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Do You Like the Fiscal Cliff Deal?

The agreement reached between the White House and Congress doesn't address spending cuts and leaves another potential debt limit showdown on the table. It also increases taxes on income over $400,000. Is this a deal that works for you?

After a marathon holiday negotiation session, after grumbling by liberal senators and after a near-revolt by conservative representatives, the fiscal cliff deal was approved by the House of Representatives late Tuesday night. 

The bargain will increase taxes on income above $450,000 for families, increase capital gains taxes, permanently fix the alternative minimum tax, change the estate tax and provide some changes in deductions. It also will extend unemployment benefits, earned income tax credits and other tax breaks for the working class. The Washington Post has a cheat sheet with all of the details.

Middle class taxpayers will still see a smaller paycheck in 2013; The payroll tax cut was not preserved as part of the fiscal cliff deal. That tax specifically pays into social security. If you make $50,000 a year, the payroll tax increase will cost you about $1,000. That has some liberal economists upset with the deal.

What do you think? Did the president give away the store by moving the top bracket tax increase from $250,000 to $450,000? Did House Republicans lose out by pushing spending cuts down the road by two months? Or is the sort of compromise you were waiting for? Tell us your thoughts in the comments section below.

CLaude Todoroff January 03, 2013 at 11:29 AM
We went over the fiscal cliff a few trillion dollars ago? How do you pay back $16.5 trillion that will probably be almost $18 trillion a year from now? What about the additional $100 trillion in unfunded mandates? Simple. You do what the Weimar Republic did and have the federal reserve printing money like Milton Bradley does. The only question to be answered is will our republic survive or will Obama succeed in his plans to destroy that too in favor of a one world government ie. Agenda 21?
Noel Park January 03, 2013 at 04:03 PM
It's all just political theater IMHO. Unless and until they all get serious about SUBSTANTIALLY cutting military spending nobody has any credibility on this deficit/debt issue. As to the tax increase, I wish that the President had been able to hang on to the $250K number, but it's all pretty symbolic anyway. I can just imagine the armies of tax accountants and attorneys licking their lips waiting to make sure that their clients skate. Do we really think that the hedge fund billionaires will pay any more tax?
Arthur Christopher Schaper January 05, 2013 at 08:35 PM
It was a "Satan Sandwich".
Noel Park January 07, 2013 at 04:37 PM
Yeah, that just about says it all.
Tim Sole January 07, 2013 at 09:12 PM
Come on guys, they where elected to fix this mess. Sorry to say, they don't have time for budgets, to many things to ban and make illegal, BUDGET SMUDGET, LETS BAN SOME STUFF............

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