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Avoiding ‘Taxmageddon’

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  • Description

    FBN’s Lou Dobbs on the potential tax increases ahead if government doesn’t get its spending under control.

  • Duration 3:48
  • Date

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This transcript is automatically generated

What that I were six months from Election Day it's exciting is that.

Or eight months for what could be a tax disaster for this country.

If congress doesn't -- by the end of this year.

Some 500 billion dollars in tax taxes will rise all it wants that's an average tax increase are -- ready.

3800.

Dollars.

Per year.

For every American council the potential increases include by the way they -- bush.

I get a kick out the -- President Bush says that if it -- if these tax cuts -- -- someone -- it be a lot easier to it to keep from going.

But -- the bush tax cuts.

These amount to -- -- hefty sum of money.

200 and if the billion.

A year.

250 billion a year and it gets by the way not just millionaires or billionaires with the president like let's say this it's everybody.

And the payroll tax holiday that we're all enjoying also ends.

At the end of this year and that or cost another hundred billion dollars a year.

The holiday what -- Some -- That's a hundred.

And the marriage penalty.

It comes back the child tax credit he gets cut in half and the tax on dividends we're gonna just call this etc.

don't you think.

I mean because the -- through this you know it only adds up yet -- About a 150 billion dollars if you throw in a temporary extension.

Of of unemployment benefits so I mean here we are.

We're talking fine.

Hundred.

Billion.

Dollars.

By the way folks.

That's per year.

And it is not enough for -- the federal government is expected to approach -- -- -- By the end of this year.

But -- for the way a lot of people saying I think most from -- hoping.

That will hit the debt limit before Election Day and I would that be spectacular to watch congress and the president go at it again over the debt limit.

The debt -- by the way is six -- Point war.

Trillions.

Dollars.

This is what we got shaping up and and all -- Given what we've seen from this congress this president.

We're probably gonna see this happen.

That's going to be decided by of course -- elected president come November.

How quickly that person whether it be the incumbent our governor Romney.

The congress us senate where they're controlled by Democrats or Republicans could actually do something.

In time to avoid.

All of this.

This.

They can do a thing about.

That's -- good.

This will only make of all worse.

Coming up -- next half shocking reports of President Obama may support increased exports have gotten sexual right I said increased exports and thousands.

What's gone on there the story behind the story and the president celebrating the first anniversary of bin Laden's death.

Where they non scheduled trip to Afghanistan what was the reason what -- -- -- We go inside the president's mind doctors Jeff guard there -- Robert Broadway join us here next.

Hello of the cycle analysis part -- you politics in the mind --

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