The Tax Hike Prevention Act

The White House and Democratic leaders in Congress are intent on imposing a major tax increase at the end of this year. The only debate among this elite group is not if a tax hike is coming, just how big will it be.

If nothing is done, all of the 2001 and 2003 tax cuts will be wiped out. Or, if the President and congressional leaders have their way, taxes will rise on upper income earners. And make no mistake, that's largely about increased taxes on entrepreneurs, investors and small business income.

It seems that the President and Democratic leaders are counting on increased government spending, debt, regulation and taxes to somehow benefit small businesses and the overall economy.

U.S. Senator Mitch McConnell (R-KY) has a different take on matters....

Read the rest of this SBE Council Cybercolumn by chief economist Ray Keating here.