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Congress Should Act to Prevent Jobsmageddon   Location: Unknown
If Congress fails to act, Americans will face a $494 billion tax
increase -- the highest ever in one year -- on January 1.  What
has been referred to as Taxmageddon might better be labeled
"Jobsmageddon" because every dollar taken away from individuals
and small businesses is a dollar that cannot create new private
sector jobs. The Heritage Foundation recently released an
extensive study on the overall impact of Taxmageddon, as well as
its specific effects on individual states and Congressional
districts. Based on the roughly $68,000 price-tag of one new
private sector job, the $494 billion tax increase amounts to the
potential loss of 7.3 million private sector jobs and 3.2% of
the overall economy.  While job losses will vary across states,
Jobsmageddon will be especially hard on states already pressed
for cash. California, for instance, will suffer a $61.9 billion
tax increase, roughl