Chamber: Fiscal cliff coming

The so called “Fiscal Cliff” is comprised of several major components, all coming to a head at the same time:

• The 2001 and 2003 tax rates will expire, which means tax hikes on all Americans,
• The end of alternative minimum tax (AMT) patches,
• The expiration of the  payroll tax cut and jobless benefits,
• The end of doc fixes,
• The expiration of various tax extenders,
• The activation of the “sequestration,” which will cut billions of dollars capriciously from the budget, and
• Hitting the debt ceiling

There’s no telling the cumulative toll these negative economic hits will take on the economy.  According to the Congressional Budget Office (CBO) estimates, if Congress fails to act, growth could plummet to 0.5% in 2013. That, coupled with a change in output, would see us back into a recession.

That’s why Congress needs to act.  To remind them of their duty to all American taxpayers, we’ve launched a new website — The Fiscal Cliff Countdown.

Click here to visit our new website and check out the resources you will need to hold your members of Congress accountable.

Curious what your taxes will look like if Congress doesn’t act by December 31st?  We have calculator where you can see what kind of a hit you’ll take if tax rates spike on January 1st.

Need more resources on what will happen if Congress doesn’t avert the nation flying over and off the fiscal cliff?  The website will provide daily updated news clips and resources for you to share with your friends and family and on social media.

Most importantly, the site provides a quick way to contact Congress and tell them to act now.

Click here to check out the site today.

With your help, we can remind Congress of their duty and make sure we avoid the fiscal cliff altogether.

Sincerely,


Rob Engstrom
Senior Vice President and National Political Director
U.S. Chamber of Commerce