Congress has a chance to deliver Americans a belated Christmas present shortly after Christmas if it can work to avoid running the country off the “fiscal cliff.” The term “fiscal cliff” refers to a combination of massive tax increases—including the expiration of the Bush tax cuts—and deep spending cuts that will gut the defense budget, both of which are set to strike in early January 2013. If the Bush tax cuts and other tax provisions expire, what is known as “Taxmageddon” will go into effect. Americans at all income levels will see their taxes increase, and it will be the largest tax hike in U.S. history.
Heritage will host a Google+ Hangout on Friday at noon ET to analyze the impact of going off the “fiscal cliff” and what the right policies would be to avoid it.
Our guests include:
• Emily Goff, Research Associate in Heritage’s Roe Institute for Economic Policy Studies
• Dan Holler, Director of Communications for The Heritage Foundation’s sister organization, Heritage Action for America
• Noelle Clemente, Press Secretary for American Action Forum and editor of the “Daily Dish” email newsletter
• Phil Kerpen, President of American Commitment
If you would like to ask them a question, please leave a comment below. You can also ask a question to @Heritage on Twitter, or leave a comment on the Google+ page. We hope you can join us Friday at noon ET.