Unless the law is changed, big tax increases will be imposed on all taxpayers next year. This is the so-called fiscal cliff, and President Obama is using this unpalatable situation as an excuse to push for his class-warfare tax policy.
I talk about the political and economic ramification of this fight with Glenn Reynolds, author of the famous Instapundit blog.
As is my habit, there are a couple of points that deserve some elaboration.
- Budget deals don’t work – I
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