The Fiscal Cliff – Don't Jump!

First of all tax revenues pay for public services which are required to maintain the economy and allow it to grow. Right now there aren't enough tax revenues to maintain everything that was built up by both parties over many years. The reason is there are too many unnecessary loopholes and special deals. Further all income isn't taxed the same. If you live off dividends and capital gains you only pay 15% tax while those of us who worl for a salary or way have to pay the higher progressive income tax. That diminishes work. A mistake since work creates capital. My prescription - abolish all tax loopholes, credits, exemptions and special deals. Every pays progressive income tax.