Here Come Higher Taxes

0 Shares
tax1101_image

The election is about the only thing grabbing headlines at the moment; but after next week, the screams about the impending “fiscal cliff” will reach a deafening media roar.

If Congress doesn’t take action to come to an agreement in its budget negotiations, more than 30 million already cash-strapped American households could be hit with the Alternative Minimum Tax (AMT).

The election’s outcome is expected to serve well as an indicator of which party will have the most Congressional power in the discussions. But regardless of which Presidential candidate is elected, Americans’ taxes will go up if an agreement isn’t reached.

The Financial Services Roundtable urged lawmakers to “bridge over” the fiscal cliff to buy time to deal with more difficult issues surrounding taxes and spending.

“The fiscal cliff is imposing a negative drag on business lending, hiring, spending and investment right now, despite the actual ‘cliff’ being over two months away,” Tim Pawlenty, president and CEO of the Roundtable wrote to lawmakers.

Sam Rolley

Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After covering community news and politics, Rolley took a position at Personal Liberty Media Group where could better hone his focus on his true passions: national politics and liberty issues. In his daily columns and reports, Rolley works to help readers understand which lies are perpetuated by the mainstream media and to stay on top of issues ignored by more conventional media outlets.