Do You Like the Fiscal Cliff Deal?

The agreement reached between the White House and Congress doesn't address spending cuts and leaves another potential debt limit showdown on the table. It also increases taxes on income over $400,000. Is this a deal that works for you?

After a marathon holiday negotiation session, after grumbling by liberal senators and after a near-revolt by conservative representatives, the fiscal cliff deal was approved by the House of Representatives late Tuesday night.

The bargain will increase taxes on income above $450,000 for families, increase capital gains taxes, permanently fix the alternative minimum tax, change the estate tax and provide some changes in deductions. It also will extend unemployment benefits, earned income tax credits and other tax breaks for the working class. The Washington Post has a cheat sheet with all of the details.

Middle class taxpayers will still see a smaller paycheck in 2013; The payroll tax cut was not preserved as part of the fiscal cliff deal. That tax specifically pays into social security. If you make $50,000 a year, the payroll tax increase will cost you about $1,000. That has some liberal economists upset with the deal.

What do you think? Did the president give away the store by moving the top bracket tax increase from $250,000 to $450,000? Did House Republicans lose out by pushing spending cuts down the road by two months? Or is the sort of compromise you were waiting for? Tell us your thoughts in the comments section below.

M C Stringfellow January 03, 2013 at 12:56 PM
Just watch, there will not be spending cuts at the levels needed to balance the budget. And if anyone in Congress even suggest that the President have Carte Blanche on the debt ceiling, there will be hell to pay by We the People in the form of taxes. If these people want to keep their jobs, they better start doing it. Remind the President of exactly what his poers consist. Tell Harry Reid to stop blocking all bills proposed by the House just because Republicans are the majority. Every bill is DOA. What's he afraid of, that the Senate will decide it looks good and vote and pass it. We the people are truly not being represented by the people we elect. If nothing else, the Tea Party did wake up the populace to Washington politics. Time to change direction . Is their an Economist out there who will just give us the facts on this piece of legislation. In answer to the question, Hell no, I am not happy.
M C Stringfellow January 03, 2013 at 12:58 PM
Sorry, about the spelling. The word is POWERS
Dawn January 03, 2013 at 01:49 PM
I'll read more, but what about the welthies' increased taxes? Why the hard workers. the Seniors, children & pooor they go straight for?! Congress needs to turn 1 of their bills over and read " In God We Trust" They need to get it & wokk with it!! Or simpy get out, they have resgnation papers!
M C Stringfellow January 03, 2013 at 07:20 PM
About time somebody did tell him. Now he needs to tell the President he is not a Demigod ant then to go &@$% himself.
M C Stringfellow January 03, 2013 at 07:24 PM
Oh BTW, What is a liberal economist?. Economics is like math, look at it any way you want, but the bottom line is always the same. NOT ENOUGH MONEY, TOO MUCH SPENDING. Any housewife or house husband can figure that out.


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