There are two components of the so called Fiscal Cliff according to Congressman Tom McClintock …taxes will go up on almost everyone, and government spending will be cut. McClintock a Republican representing Nevada County says the spending cuts don’t bother him one bit.
The Tax increase is a problem for Congressman McClintock who says raising taxes on those making $200,000 or more a year will kill jobs.
McClintock says the problem with the President’s approach to tax jobs creators is that it’s going to cost a net loss of at least 200,000 jobs according to the Congressional Budget Office, and Ernst and Young estimates it will be closer to a net loss of 700,000 jobs out of the economy.
McClintock says his concern is that tax increases the President wants to impose beginning in January will increase taxes paid by all Americans by 20 percent.
click to hear Congressman McClintock
Another element of the Federal Budget debate is to do away with the mortgage interest deduction tax break which costs the government roughly $100 billion a year. Congressman McClintock says the mortgage interest deduction is a promise made to American home buyers and should not be taken away.
A host of formerly untouchable entitlements from Social Security and Medicare to deductions for charitable giving are in danger of being cut in the Federal Budget debate.