The title is not a question but, a statement, so, what will happen if congress sits on it's collective hands until January. It's simple, tax rates will go up on everyone because the Bush-era tax cuts will come to an end, this will also happen if the President and Congress can't come to an agreement in that time about the "Fiscal Cliff". This was the agreement reach when the debate about the deficit ended in a don't do anything now stance by both sides last year. Well, that had a time table to it, and the time is up in January and Congress knows it.
What does this mean for the American public? It means that every income tax rate will go back to what they were under Bill Clinton, yep, that's right, you will be paying the same tax rate you did under Bill Clinton, now, you have to think for a minute on this, it's not hard. The Clinton-era tax rates were at 35% in general, which is 15% less than what they were under Reagan, it is also the same rate that gave us a surplus instead of a deficit, because of the defense cuts made under Clinton. What am I talking about? Again you have to think for a minute. Clinton cut defense during his presidency to less than half of what it is now, I know a lot of you on the vine know this, that it was under Bush that we ended up raising the defense budget to what it is now, and that this happened after the Bush tax cuts. which by the way were supposed to be temporary.
So, what am I saying here? This is what I am saying here, Is it so bad if these tax cuts expire? Think about it, if the tax cuts expire we return to the Clinton-era tax rate which helped to create jobs, and it stimulated the economy, and we were able to create a surplus in the government, something no other president ever could claim, except Clinton.