In response to:

About That Fiscal Cliff

SMyles Wrote: Nov 21, 2012 2:55 PM
At least the GOP has that right. Higher taxes = less productivity. Schiff was pointing out the absurdity of Krugmans article promoting tax rates of 91% like the fifties.
SMyles Wrote: Nov 21, 2012 5:57 PM
According to Schiff accounting practices and loopholes allowed the rich to pay less tax than they do today.
Joseph64 Wrote: Nov 21, 2012 4:43 PM
In the 1950's, investors had no other choice but to invest in the United States because every place else was still recovering from World War 2. They could get away with higher tax rates back then because even after taxes you still came away with more profits than if you had invested elsewhere. That situation no longer exists so the United States has to be competitive in it's treatment of investors and businesses or else they will just leave and take their money with them. The left refuses to see this.
Yikes, we're headed toward a fiscal cliff! It will crush the economy! Or so the media and politicians tell us.

The "cliff" is a series of tax increases and budget cuts that automatically go into effect Jan. 1 unless Congress acts.

Will Congress act?

It will! I see the future: The politicians will meet and fret and hold press conferences and predict disaster. Then they'll reach a deal.

It will just postpone the reckoning, but they'll congratulate themselves, and the media will move on.

America, however, continues to go broke.

"They're not going to admit that we're bankrupt, and they won't...