solution: http://blog.heritage.org/2012/05/10/speaker-boehner-plans-to-stop-taxmageddon-train-wreck/
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