As Americans everywhere found out with their first paychecks of the new year, Congress failed to reauthorize the temporary payroll tax cut that expired. This could result in between 300,000...
In response to:
"The legislation lowers tax rates for many people..." This is the same misleading commentary that the precedent and media have used for two years. Technically, we all did get a tax cut... but it was not real, it was back to the same rates we've paid for the last 12 years! So this is bogus misleading that only the truely dumb think is accurate. Also, while the same technical point can be made about the pay roll taxes going up... that we are just going back to what "would have occurred under prior law..." we are in effect getting a tax increase becasue our checks are going down, not staying the same like they would if there was not a tax increase. Again, this is bogus misleading that only the truely dumb think is accurate. Madness...
The deal that Congress came to on the fiscal cliff last week was a combination of half-measures, compromise, and kicking-the-can that nobody seemed to like but was overwhelmingly approved. Most of the meaures that constituted the cliff stood poised to harm the economy over the next two years - and Congress' failure to offset the cost of averting the cliff will result in a worse economy in the long run.
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