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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 relationship with Russia is complex. Russia is currently the world’s ninth largest economy and growing. In 2011 alone, Nebraska exported $154 million worth of goods to Russia, which directly supported an estimated 560 jobs here at home. However, I and many others remain concerned regarding Russia’s recent behavior and trading policies.
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.
As our economy struggles, the lack of bipartisan solutions from Congress only adds to our frustration.
The U.S. economy added just 80,000 jobs in June and the national unemployment rate remained above 8 percent for the 41st 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.
Earlier this month, President Obama announced he was changing deportation and work rules for some illegal immigrants who came to the United States as children. However, this change in policy was not the result of legislation, but rather a unilateral decision by the President without the approval of Congress.
Questions regarding the role of government in our lives and concerns for our privacy were recently renewed when the Environmental Protection Agency (EPA) revealed it was using aerial surveillance over Nebraska farms and ranches in search of Clean Water Act violations.
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.