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Grading the Fiscal Cliff Deal: Terrible, but Could Be Worse

Timgabz Wrote: Jan 01, 2013 10:29 AM
When the taxes on the rich go up a huge chunk of that burden gets passed to the dudes at the bottom. Either innovation gets rewarded directly or indirectly or it goes elsewhere.

There’s no official agreement, so everything you read here may turn out to be nonsense, but it appears that the misfits in Washington have reached a deal on the fiscal cliff.

It seems as though my prediction about the outcome was correct. Not that this makes me happy.

First, the good news.

Oh, wait, there isn’t any.

Now for the bad news.

The top tax rate will increase to 39.6 percent for entrepreneurs, investors, small business owners, and other “rich” taxpayers making more than $400,000 ($450,000 for married couples). This is Obama’s big victory. He gets his...