The A-List: Martin Feldstein - Obama tax hikes threaten US recovery

The A-List: Martin Feldstein - Obama tax hikes threaten US recovery The most important cloud on the US horizon is the large tax increase that will occur next year unless there is legislation to block it. The Congressional Budget Office predicts that, under current law, the revenue of the federal government will rise from $2,456bn in the current fiscal year, which ends in September, to $2,968bn in the following fiscal year. That increase of $512bn is equivalent to 2.9% of GDP, bringing federal revenue as a share of GDP from 15.8% this year to 18.7% next year. A sustained tax increase of that magnitude would push the US into a new and deep recession next year.
http://link.ft.com/r/0QSDPP/YBDXYC/S3NLI4/L9LEY7/MSCI5R/RF/h?a1=2012&a2=3&a3=19