Released by U.S. Congressman Jeb Hensarling
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As you may know, impending tax hikes and across-the-board spending cuts – collectively known as the fiscal cliff – are set to go into effect at the end of this month.
If no action is taken, every American who pays federal income tax will be hit with a tax increase on January 1, 2013. According to the Congressional Budget Office, failure to extend current income tax rates and deal with the Alternative Minimum Tax (AMT) will increase taxes on working Americans by $4.6 trillion over ten years and $232 billion in 2013 alone. In addition, across-the-board spending cuts will be enforced under the Budget Control Act sequester, resulting in a 10% cut to the Department of Defense and an 8% cut to non-defense discretionary spending.
The simple truth is, in order to continue to grow our economy and create more jobs, we must prevent these automatic tax increases and not take any more of what American families and small businesses earn. House Republicans have already acted to prevent the looming tax increases. Ultimately, the problem isn’t that Washington taxes too little; the problem is it spends too much. The only way we can create a brighter future is to stop spending money we don’t have to save our economy and save the next generation from bankruptcy.
As Congress and President Obama continue to discuss options to avoid the fiscal cliff, I would like to hear from you. Please share your concerns about how the president's tax hikes would affect you and your family. Also, let me know your thoughts about how our spending-driven debt crisis will harm our economy.