SPEAK OUT: Will the U.S. Go Over the Fiscal Cliff?
A Dec. 31, 2012, deadline looms for Congress on a number of significant financial issues.
Now that the election is over, the most prominent problem facing the U.S. government is the “fiscal cliff.” You may have heard or seen the term in recent media coverage, but what, exactly, does “fiscal cliff” mean?
If Congress fails to act, on Jan. 1, 2013, a number of financial policies will either expire or initiate, including $7 trillion worth of tax increases and spending cuts over the next 10 years.
Some of the agencies and programs affected include: Defense cuts, air travel safety and food inspection cuts, income tax rates, the estate tax, marriage penalty relief, child tax credit, the alternative minimum tax, a drop in Medicare reimbursements, small business tax breaks and more.
How do you feel about the country potentially going over the fiscal cliff?
daniel phelan
1:25 pm on Thursday, November 8, 2012
It's time the media does it's job. It's time to dispel this notion that raising taxes on rich people is somehow going to crash the economy or destroy jobs. It's nonsense!!
Tax cuts for rich people has nothing to do with jobs, in fact after more than a decade of tax cuts for rich people the jobs market has only broken even from the 2006 collapse. There is just no proof that raising taxes is going to hurt anyone, but there is proof that it can reduce our deficit. If Republicans are truly serious about reducing our deficit than they are going to have to consider raising taxes on rich people.
I am am very interested to know what it is to be a Republican. What do they stand for?
daniel phelan
1:25 pm on Thursday, November 8, 2012
Now, I am perfectly familiar with the grandiose slogans of freedom and liberty that Republicans keep repeating to the public, but when you look at exactly who they fight for it is pretty much only people who make lots and lots of money. How is it that so many people vote for so many Republicans who only really represent the few? I think it's because Republicans of today are really good at making people angry and then telling them that it's the government's fault.
Tell you what America, most Americans don't make lots and lots of money.
So how is it that there are so many Republicans when all they care about is protecting tax cuts for millionaires and billionaires who don't need them? Republicans say that Democrats are asking too much to raise taxes on people making even $500,000 per year.
Think about that. How many people we know make that much money? Hardly anybody? Based on the percentage of the citizenship they represent Republicans have no business holding a majority in any political body.
I think it's time America and the media hold Republicans accountable until they start showing that they are mature and responsible enough to hold positions of leadership.
Rocky
8:37 pm on Thursday, November 8, 2012
Daniel ---Don't be so simple . Do you actually think that raising taxes on the rich will solve this problem? Until the entitlement issue is addressed, nothing significant will happen. It might well be too late. America has more takers that contributors. By the way, it feels great to be a Republican because we are the right side of this issue.
jag
12:07 pm on Friday, November 9, 2012
Hilarious joke.
MocoLoco
11:23 am on Friday, November 9, 2012
I think I'm okay with the idea of going over this fiscal cliff. Sure, it will cost me more in taxes. But, we'll get a government that is 20% smaller! That's awesome--neither Democrats nor Republicans have succeeded in shrinking the federal government. This is our chance to do so. And, by paying higher taxes, we will become a more pay-as-you-go society, rather than borrowing money that our children and grandchildren will have to pay back.
MocoLoco
1:24 pm on Friday, November 9, 2012
Well--to be sure--I am not trying to finish off America. I'm trying to save it from unending debt