August 24, 2012

The U.S. faces the prospect of a new recession and millions of lost jobs unless lawmakers act to stop the $494 billion Taxmageddon tax increases coming January 1, a Heritage Foundation expert warns.

“1.6 million more Americans will be out of work—on top of the 12.8 million who already want to work but can’t find jobs,” Heritage economist J.D. Foster explains, citing new government projections.

This chart makes clear the cost of Congressional inaction:

Economy Tanks If Congress and the President Don't Halt Taxmageddon

Do you think Congress and President Obama will act in time to stop Taxmageddon from going into effect on January 1?

Comments (14)

Rick Fries - August 28, 2012

they have no choice. the only thing they will accomplish is to promote themselves and further divide America.

ALFRED AUSTIN - August 28, 2012

If the size of the increase taxes is not reduce, best to do away with the increase, kiss U S good bye.

Ellen - August 28, 2012

No, Obama will NOT act in time to stop Taxmageddon from going in to effect on January 1. Obama has no incentive to do so. If he loses the election, he will do even more to destroy the U.S. economy before Romney is inaugurated on Jan. 20. If he wins, he has no reason to do anything to help the economy because he won’t be running for re-election again. Without the support of the Senate, Harry Reid and Obama, Congress can not do anything to keep taxes from going up on Jan. 1.

jim smith - August 28, 2012

A greater sharing of the sequestration is necessary, more on the other categories, less on defense spending, more on a 25% reduction in each category.

john - August 28, 2012

they do not even talk to one another. the house and the senate need to come together and work out a reasonable solution. washington needs to stop spending money and doing so withoug a budget.

Mike Barnes - August 28, 2012

Shamefully Congress and President Obama will not do what is properly required for America. They do not realize how much trouble Congress and the President are in by pocking the boiling rages of most Americans with their bully stick.

Ron Dvorak - August 28, 2012

Something is very wrong with the % of Americans (mostly seniors like myself) who continue to back the current regime led by Obama. Are you from another planet or (I believe) are you so out of touch with the reality of the Obama regime and Obamacare that you don’t “get what’s going on”! How in God’s name are you liberal supporters of hte current regime planning on voting?? If the ultimate lier of all time wins the election, resulting in all you liberal blind sheep finally seeing how right the conservatives and tea party supporters have been and how dead wrong you have been, will you finally SEE the truth???

Ian B Engh - August 28, 2012

Between the Dumbocrats and the RINOs’, I don’t see much hope

Robert - August 28, 2012

I think Obama wants to see the economy of the US fail! He hates free market enterprise, he is a MARXIST. This is what he understands, he was not raised to understand the greatness of this country – only hatred towards it because that is what Marxism teaches! Whether born here or not he IS NOT AN AMERICAN at heart! He is also a globalist and I believe he wants a globalist, socialist economy! There is no room for God and Marxism the 2 are completely add odds with each other!

Tom Kehoe - August 29, 2012

I believe taxmageddon will go into effect. The Democrats want it, and the Republicans are willing to accept it to reduce budget deficits, and can blame the Democrats.

Janet Carlson - August 29, 2012

No, even if the House acts to avoid Taxmageddon, Harry Reid will table it in the Senate. Like he has done to 20+ employment bills! The Democrats care nothing about saving America – only destroying our country.

Philip Beck - August 29, 2012

If I were a conspiracy theory kind of person, I would say that Obama had to destroy the U.S. job market so that the folks that are ordered to carry out his anti-American fiat government would be more likely to do so because they fear the unemployment line. It’s like the Brandon Raub, USMC situation. Held without being charged apparently for some Facebook posts during a game among family members. It’s also like the USFS federal employees in the Rockies carrying out absolutely counter-productive measures regarding forest management, fire control and wolf/bear/predator control. These middle-aged folks have very poor prospects of finding equal paying jobs if they refuse to do as they are told, so they do it to keep from being terminated. If the economy was in good shape, Obama’s schemes and ideas would be laughed at. There was a chap in Bavaria not all that long ago who was able to introduce otherwise lunatic ideas because of poor economic conditions. But that would be a conspiracy theory.

James White - August 30, 2012

What the liberals, communists, and Marxists in our country don’t understand is that anarchy is just over the hill. Keep up the good work.

Gene Bahls - September 10, 2012

Frankly if Obama is not elected, I think the Senate will let us fall off the cliff to put the new President in a deep hole. If he is elected, he will fake all kinds of action, maybe reduce the military cut a little but I believe he wants the USA to be much weaker militarily.

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