Local News

'Fiscal Cliff' Debate Should Hit Home

You've undoubtedly heard the nearing deadline of the "Fiscal Cliff" in regards to negotiations in Washington DC.

The "Fiscal Cliff" discussion can be quite confusing. Congressman-elect Rodney Davis explains the "Fiscal Cliff" is a term used to give incentives to lawmakers to extend or modify current tax rates. Davis says this subject has become one for both parties, Republicans and Democrats to try to gain political advantage. Davis explains if a deal is not reached by January 1, tax increases will be implemented on every family in America.

[audio:121712fiscalcliff1.mp3] [/audio]

Davis explains those tax hikes will have devastating effects on a family's income. Tax codes will revert back to 2001 levels, and Davis says it is frustrating because not many families understand what not reaching an agreement could mean to them.

[audio:121712fiscalcliff2.mp3] [/audio]

Part of the "Fiscal Cliff" debate is increasing taxes on Americans making more than $250-thousand. Davis says while up front this sounds like a good idea, he explains this will hurt small businesses. He says the way tax codes are written, a small business owner may be bringing in over $250-thousand but they are not taking home $250-thousand.

[audio:121712fiscalcliff3.mp3] [/audio]

Davis does not think Congress will put together a bill before going over the proverbial 'cliff', and if they come up with a short term solution, he feels that is not acceptable because both parties have known about the deadline for years.

Townhall Top of the Hour News

Local Weather - Sponsored By:

CLINTON WEATHER

Local News

DeWittDN on Facebook