"Earlier
this week the non-partisan Congressional Budget Office (CBO) reminded us of
what lies ahead fiscally for America. The possibility of a full 1% growth in
the already high unemployment rate come January 2013 is real.
We
are currently operating under the Bush-Obama tax rates and six different tax
brackets, which at this time are10%, 15%, 25%, 28%, 33%, and 35%. As of
December 31, 2012 if no action is taken, these current tax brackets will jump
to 15%, 15%, 28%, 31%, 36%, and 39.6%. A July 2012 study by the accounting firm
Ernst and Young estimated this would result in nearly 710,000 jobs lost because
of the net effect on close to two million small business owners."
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