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Grading the Fiscal Cliff Deal: Terrible, but Could Be Worse

kenneth416 Wrote: Jan 01, 2013 11:09 AM
I have not yet seen the CBO scoring on the "fiscal cliff deal," but am almost certain that the deficit will be INCREASED as a result of reaching agreement. While the 39.6% marginal rate will be imposed only on income above $400K (single) or $450K (joint), and thus will certainly not impact me. I do not find this terribly onerous, other than the class-warfare aspect. I do understand that the "payroll tax holiday" was allowed to expire and thus, ALL workers will see an immediate 2% reduction in take-home pay (up to the SS limit). I agree with Mr. Mitchell--a bad deal which could have been worse.
Snarkasterous1 Wrote: Jan 01, 2013 11:58 AM
The key to remember, kenneth, is that the tax increases are largely disconnected from the deficit.

Obozo and his libbie pals (like those in the Senate who have simply declined to pass a budget in four years, in contravention of their legal duty) will spend more than is taken in.

There will be NO meaningful deficit reduction, whatever revenues flow from Obozo's most recent fleecing of society's productive. They'll spend all that comes in, and more. There never was any intent by this socialist to reduce the deficit. Ever.

- Snark

There’s no official agreement, so everything you read here may turn out to be nonsense, but it appears that the misfits in Washington have reached a deal on the fiscal cliff.

It seems as though my prediction about the outcome was correct. Not that this makes me happy.

First, the good news.

Oh, wait, there isn’t any.

Now for the bad news.

The top tax rate will increase to 39.6 percent for entrepreneurs, investors, small business owners, and other “rich” taxpayers making more than $400,000 ($450,000 for married couples). This is Obama’s big victory. He gets his...