A Fiscal “Tax-theRich” Deal in the Works – Update

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Update: 12/31/12: Senate Minority Leader Mitch McConnell (R-Ky) and VP Joe Biden have made major progress toward a deal, possibly pulling us back from the brink of the cliff. The plan would hike tax rates for families who earn more than $450,000 and individuals who make more than $400,000.

12/30/12: A deal has been proposed which mostly kicks the can down the road except for the increased taxes on the rich and the imaginary cuts to the increase in spending, allegedly to take place years down the road. It will avoid the fiscal cliff for now if approved by the Congress.

Senate Republican leader Mitch McConnell said he has asked Vice President Joe Biden to become involved in a last-minute effort to reach an agreement.

He added that there was no single issue blocking an agreement but that “the sticking point appears to be a willingness, an interest, or courage to close the deal”.

“I’m willing to get this done, but I need a dance partner,” Mr McConnell said. [Sky News]

To summarize President Obama’s interview, everything is the Republicans’ fault and he doesn’t see a deal right now.

Senator Graham said “Hats off to the President, he won,” in this video. What exactly did he win? Will it improve our economy to tax the rich more?

 

Personally, I think this is the fiscal cliff to nowhere because I believe President Obama has always wanted to go over the cliff. If we go over the cliff, he collects higher taxes, deep cuts to the military and he gets to blame Republicans. As I have said before, it’s a win-win.

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