Higher Taxes on the Way

by Kenneth Hoffman in ,

That's what the future holds if Congress continues on its current course.

If Congress can't agree on a way to extend the payroll tax cut, a relatively simple issue, there's little hope of them coming to gripes with an extension of the Bush tax cuts. That's going to be far more difficult.

But higher taxes won't be the end of the consequences. Those higher taxes are almost sure to put a damper on economic activity. We might be treated to the worst of both worlds--higher taxes and a second recession. While it's still early, recent history does not bode well for a compromise before the end of the year.

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