I know, it sucks. The wealthy will have, like 2% less money. The bloated defense budget may have to be cut. OMG. I think I'll jump off a cliff.
That only accounts for 260 billion of the 800 billion in tax hikes that are coming, the fact is the vast majority of these tax cuts were for the middle and lower class, I agree, lets jump, and see what happens, the 10% i sack in taxes will be more than made up for with the volatility that will come as a result of the U.S. economy falling off a cliff, so i say go for it.
I think what the hell, the fiscal cliff is a media born exaggeration. My taxes will go up somewhat, big Fn' deal. We may close some loopholes, great. 98% of you all will be at the same rates. Will there be bipartisan REAL TAX REFORM? Doubtful. All this game playing is just so much theatrics IMO.
The fiscal cliff has nothing to do with the high end tax rates, it has to do with allowing ALL tax rates to expire and go back to normal. There is only about 120 billion of tax cuts specifically for the rich in that, the other 640 billion in taxes comes off the middle class, (as well as the rich) and you can bet your ass if it happens, it will mean a significant reduction in GDP. Obama has poisoned the well, that is why the tax reform we need, will never happen under his watch, but we need to create a consistent tax code, this whole thing of various taxes going up and down on a yearly basis is bullshit, the market just wants certainty.
What are we talking about 2% to 4% raise in taxes depending on what tax bracket you're in. Who knows that may be the perfect rate to maximize revenues without hurting growth, it may be too high or to low. Point is none of you guys crying this is the end of the ol USA as we know it have a clue if it'll make a difference or not or in which way it'll make a difference.
Not surprised at how flippant you are about all of this. I guess you haven't read about the impact on the AMT. That will most certainly affect more than just 2% of taxpayers. It's also worth noting that almost NOBODY mentions all of the ancillary taxes that have been hoisted upon the public in the past 8-10 years...all sorts of "miscellanous taxes", whether it be during travel or on gasoline or soft drinks, etc, etc...combined with increases in property taxes, energy prices, etc, etc... It's a very big deal, but I'm certain that the politburo will create a whole new set of bogus economic stats to mask the damage.
Really? We have no evidence? Would you like to make a bet as to whether or not we hit a recession if Obama allows all taxcuts to expire?