Legend of the Fall: Don’t fear fiscal cliff, says Democrat

12 Nov

“If the Republicans will not agree with that, we will reach a point at the end of this year where all the tax cuts expire and we’ll start over next year,” said Patty Murray, who was co-chair of last year’s deficit supercommittee, on ABC’s This Week. “And whatever we do will be a tax cut for whatever package we put together. That may be the way to get past this.”[1]

Really Ms. Murray? Damn the torpedoes full speed ahead? It’s this all or nothing type mentality which will get us no where. If the president is really committed to reaching across the aisle to avoid financial armageddon, he needs to get people like Ms. Murray to sit down and be quiet.

“I don’t really understand why Republicans don’t take Obama’s offer to freeze taxes for everyone below $250,000, make it $500,000, make it $1m,” said Mr Kristol on Fox News Sunday. “Really? The Republican party is going to fall on its sword to defend a bunch of millionaires, half of whom voted Democratic and half of whom live in Hollywood?”[1]

While I may not fully agree with raising taxes on everyone, Mr. Kristol makes an interesting argument and point. If those who are making that much money really want to be forced (they have the option to pay more voluntarily now) to pay more in taxes, by all means let them. Especially those who decided vote President Obama in for a second term. What I would say to the Republicans is to do all they can to make sure the limit is not $250,000 but something over $1 million. This would help ensure smaller business are not harmed as much as the “elite” who are set on letting the government handle/control their financial future.

References

[1] Source – The Financial Times

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