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Fiscal Cliff Postmortems

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Stephen Lendman
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Their contributions are capped at $2,500 annually. Most employer provided ones are $5,000.

Medical deductions are more limited. Obamacare raised the threshold from 7.5% to amounts over 10%. Seniors and spouses are exempt until 2016.

Medicare Part A tax rates rise from 1.45 - 2.35%. Doing so affects individuals earning over $200,000 and families above $250,000. Married couples filing separately and earning over $125,000 pay more.

Medical device manufacturers face a 2.3% excise tax. It'll be priced into products they sell. Buyers will bear the burden. So will consumers in higher medical bills.

Longtime Chicago financial adviser, Terry Savage, reports the "Savage Truth." She wished followers a happy new year. She said "good riddance to a bad Congress."

She called congressional toing and froing a "Mad Hatter's Tea Party." She told CNN viewers their legislation represented an "Alice in Wonderland" moment.

They accomplished nothing. They extended benefits that should have been agreed on months earlier. They left exponentially rising deficits unaddressed. 

Much ado about nothing reflects policy. "Will the next Congress be more sensible," she asked? Don't bet on it. Fiscal discipline are four-letter words. 

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