The "fiscal cliff" raw deal is an embarrassment, not an achievement. The way it was passed--in the middle of the night--with most in the House never having read it, was a profile in legislative cowardice. As for the substance of the bill--if you think lower income earners get breaks, check out this analysis by the Tax Policy Foundation (reported in the Daily Mail):
Middle-class workers will take a bigger hit to their income proportionately than those earning between $200,000 and $500,000 under the new fiscal cliff deal, according to the nonpartisan Tax Policy Center.
Earners in the latter group will pay an average 1.3 percent more - or an additional $2,711 - in taxes this year, while workers making between $30,000 and $200,000 will see their paychecks shrink by as much as 1.7 percent - or up to $1,784 - the D.C.-based think tank reported.
Overall, nearly 80 percent of households will pay more money to the federal government as a result of the fiscal cliff deal.
Prediction: the President will offer a "fix" for this tax disparity by offering yet another tax hike on the so-called "rich." |
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