Taxes

Current tax rates are set to expire at the end of the year, resulting in the largest tax increase in American history. This economic calamity, known as “Taxmegeddon” or the “Fiscal Cliff,” could not come at a worse time for taxpayers.

America’s economy is stagnant and showing few signs of growth. The private sector is being strangled by government regulation, an overly-complex and uncompetitive tax code, and uncertainty generated by the threat of tax increases, an onerous health care law, and the ever expanding national debt.

The U.S. economy added just 80,000 jobs in June and the national unemployment rate remained above 8 percent for the 41^st consecutive month.

In the aftermath of the Supreme Court’s decision to uphold most of the President’s health care law, Nebraskans deserve to know what the decision means and what steps Congress will take to repeal the law in full to lower health care costs while increasing access to care.

The looming expiration of critical tax provisions on January 1, 2013 is part of what many analysts are calling the “fiscal cliff.” Others have dubbed this economic doomsday scenario “Taxmageddon.” Recently, the nonpartisan Congressional Budget Office (CBO) found failing to prevent scheduled tax increases at the end of the year likely would contribute to a recession in early 2013.

Later this month, the Supreme Court is expected to rule on the constitutionality of President Obama’s health care law, formally known as the Patient Protection and Affordable Care Act. Make no mistake, this will be a landmark decision with profound implications for the future of our country.