U.S. Rep. Tom Price told Sandy Springs audiences recently that the federal government needs to stop the so-called “Taxamaggedon” now scheduled for the first of next year.
A combination of several tax and budget provisions come together at year’s end that together have been described variously as “Taxameggedon” and “falling off a fiscal cliff.” The provisions include expiration of the so-called “Bush-era tax cuts” and tax increases and spending cuts required because the sharply divided Congress was unable to reach a budget agreement.
“To take $500 billion out of the economy and give it to the federal government, that is chilling,” Price told more than 100 people attending a breakfast meeting of the Sandy Springs/Perimeter Chamber of Commerce on Aug. 20. “We have to address it.”
The convergence of tax hikes and spending cuts was created, he said, because “Washington does a few things very well: one is nothing, two is overreact and three is kick the can down the road.”
“Taxamageddon” is taking place because federal officials did the last of those, he said. But Price indicated he felt no solution may come until after the presidential election.
Still, “I’m optimistic about what’s going to happen Nov. 6,” he said.