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Responsible Fiscal Cliff Resolution

By       Message Stephen Lendman       (Page 1 of 9 pages)     Permalink    (# of views)   1 comment

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Responsible Fiscal Cliff Resolution


It's as simple as doing the right thing.

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by Stephen Lendman

Responsible governance isn't rocket science. Nor is effective economic policy. Fiscal cliff resolution is as simple as doing the right thing. Both parties spurn doing so.

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December 31 is a nominal deadline. Effectively it's meaningless. New year legislation can be retroactive to January 1. Absent any, here's what's at stake.

Bush tax cuts revert automatically to Clinton-era levels. The current top 35% will rise to 39.6%. Average middle income families will pay an extra $2,200 annually. 

High income earners have clever lawyers and accountants able. They're able to minimize their burden. Ordinary people are hit hardest.

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The payroll tax will rise from 4.2% to 6.2%. Doing so means a 50% tax increase for over 90% of Americans. 

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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