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One More Time: The Stakes of the Fiscal Cliff

SuperSam Wrote: Dec 26, 2012 2:43 PM
The Bush tax expiring will give the lowest tax bracket the highest tax increase, while killing half of all family's child credit deduction, and at a time people can least afford it along with the price of gasoline being too damn high for too damn long.
President Obama is on his way back to Washington, as the Associated Press reports that he's "cutting short his traditional Christmas holiday in Hawaii, planning to leave for Washington on Wednesday evening... expected to arrive in Washington early Thursday." Most Americans probably won't sympathize that the President has a short vacation - after all, at work, he didn't get that big project finished in time for the holidays.

The elements of the fiscal cliff can be roughly divided into four categories: defense spending cuts, non-defense spending cuts, income tax hikes, and payroll tax hikes. Of these, what has gotten the...