If you thought your tax bill was big this year, just wait till you see what’s coming next year.
A huge slew of tax cuts, breaks, and benefits are set to expire on New Year’s Day. The result could be so devastating, it could send the recovering economy right back into recession.
A tax increase so massive is headed America’s way Jan. 1, some congressional aides are calling it “Taxmageddon.”
Federal Reserve Chairman Ben Bernanke warns these tax hikes, along with simultaneous spending cuts, could lead to major problems for the weak economy.
“There’s going to be a massive fiscal cliff of large spending cuts and tax increases,” the Fed chief recently told a congressional panel.
“It’s $500 billion of higher taxes just in 2013 alone,” Curtis Dubay, a senior policy analyst for the Heritage Foundation, told CBN News.
“A tax hike of that size for just one year is simply unprecedented,” he said. “It’s going to take an enormous chunk of the economy out of the hands of the businesses and people and families that earned the income and give it to Congress to spend.”
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SOURCE: CBN News