NEWSMAX: A growing number of Democrats say they are willing to let the country go off the fiscal cliff if a deal cannot be reached by Jan. 1 that raises taxes on the top two percent of earners while protecting costly entitlement programs.
Their theory in this game of chicken with Republicans is that it will be easier in January to lower taxes for 98 percent of the country while finding the best possible parts of the federal budget to cut — in line with long-held goals of the nation’s liberal party. They also think they’ll be in a better position to save most, if not all, of massive entitlements like Medicare as well as pet projects.
The fiscal cliff, originally created to force a legislatively-appointed supercommittee to make significant cuts to the federal budget, is roughly $500 billion mix of budget cuts and tax increases… (more)
EDITOR: It is unrealistic to seek an omnibus budget reforms prior to the yearend break. With taxes at the margin on the those earning over $250,000 and on the middle class reverting to prior emergency measures, Republicans will not be asked to raise taxes on the rich but rather to simply lower taxes on the middle class.
An interim solution possibly palatable to both parties would be to maintain the current tax reductions for the middle class while compromising the increase on the rich by adding a 39% bracket for earnings over $500,000 a year.
I hope we go flying over the fiscal cliff. Although I am in a much worse position to absorb the impact than the rich, it would be well worth it.
It amazes me how people making over $250,000 are such a bunch of cry babies.