Congress must act to prevent huge tax increases

November 30, 2010

As the end of the 2010 tax year gets nearer, we are rapidly approaching a traffic jam of expiring tax provisions, uncertainty about the AMT, and a sluggish economy.  Congress has a lot of work to do in the coming months, as I believe that the hard work of balancing our budget will require us to do the hard work of fundamental tax reform.  In the meantime, however, Congress must act swiftly to prevent the huge tax increases looming over American families from crashing down on them on January first. 

Although no clear path forward on the 2001 and 2003 tax cuts was agreed to during today’s the meeting between the President and congressional leaders, I am pleased that the President has shown an interest in moving ahead on the conversation.  It is clear to congressional leaders in both parties and to the President that allowing a huge tax increase to hit American taxpayers is not the best way to stimulate our economy or encourage small businesses to grow.