The Congressional Budget Office estimated last month that Obama’s plan to increase taxes only on top earners would reduce economic growth by 0.1 percent of Gross Domestic Product next year, or about $16 billion. That translates into about 200,000 fewer jobs.
By comparison, letting all the tax cuts enacted in 2001 and 2003 expire would reduce economic growth by 1.4 percent of GDP, resulting in about 1.8 million fewer jobs, the CBO said.
...and that’s just the tax hikes.
Rand Paul has the only answer.
We need to go over the so called fiscal cliff. The spending cuts and the tax increases will get us $562 billion dollars a year. But this amount won’t stop the dept from increasing.
More will need to be done.
Why does everybody insist on pretending that this wasn’t released a couple of months ago?