By Tom Quiner

Should we tax Americans an extra half a trillion dollars?

It’s going to happen automatically if we do nothing. Here’s what Congressman Allen West from Florida says:

“On January 1, 2013, Americans face a $494 billion tax increase—the largest in American history. These tax increases included capital gains taxes, expiration of business investment exemptions, the return of the death tax and the return of the marriage penalty.”

The chart below spells it out.

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  1. Embattled Farmers on May 25, 2012 at 12:43 pm

    The CBO has made it clear that this would send us back into recession.
    But something that both Dems and Republicans in Congress agree on is that it isn’t going to happen, they’ll fix it by the end of the year.
    I don’t worry about this as much as I do the fallout from the European crisis because that’s something we can’t fix.

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