Hey whats up with this Fiscal Cliff ?

Quote from StarNova : I think you're right. You have a large group of republicans that promised not to raise taxes. You have a large group of democrats that have promised to continue and expand certain entitlements. It's a recipe for disaster. You have sacred cows, SS for example, that will have to dealt with. But it's political suicide to do so. The Speaker of the House may want to deal but without enough votes the fiscal cliff will happen. My main concern is for the military and the veterans. I think you will slash and burn some truly crappy programs that need to be off the gov't dole; however, you will also cut some desperately needed programs. Across the board cuts without regard of how it affects our nation and its safety is mind-numbingly foolish.

I blame my own party. The Democrats had the majority in Congress before November 2010 and could have done the fair thing by extending the GW Bush tax cuts for all of us making under $250,000 while letting the rates for those making more go up. Why didn't they do it before the 2010 election? Because the were pussies, that is why. There I said it. The Democrats were afraid of being called "tax and spend liberals" so they did not act. Well the teabaggers threw them out anyway and be got two years of filibusters.

By December of 2010 the GOP was holding extending the tax cuts on the middle class hostage for tax cuts on the rich. President Obama said he was not going to let that happen and gave the Republicans everything they wanted. http://abcnews.go.com/Politics/ta...J4OdIZT_Js

As for Social Security, that is an easy fix. Raise the ceiling on income subject to the Social Security tax would need to $180,000. http://robertreich.org/post/3331762717

Quote from RHCCapri : The Democrats had the majority in Congress before November 2010 and could have done the fair thing by extending the GW Bush tax cuts for all of us making under $250,000 while letting the rates for those making more go up.

We'll see how the tax cuts go considering
Cowboy Bush demanded tax cuts within 20 months of 2 wars.

I'm sure the Tea Party patriots were in favor of the 1st wartime president to cut taxes during NOT only one, but 2 Wars!

Quote from RHCCapri : I blame my own party. The Democrats had the majority in Congress before November 2010 and could have done the fair thing by extending the GW Bush tax cuts for all of us making under $250,000 while letting the rates for those making more go up. Why didn't they do it before the 2010 election? Because the were pussies, that is why. There I said it. The Democrats were afraid of being called "tax and spend liberals" so they did not act. Well the teabaggers threw them out anyway and be got two years of filibusters.

It probably would have worked if they set the bar at $1 million like some of them [politico.com] had called for (and some are calling for now).

I think the big issue was the economic sluggishness and concern for causing a double dip if that were to occur

It is no secret Republicons signed a pledge with Grover Norquist not allowing them to raise taxes for any reason. If the civil war within the GOP does not make this pledge meaningless then I believe we will see the Bush tax cuts expire and then Obama will come in with new legislation in January giving tax cuts to all but the top bracket bringing marginal rates back to Bush levels. This will allow Republicons to vote for the bill while still complying with Norquist and raising revenue. But there is a good chance Norquist means nothing now and Boehner and Mcconnell will come to a deal prior to January.

The Fiscal Cliff Explained

Quote : It’s the phrase that will be dominating the airwaves in the days and months to come as the pundits and prognosticators leave the 2012 election behind and turn their attention to dire predictions of economic collapse should the government allow us to tumble over “the fiscal cliff.” http://www.forbes.com/sites/ricku...explained/

Quote from dynamite : It is no secret Republicons signed a pledge with Grover Norquist not allowing them to raise taxes for any reason. If the civil war within the GOP does not make this pledge meaningless then I believe we will see the Bush tax cuts expire and then Obama will come in with new legislation in January giving tax cuts to all but the top bracket bringing marginal rates back to Bush levels. This will allow Republicons to vote for the bill while still complying with Norquist and raising revenue. But there is a good chance Norquist means nothing now and Boehner and Mcconnell will come to a deal prior to January.

Nice signature... I don't think that will be the case though. Republicans lost this election on social issues and their "image" more than anything else IMO. Even at the end, Romney broke with the official GOP platform and agreed that abortions should be legal in the cases of rape, incest and the life of the mother. I predict that within another decade or so, you'll see a more socially-moderate (and dare I say, pro-choice) GOP POTUS candidate.

As for the fiscal cliff, I am guessing that Obama will raise the bar from $250K to something higher (like $1-2 million) and will see if the GOP bites.

Quote from WindySummer : We'll see how the tax cuts go considering Cowboy Bush demanded tax cuts within 20 months of 2 wars.

So did Obama. *shrug*

Quote from 124nic8 : Only the delusional would believe that 32 years of Reagan Revolution was a march "further and further left." You know what the highest marginal tax rate was in 1980?

