In response to:

Republicans Have Already Lost Fight on Fiscal Cliff

knochel Wrote: Nov 15, 2012 2:09 PM
The only problem with allowing tax rates to go up on the ultra-rich is that that is where all the loopholes are. It's the "Working Rich", who own small businesses and file individual that will bear the brunt of raising the tax rate. Close the loopholes and wait for the special interest howling.
bigdawgworking Wrote: Nov 15, 2012 4:07 PM
Out of curiosity, what loopholes would you close? Here's a scenario for you, tell me how you would close this "loophole". I have $100 million. I invest in local school district and municipality bonds. I receive $4 million a year in TAX FREE income. The Supreme Court has ruled that income from state and local bonds cannot be taxed by Federal government. Game. Set. Match. Lots more where that one came from. The wealthy could not care less about tax rates. They hire attorneys and accountants to worry for them. No matter what the rate is, the truly wealthy will pay about the same in taxes. Those who will be taxed are those who are in between. Those people will be prevented from ever making it by Obama.

You'll remember that President Barack Obama was the only candidate with a detailed plan to deal with the impending fiscal unpleasantness. And, as the president explained this week during his first press conference since winning re-election, "more voters agreed" with him, so naturally, it's time to give the people what they want.

So what do we win? Well, turns out there's only one detail worth remembering when dealing with the slew of tax hikes that kick in next year: We must reverse Bush-era tax rates on the rich. According to rosy projections of the Congressional Budget Office, this would...