The fiscal cliff legislation doesn't address some of the most important issues that are components of the cliff - the government spending sequester cuts, for example, and the debt ceiling - but the tax cuts were by far the largest issue that needed to be dealt with. As a compromise, tax rates will...
All of this is only smoke and mirrors. 1.the Fed creates money out of thin air. 2. the fed loans that fiat money to banks. 3. businesses and individuals use this money to exchange for goods and services. 4. Every Dollar That Is Put Into Circulation Is Eventually Taxed Out Of Existance. Therefore, it is a rate problem, and monies are not changing hands fast enough to suit the tax receivers. The faster it changes hands, the faster it is taxed and new dollars added to the economy, to be taxed all over again. All taxation is social engineering of one form or another. What I want to know is, If the whole world is in debt, who holds the note(s)?
Less than 24 hours after the Senate passed compromise legislation worked out by Mitch McConnell and Joe Biden to restore most of the tax cuts that lapsed on January 1, John Boehner brought it to the House floor, where it passed on the strength of Democrat votes.
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