Do we need spending cuts with the high revenue from taxes? LOL
NEW YORK (CNNMoney)
Being "rich" could become a whole lot tougher. Under one fiscal cliff proposal being worked out in Congress, taxes would rise only on couples making more than $450,000.
That's a lot higher than the $250,000 threshold that policy makers had long marked as the dividing line between the middle class and the rich. Just under 2% of filers, or 2.85 million, have adjusted gross incomes above $250,000.
By contrast, only 0.6% of joint filers, or 965,000 households, have incomes above $500,000, according to the closest estimate the Tax Policy Center has done to the fiscal cliff deal.
Raising the bar cuts out about 28% of the income that would have been subject to higher tax rates, bringing in less revenue overall.
I kinda wish the republicans would have given Obama everything he wanted except the ability to raise the debt ceiling without congressional approval. It would become very apparent very soon what a large mistake that would have been. 250,000 dollars today is not nearly as much as it was under Bill Clinton. Tax increases like that along with Obamacare taxes would either run people out of business and therefore more unemployment or increase the cost of finished goods to the point very few could afford....
I'm still pretty convinced that is what Obama wants to do though. At the very least diminish the US in the global community if not completely destroy the US. If you have read any of his books, he hates the US. With new taxes he will quite likely increase unempolyment therefore increasing a welfare state. The first step towards dictatorship.....