Was that highest marginal tax rate back when you could also deduct practically everything including the kitchen sink?

Quote from larrymoencurly : But think of it this way: What power do the national Republicans have now except for the ability to obstruct? You don't give up your only power, so expect lots of obstruction, just like the last 4 years.

Sounds like it's up to the heroic Democrats in the Senate to pass a budget. ...For the first time in 3+ years.

Quote from Deusxmachina : Was that highest marginal tax rate back when you could also deduct practically everything including the kitchen sink?

I was never able to deduct my kitchen sink, so no.

Quote from 124nic8 : I was never able to deduct my kitchen sink, so no.

His point stands though. It's the same argument when people say that the corporation tax rate is the 2nd-highest in the world. Lots of loopholes and shelters to hide your income so you never end up paying anywhere near that effective rate on any of your income

Quote from dynamite : It is no secret Republicons signed a pledge with Grover Norquist not allowing them to raise taxes for any reason. If the civil war within the GOP does not make this pledge meaningless then I believe we will see the Bush tax cuts expire and then Obama will come in with new legislation in January giving tax cuts to all but the top bracket bringing marginal rates back to Bush levels. This will allow Republicons to vote for the bill while still complying with Norquist and raising revenue. But there is a good chance Norquist means nothing now and Boehner and Mcconnell will come to a deal prior to January.

Republicons.....you should run for office. You're so smart. We need more people like you.

Quote from andyfico : Republicons.....you should run for office. You're so smart. We need more people like you.

Personal attack!!

Quote from RHCCapri : I blame my own party. The Democrats had the majority in Congress before November 2010 and could have done the fair thing by extending the GW Bush tax cuts for all of us making under $250,000 while letting the rates for those making more go up. Why didn't they do it before the 2010 election? Because the were pussies, that is why. There I said it. The Democrats were afraid of being called "tax and spend liberals" so they did not act. Well the teabaggers threw them out anyway and be got two years of filibusters. By December of 2010 the GOP was holding extending the tax cuts on the middle class hostage for tax cuts on the rich. President Obama said he was not going to let that happen and gave the Republicans everything they wanted. http://abcnews.go.com/Politics/ta...J4OdIZT_Js As for Social Security, that is an easy fix. Raise the ceiling on income subject to the Social Security tax would need to $180,000. http://robertreich.org/post/3331762717

I think you will have a standoff between the Congress and the President. Last time - Obama backed off and gave the extended tax cuts to everyone. Now it's crunch time and someone will have to blink first.

SS would be an easy fix but let's see which party puts a ceiling before Congress - I doubt it will be the Democrats, probably won't be Republicans either. Sad to say this but it will probably be the Lib party or a Tea Party member. Talk smack all you want about the Tea Party or the Libs - at least they are making an attempt at some reforms.

Quote from rrc06 : Nice signature... I don't think that will be the case though. Republicans lost this election on social issues and their "image" more than anything else IMO. Even at the end, Romney broke with the official GOP platform and agreed that abortions should be legal in the cases of rape, incest and the life of the mother. I predict that within another decade or so, you'll see a more socially-moderate (and dare I say, pro-choice) GOP POTUS candidate. As for the fiscal cliff, I am guessing that Obama will raise the bar from $250K to something higher (like $1-2 million) and will see if the GOP bites.

You're probably right. The good and bad about being wealthy is you have mobility. If you are truly rich, you can take your money elsewhere pretty easily. I think the tax increase is good in theory but you will lose more tax money than you gain as people learn to game the system. It's loophole heaven. What we really need is serious tax reform. Not more games.

Quote from RHCCapri : I blame my own party. The Democrats had the majority in Congress before November 2010 and could have done the fair thing by extending the GW Bush tax cuts for all of us making under $250,000 while letting the rates for those making more go up. Why didn't they do it before the 2010 election? Because the were pussies, that is why. There I said it. The Democrats were afraid of being called "tax and spend liberals" so they did not act. Well the teabaggers threw them out anyway and be got two years of filibusters. By December of 2010 the GOP was holding extending the tax cuts on the middle class hostage for tax cuts on the rich. President Obama said he was not going to let that happen and gave the Republicans everything they wanted. http://abcnews.go.com/Politics/ta...J4OdIZT_Js As for Social Security, that is an easy fix. Raise the ceiling on income subject to the Social Security tax would need to $180,000. http://robertreich.org/post/3331762717

You guys on the left should find a new word to use, because your butchering of the word fair is getting to be a bit ridiculous.

The word progressive would fit nicely in these situations.
Own you parties tag line...

I am looking forward to the financial cliff and the nullification of Grover Norquist.