With each day that Congress doesn’t act, we inch closer and closer the brink of our economic fiscal cliff.
As of today, we’re 165 days away if Congress fails to act.
Last week, we explained why we’re in this economic predicament, outlined how many different taxes are set to increase, and by how much.
Reports have warned that further stress on our already fragile economy could be devastating. According to a recent study:
U.S. economy could lose from 2.8 million jobs to as much as 10 million jobs...[R]eaching the fiscal cliff will decrease the likelihood that small businesses will hire by 18 percent, and push the effective marginal tax rate for many workers and small businesses above 50 percent of their income.
Even Congress can’t argue with the facts.