"Taxmageddon" is coming on January 1, 2013. What does that mean? Well, we (US taxpayers) can expect large tax increases. Romina Boccia, James Sherk and Katie Tubb of the Roe Institute at The Heritage Foundation, say:
"The nation is now firmly on track to go over the fiscal cliff in January 2013 unless Washington takes action. The uncertainty leading up to the fiscal cliff - especially Taxmageddon - is already hurting the economy today and, according to projections by the Congressional Budget Office, could send the country back into recession in 2013."
So, just what is "Taxmageddon?" It is a massive tax increase of $494 billion over what we already pay, the largest tax increase ever! And that's on top of the $502 billion ObamaCare tax, er, mandate, er, tax coming over the next ten years. The average US household will see a tax increase of $3800 in 2013 alone, with higher tax bites in subsequent years. I'll never understand how having less to spend will have no effect on the US economy, but, hey, Obama's economic team, his Council of Economic Advisers (CEA), has known what's best, in spite of being wrong every time. According to the most recent CEA report:
"... the economy posted its thirteenth straight quarter of positive growth, as real GDP (the total amount of goods and services produced in the country) grew at a 2.0 percent annual rate in the third quarter of this year, according to the 'advance' estimate released by the Bureau of Economic Analysis. Over the last thirteen quarters, the economy has expanded by 7.2 percent overall,...."
"Growth" and "expansion" are not the same thing. Other than to make President (for life?) Barack Hussein Obama's economic policies look good, why were the two (completely different) concepts included? Further, nowhere in the CEA report can I find an explanation of what an "advance estimate" is, or that the advance estimate is typically adjusted downward as complete information becomes available.