Stop the Fiscal Cliff while Preventing Tax Hikes
And yet, legislators seem genuinely more concerned with scoring cheap political points rather than looking at how to reduce federal spending while also working to prevent a massive tax hike on all Americans, including small business owners. President Obama himself understood this when he said a few months back that the last thing you want to do in middle of an economic recession is raise taxes.
Confirming the Presidents earlier weariness was a recent study by the well-respected accounting firm Ernst and Young. The study concludes that a tax hike would destroy more than 700,000 American jobs while the unemployment rate would increase by .5 percent. Unfortunately for the American people, the President has now disavowed of his previous observation and wants to proceed with a plan to raise taxes in order to pay for our ever-expanding federal government.
Serious Reforms Needed
What are needed are serious reforms to our entitlement programs to preserve the safety net for future generations and reduce our debt, paving a path of economic certainty for the private sector and the millions of Hispanic business owners looking to grow their businesses.
Congress and the President should seize on this opportunity to come up with a plan that promotes the growth of the private sector while reducing the girth of the federal government.
Israel Ortega is the Editor in Chief of www.libertad.org, the Spanish language page of The Heritage Foundation, a think tank in Washington, D.C. www.heritage.org
You can follow him on Twitter: @IzzyOrtega
