|
Toledo
Blade
Economic
activity hints at fear of
consequences as Ohio senator seeks reform
By Tom Troy
The
approaching “fiscal cliff” of
big budget cuts and big tax increases is already having a negative
effect on
the economy, U.S. Sen. Rob Portman (R., Ohio) said Thursday.
In
a telephone news conference with
Ohio reporters, Mr. Portman said a lot of economic activity that
normally would
happen in 2013 is happening right now as investors try to avoid the
effects of
threatened tax increases.
The
fiscal cliff refers to the
combination of tax increases and spending cuts that will take effect
Jan. 1
unless Congress approves a deficit-reduction deal before then.
“You’ve
also seen a lot of activity
out there in the economy of people going ahead and whether it’s issuing
dividends or taking capital gains now because they are worried about
taxes
going up next year,” Mr. Portman said.
Even
if a deal is reached and the
fiscal cliff is avoided, the first quarter economy will still be weak,
he said,
because of “a lot of economic activity pushed into this quarter because
of fear
of going over the cliff.”
Mr.
Portman said the fiscal crisis
should be used to reform taxes and Medicare, Medicaid, and Social
Security.
Mr.
Portman said he had endorsed a
plan advanced by U.S. Sen. Pat Toomey (R., Pa.), introduced by the
Super
Committee in 2011, which involved Medicare and Medicaid entitlement
reform,
along with new revenue from upper bracket taxpayers through tax reform,
and
further spending cuts.
Read
the rest of the article at the Toledo
Blade
|
