Fiscal Cliff: Yeah, It's Coming

Despite the plans of Representative John Boehner (R-OH), the U.S. is going to go over the fiscal cliff in January 2013. Boehner’s plan “A” was stillborn. It was an offer that President Barack Hussein Obama would not sign. Boehner’s plan “B” could not garner enough support from fellow Republicans for Boehner to even call it up for a vote. So now the House of Representatives has adjourned for its Christmas recess until after the New Year. I guess that Boehner (and Obama) thought the Christmas adjournment was more important than the country.

But that’s old news, something that we knew would happen. This article briefly examines the “fiscal cliff” and its attendant tax hikes, why taxing the “wealthy” will never work, why tax increases in general never work, and the psychological damage to the U.S. caused by the fiscal cliff.

The Fiscal Cliff: The Tax Policy Center says: “The looming fiscal cliff threatens to boost taxes by more than $500 billion in 2013 when many temporary tax provisions are scheduled to expire. Nearly 90 percent of Americans would pay more tax.” The table below, provided by the Urban-Brookings Tax Policy Center, provides a visual representation of what the results of the fiscal cliff will be. This graph illustrates what Obama calls “fair” with regard to tax rates. It also illustrates Obama’s hypocrisy. On December 10, 2012, in Redford, MI, Obama said, “…what you need is a package that keeps taxes where they are for middle-class families;…[.]” [Emphasis Mine]

Read more at American Thinker: http://www.americanthinker.com/2012/12/fiscal_cliff_yeah_its_coming.html#ixzz2GSbiMPJx
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