The fiscal cliff is closer by the day. The confluence of the start of new taxes for the Affordable Care Act and the end of several tax cuts comes with the New Year.
“This election will have a big say in (what happens) afterward,” says U.S. Rep. John Shimkus (R-Collinsville). “Everyone, even in the presidential debate, talked about tax reform. There are some revenue issues there. It’s going to be difficult to do if all of the tax rates go up in January, so there is some thought after the election that those will be extended.”
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Another possible extension for a Congressional lame-duck session would be the farm bill. Shimkus says if there’s no new farm program, it doesn’t mean there’s simply no farm program. “It means we go back to 1949, which is (the era of) mohair subsidies,” Shimkus said with a laugh. “Because no one wants to go back to 1949, we’ll see some resolution."