CEOs Warn Congress of ‘Grave Consequences’ in Taxmageddon
Today a letter was sent to the President and members of Congress by 15 CEOs from some of the largest financial institutions in the U.S. The 15 CEOs who signed the letter represent the Financial Services Forum, a non-partisan organization that deals specifically with financial and economic policy.
In the letter, they urge for the avoidance of the coming Taxmageddon and warn of the dire effects that inaction would have on the economy: “The consequences of inaction—for stability in global financial markets, for economic growth, for millions of Americans still without work, and for the financial circumstances of American businesses and households—would be very grave.”
References are made regarding what credible institutions have said concerning Taxmageddon, including the Federal Reserve’s warning that Taxmageddon would cause a recession “and about 1.25 million fewer jobs would be created in 2013.” Moody’spotential downgrade of the U.S. over fiscal negotiations is also mentioned in the letter and the downgrade’s negative effect on interest rates and global markets.
President Obama’s failed economic policies that have largely contributed to the fragile state of the economy is a big concern for CEOs when considering Taxmageddon’s consequences: “at a time when economic growth is less than 2 percent, and with nearly 25 million Americans either out of work or underemployed, the still-fragile U.S. economy cannot sustain—and the American people do not deserve—the impact of more gridlock in Washington.” For more information on how Taxmageddon will affect your family’s budget click here.