Avoiding the Fiscal Cliff
House Republicans understand the fiscal cliff must be averted, and have proposed a bipartisan framework that would accomplish this through significant spending cuts and tax reform with lower rates, consistent with the ‘balanced’ approach President Obama has said he wants.
Democrats in Congress have downplayed the danger of going over the cliff, and continue to rule out sensible spending cuts that must be part of any significant agreement to reduce the deficit. Even if a deal is reached, specific areas of the tax code may still lapse and effect investors. Most investment income will also be subject to a 3.8 percent charge to help pay for President Obama’s health care law that will automatically take effect on January 1, 2013.
2013 should be the year we begin to solve our nation's debt problem through tax reform and entitlement reform. Both parties should work together now to avert the fiscal cliff together in a manner that ensures this happens. Such reforms are essential to achieving economic growth, without which our nation’s debt problem cannot be solved.
House Republicans have done the hard work to put forward a balanced approach that raises revenue and cuts spending. I continue to believe that tax increases of any kind are not good for Americans and detrimental to our broader economy. Families are hurting right now and asking them to contribute more to Washington’s spending problem is not a reasonable solution. There are other ways to raise revenue without raising taxes, including closing tax loopholes and capping deductions that, along with cuts to entitlements, will put our country back on the path to fiscal responsibility. This sensible approach to our nations’ debt problem has been proposed to President Obama.
What do you think? How can we avoid the fiscal cliff while cutting spending and reducing the deficit? Please submit your comments below.
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