When Taxmageddon hits on January 1, 2013, the financial devastation will be immense. You’ll pay higher income taxes and a higher payroll tax. And on top of all that, the immense expense of Obamacare will begin taking money out of your pocket too.
What does this mean for you? Every household in America faces an increase of more than $3,800! Taxmageddon will hit middle-class and low-income Americans the hardest.
Congress absolutely cannot wait until the last minute to extend these tax cuts. They must ACT NOW TO STOP TAXMAGEDDON and CUT SPENDING NOW to get deficits under control.
Add your name to The Heritage Foundation’s open letter to President Obama and Congress telling them to stop the crippling tax hikes looming on January 1, 2013, and save our nation from a preventable financial catastrophe.
Sign the open letter now!
Dear President Obama and Members of Congress:
There is an unprecedented threat barreling down on America’s economy that will soon impact every American household. It is the expiration of decade-old tax breaks and the implementation of new taxes, all hitting on the same day—January 1, 2013. Because of the devastation this will wreak on family budgets, these tax hikes have been dubbed “Taxmageddon.”
Taxmageddon will result in an average tax increase of $3,800 per American household, with 70 percent of the impact falling directly on low-income and middle-income families!
With the longest stretch of high unemployment since the Great Depression, American families cannot afford further strain on their household budgets. Even Federal Reserve Chairman Ben Bernanke has sounded the alarm, referring to this perfect storm of tax hikes and runaway spending as a “massive fiscal cliff.”
For that reason, I am standing with The Heritage Foundation and thousands of my fellow Americans, calling on you to:
Act Now. The tax breaks that families and businesses have come to expect and have calculated into their budgets are in jeopardy. You must prevent these tax hikes and protect American families’ hard-earned money. Until you act, the American economy will be stuck in neutral, derailed by inaction.
Cut Now. The combination of insatiable spending and limitless borrowing is placing a massive drag on the economy that no amount of tax increases could ever remedy. Until spending is brought under control, economic recovery will always remain anemic. The Heritage Foundation has offered up a common sense plan, Saving the American Dream, which offers practical solutions to fix the debt, cut spending, and restore prosperity.
There is no more time or money to waste. I urge you to act boldly on behalf of American families and businesses and stop Taxmageddon. Our very livelihoods depend on your swift action.