February 6, 2013

You Got Your Tax Increase, Dems...Now Show Us the Money

By Gene Schwimmer
The so-called fiscal cliff has been avoided, at least for the time being, and all it cost was a tax rate increase on the nation's most productive taxpayers.  Of course, conservatives are disappointed, but one also needs to appreciate that with all the Bush tax rate decreases set to expire automatically, Democrats had Republicans over a barrel.  That being the case, Republicans didn't do so badly, considering.  The higher rates that would have kicked in at incomes above $250,000 (for marrieds, $200,000 for singles) will instead apply only to incomes above $450,000 (for marrieds, $400,000 for singles).  And the formerly temporary Bush rates on incomes of $450,000 and below have now been made permanent. The bad news is that at least some Democrats, such as New York Senator Chuck Schumer, see the recent rate increases as just a first step, a prelude to demanding "additional revenue" as part of any agreement to deal with the debt ceiling. Well, good luck with that,...(Read Full Article)