The compromise bill to avert what politicians dramatically called the fiscal cliff will result in higher prices for consumers and contribute to unemployment, U.S. Sen. Marco Rubio said Tuesday.
“Thousands of small businesses, not just the wealthy, will now be forced to decide how they'll pay this new tax and, chances are, they'll do it by firing employees, cutting back their hours and benefits, or postponing the new hire they were looking to make. And to make matters worse, it does nothing to bring our dangerous debt under control," Rubio said in a prepared statement.
“Of course, many Americans will be relieved in the short term that their taxes won't go up. However in the long run, they will be hurt when employers pass on to them one of the largest tax hikes in decades. Furthermore, this deal just postpones the inevitable, the need to solve our growing debt crisis and help the 23 million Americans who can't find the work they need.”
The bill passed by the majority of both Republicans and Democrats raises income taxes, capital gains taxes and inheritance taxes, increases the federal budget and results in more deficit spending.
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