Congress did it!!!!! They passed a compromise bill to avert the alleged “fiscal cliff.” Despite the recalcitrance of many Republican members, they raised taxes on those families making over $450,000 per annum. We should be proud………..NOT.
The price for the compromise was the expiration of the payroll tax cut. This item will increase by 2% with the issuance of the first paychecks of 2013. A tax increase for every working person in the country. Thanks, my representatives and senators. Way to stimulate the economy, decreasing the amount a person has to spend.
There is nothing in this bill that directly addresses the salient issue—the structural deficit. It would be so constructive if politicians did what they were sent to DC to do—work on solving real problems. Instead they engage in public relations and brinksmanship that is hardly conducive to eliminating the looming deficits, reforming an outdated and unfair tax code, or enabling programs for seniors and the poor to be assured of stable and consistent funding as our populace grows older and the wealth disparity accelerates into the future.
A foolish bet would be that over the next two months there are any constructive talks on the real issues that have been again “kicked down the road.”
Oh, and by the way, those of you most affected by Hurricane Sandy—–you need to wait until the new Congress takes up your plight. Don’t hold your breath for that $60billion……..