Posted on 27 November 2012.
Today, as we move into the holiday shopping season, the National Economic Council and the Council of Economic Advisers released a report called The Middle-Class Tax Cuts’ Impact on Consumer Spending and Retailers. This report provides new analysis on the impact to retailers and consumer spending if Congress fails to act to avoid taxes going up on 98 percent of Americans at the end of the year.
If Congress doesn't act, middle-class families will see their income taxes go up on January 1st. The typical middle-class family will see their taxes go up by $ 2,200 next year, negatively impacting businesses and retailers across the nation. The President has called on Congress to take action and stop holding the middle class and our economy hostage over a disagreement on tax cuts for households with incomes over $ 250,000 per year.
While the President is committed to working with Congress to reach compromises on areas of disagreement, there is no reason to delay acting where everyone agrees: extending tax cuts for the middle-class. There is no reason to hold the middle-class hostage while we debate tax cuts for the highest income earners.
Our economy can’t afford that right now. New analysis by the President’s Council of Economic Advisers (CEA) finds that:
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