Today I have a commentary on the Capital Business section of the Washington Post:

[I]f Congress does not act, on Jan. 1, Americans will face the biggest tax hike in history. Marginal income tax rates will increase for every taxpayer. The capital gains tax rate will climb 33 percent. Dividend rates for stockholders will jump by as much as 164 percent. The child tax credit will be cut in half and the marriage penalty will return. Small businesses, our job creators and the backbone of our economy, will be among the hardest hit by these tax increases. The top marginal income tax rate will grow to 39.6 percent from 35 percent. Compound that with the loss of certain itemized deductions and personal exemptions, and these small businesses face rates as high as 41.6 percent. And this increase hits our successful small businesses particularly hard -- approximately half of the business income reported on tax returns in 2011 will be subject to the top two marginal rates.

...Already, the American dream is in danger of turning into the American nightmare. Our economy is meandering down the road to recovery but has yet to hit its stride. Nearly one in 10 Americans can't find work. And if you consider those who have given up looking or settled for part-time work, that number jumps to nearly one in five. Things are bad -- and, if taxes increase, they could get much worse.

Congress needs to act now to prevent this tax increase. Extending existing tax rates would, in one bold stroke, boost investor, business and consumer confidence by taking the uncertainty of tax policy off the table. With more of their hard-earned money on hand -- and a better sense of what the future will bring -- businesses and individuals will be able to make the purchases and investments that drive economic growth and create jobs.

The entire piece is here. Read and take action.