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Flim flam Fiscal Cliff Legislation

By       Message Stephen Lendman       (Page 3 of 8 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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He's a serial liar and shows it. He spurns ordinary people. He's done it throughout his political career.

Unemployment benefits, low-income family tax credits, college tuition ones, and Medicare's "doc fix" were extended. A permanent alternative minimum tax fix was enacted. Its impact on middle income families was reduced.

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Capital gains and dividend taxes rise from 15% to 20%. Personal exemptions and itemized deductions are limited. They'll affect families earning over $300,000 and individuals making more than $250,000. Payroll taxes revert to their Clinton-era 6.2% level.

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Taxes are 40% on estates over $5 million. Currently those valued over $5.12 million are taxed at 35%. Most spending cuts are delayed for Q I discussions.

Congressional pay is frozen for 12 months. Other government workers aren't affected. A provision prevents sharply rising milk prices. Current farm bill legislation continues for another year.

Hurricane Sandy relief was excluded. Last week, Senate members passed $60 billion in emergency aid separately. House legislation didn't follow.

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In the cold light of day, markets were assuaged. Little else was accomplished. Few expected more.

A Washington Post editorial headlined "Small politicians at the cliff's edge," saying:

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