Fiscal Cliff

Fiscal Cliff Talks at Halt as Boehner Edges Closer to Obama’s Demands

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On Sunday, talks of the fiscal cliff shifted slightly when Republican House Speaker John Boehner edged his position toward President Obamas demands of extending low tax rate to people who make less than $1 million aand tax the people making higher wages. While the White House has yet to accept Boehner's proposal, headway was made.

Read it at Reuters


The tax matter is only a part

The tax matter is only a part of what is being negotiated.
Reinstating Clinton-era taxes on incomes over $250,000 (ie repealing the Bush cuts) would only take those taxes ONE THIRD of the way back to what they were before Regan. In other words, high-income people including the wealthiest would retain TWO THIRDS of the obscenely unfair windfall they got with the Regan cuts.
And still we read of the possibility Obama would agree to a compromise, that people with incomes of $250,000 to $1,000,000 in a single year (who often own millions in assets) would retain the entire tax-cut windfall they got under Regan. It's insane. As to the 2% or so of those high-income individuals who might hire fewer employees if their taxes went up, it would be easy to give them a big tax credit for the cost of every new employee they hired.

But "we the people" do not even have a window so as to see into the back room. We will be given spin summaries of the unfathomable deal after it has been struck.

When all is said and done re "fiscal cliff", those among the 99% paying attention to the forest (as opposed to just some of the trees) will awake to the reality that the Repub and Dem elites were negotiating the difference between transferring their wealth and well-being to the 1% at the current rate of 75 MPH versus something like 65 or 55 MPH. Dems are not trying to slam on the brakes, much less reverse the transfer, nor are they even trying to arouse awareness of what is actually happening in hopes of doing so in the future.

The conning and predation of the 99% by the greedy and insulated among the 1% is so complete that even progressive outlets do not tell the larger story, for fear of alienating those who applaud Obama or who are hostage to the "lesser evil" argument.