ATLANTA — A number of “job killing” tax increases are set to take effect in 60 days unless Congress takes action, a Georgia congressman warned Monday.
“Right now, families and small businesses only know what their tax rates will be for the next 60 days,” U.S. Rep. Tom Price, R-Ga., said in a news release. “The enormous uncertainty about taxes has left people all across the country unable to plan for the future. People are delaying their economic decisions as a result of this uncertainty, which means less hiring by businesses and less buying by consumers.”
It's unclear whether the Democratic-led Congress will vote during a lame duck session to extend a number of tax cuts. The so-called death tax and personal income tax are set to increase unless action is taken, according to Price.
A number of pundits are predicting Democrats will lose the House in tomorrow's election.
“Allowing taxes to rise next January would compound the job-killing mistakes the majority party has already made,” Price said. “Once Washington stops the coming tax hikes and starts tackling spending, we can spur a real recovery and get back on the path to a balanced budget.”