I have written elsewhere about the coming fiscal cliff known otherwise as Taxmageddon. This is the combined effect of the expiration of the Bush Era tax rates, the payroll tax expiration, the end of the marriage penalty elimination, and the end of the work around for the Alternative Minimum Tax. Not to mention the beginning of the new taxes specified under Obamacare. Even Bernanke has warned that this combination will drive us back into recession.
As bad as that is, its’ evil twin will kick in at the same time. The evil twin is “Sequestration”, which is the result of last years miserably failed budget reconciliation, and the total failure of the “Super Committee”. Coming right along with Taxmageddon will be the loss of 2 million jobs that will be driven by sequestration. A more complete story from Moneynews can be read here.
November is coming. Arm yourselves with information. Get your neighbors out to participate and vote.