In response to:

Scrub Out the Tax Preferences, Broaden the Base, Lower the Rates and Watch this Economy Take Off

normfromga Wrote: Nov 14, 2012 3:07 PM
Like Churchill said, Americans can always be counted on to do the right thing...after they have exhausted all other possibilities. Once the voters see our income tax code as a hundred year old failed experiment, we just might see better options put on the table, such as Fair Tax, Flat Tax, or even returning to a tariff-based system. [How better to get our manufacturing base back from overseas?] In any case, I don't see this "cliff" as a crisis. Returning our tax rates to pre-Bush and dropping some of our deductions and entitlements which aren't much older might hurt a little, but won't kill us. We have plenty of time to "do the right thing" rather than having to just keep changing it over and over..
Before the election ballots were fully counted last week, equity markets were sending President Obama a blunt vote of no confidence.

Forget all the political pundits who were heralding his narrow popular vote victory as a mandate for his soak-the-rich tax agenda. The sour message from the investment community that fuels our economy spoke volumes about a fundamentally status quo election.

The capital markets, stricken by uncertainty and sitting on nearly $2 trillion in cash, fear the weak, sub-par, jobless Obama economy isn't going to be significantly different in a second term than it was in his first.

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