Responsible Fiscal Cliff Resolution
It's as simple as doing the right thing.
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.
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.
The payroll tax will rise from 4.2% to 6.2%. Doing so means a 50% tax increase for over 90% of Americans.