Local Lawmakers talk fiscal cliff - 21 News Now, More Local News for Youngstown, Ohio -

Local Lawmakers talk fiscal cliff

Updated:

YOUNGSTOWN, Ohio - January 1st is the deadline for the so called fiscal cliff.

That's when $600 billion worth of automatic tax hikes and budget cuts kick in unless Congress steps in and compromises to stop it.

The second annual Regional Chamber Government Affairs Mixer was held at the Youngstown Country Club Monday night.

One of the main topics of conversation among business leaders and lawmakers was the government's fiscal cliff.

Tony Paglia of the Regional Chamber says the Valley can't afford an economic slowdown. "We're at a point here in the Valley where we're seeing job growth and we're seeing the economy improve so we certainly don't want to see that stop. So we all hope wise heads will prevail and there will be compromise," Paglia said.

Congressman Bill Johnson said if something isn't done soon virtually all working Americans will be paying a lot more taxes in 2013. He says even the lowest tax bracket would see a tax increase of nearly 50%.

"The speaker has made it very clear that we are willing to increase revenues by closing tax loop holes, by broadening the tax base, by putting people back to work. But it's very important with our economy being as fragile as it is, raising taxes on job creators is not the right thing to do right now," Johnson said.

Congressman Tim Ryan says this is an opportunity for both sides to come together to make the tax system simpler.

Ryan said, "We don't want businesses spending all kinds of money on accountants or families spending all their money. We want people putting money back into their businesses. So there's an opportunity to simplify the tax code, an opportunity to bring down the corporate tax rate and bring some fairness to the tax system."

Ryan says he believes there will be a compromise over the next couple of weeks and it will likely not be a deal either side will be a hundred percent in love with, but it's necessary.

Right now Congress is planning to meet after the Thanksgiving holiday to discuss some options.

  • SpotlightSpotlightMore>>

  • Updated

    The Scrappers host “POPS at the Ballpark” featuring the Youngstown Symphony Orchestra

    The Scrappers host “POPS at the Ballpark” featuring the Youngstown Symphony Orchestra

    Tuesday, April 15 2014 2:04 PM EDT2014-04-15 18:04:57 GMT
    NILES, Ohio – The Mahoning Valley Scrappers and the Youngstown Symphony Orchestra are excited to host one of the Valley's premiere summer events, POPS at the Ballpark,More >>
    NILES, Ohio – The Mahoning Valley Scrappers and the Youngstown Symphony Orchestra are excited to host one of the Valley's premiere summer events, POPS at the Ballpark, presented by Stanley E. Shearer with Northwestern Mutual and 21 WFMJ on Saturday, August 23, 2014 at Eastwood Field.More >>
  • Around the WebMore>>

  • 2 boaters found dead in Lake Erie; 2 more missing

    2 boaters found dead in Lake Erie; 2 more missing

    Thursday, April 17 2014 3:49 PM EDT2014-04-17 19:49:32 GMT
    TOLEDO, Ohio (AP) - Authorities say the bodies of two of four missing boaters in western Lake Erie have been recovered off the Ohio shoreline. Officials say they recovered the bodies of two females Thursday.More >>
    TOLEDO, Ohio (AP) - Authorities say the bodies of two of four missing boaters in western Lake Erie have been recovered off the Ohio shoreline. Officials say they recovered the bodies of two females Thursday.More >>
  • Boston Marathon organizers confident of safe race

    Boston Marathon organizers confident of safe race

    Police stepped up patrols near the Boston Marathon finish line after a masked man walked in the street with a rice cooker in his backpack only hours after the city marked the anniversary of last year's deadly...More >>
    The arrest of a man with a rice cooker in his backpack near the Boston Marathon finish line led police to step up patrols Wednesday, while organizers sought to assure the city and runners of a safe race next week.More >>
  • Low of 19 degrees in Toledo breaks 139-year record

    Low of 19 degrees in Toledo breaks 139-year record

    Wednesday, April 16 2014 6:34 PM EDT2014-04-16 22:34:39 GMT
    TOLEDO, Ohio (AP) - Winter temperatures are refusing to go away in northwestern Ohio. The thermometer dropped to 19 degrees in Toledo Wednesday morning, breaking a 139-year-old record for the same dateMore >>
    TOLEDO, Ohio (AP) - Winter temperatures are refusing to go away in northwestern Ohio. The thermometer dropped to 19 degrees in Toledo Wednesday morning, breaking a 139-year-old record for the same dateMore >>
Powered by WorldNow
All content © Copyright 2000 - 2014 Worldnow and WFMJ. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms