Here’s a quick rundown of the bill:
1) Taxes: the bill fails to protect the economy from all the tax hikes. Everything from capital investment, to labor, to consumption, and even death will be more heavily taxed in 2013. None of that will spur economic growth.
2) Spending: remember when both President Obama and Speaker Boehner talked about a “balanced approach?” This bill is a classic Washington tax-and-spend bill with no spending cuts to be found. What’s worse, it actually includes billions in new spending.
3) Even while raising taxes on hardworking Americans, Congress recognized that high taxes hurt economic growth and so they handed out myriad special carve outs so their friends wouldn’t feel the bite. Wind energy, motorsports entertainment complexes and even the hard-up Hollywood tycoons got a special tax break in the bill.
Americans for Prosperity