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?
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?
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.
The fiscal cliff is nothing compared to what is coming with Obamacare. Millions will be laid off or have their hours reduced to under 28 and it's already happening. http://finance.townhall.com/columnists/mikeshedlock/2012/11/07/restaurants_to_cut_obamacare_costs_by_cutting_employee_hours/page/full/ Orlando-based Darden Restaurants Inc., which operates more than 2,000 restaurants under the Olive Garden, Red Lobster, LongHorn Steakhouse and other brands, is currently testing limiting some employees to 29.5-hour work weeks in some markets. “This is just a test,” said Rich Jeffers, the casual-dining company’s director of media relations and communications.
Even if you think you have an argument there, you apparently want to forget about taxes going up anyway. And they always impact the poor the most. Free checking accounts which the poor needed are now gone for most of them. The next recession will not affect the rich. It will hurt the poor and it will be unleashed in all its fury in 2014. Just watch the millions get laid off while Frank and other liberals argue that they know what's best. They don't and the point will soon be made and in the most horrible way possible.
http://online.wsj.com/article/SB10000872396390444620104578012281306687070.html The adverse effect of this confiscatory level of taxation on traditional device makers is already clear. In my state of Indiana alone, Cook Medical has canceled plans to build one new U.S. facility annually in each of the next several years, and Zimmer plans to lay off 450 workers, while Hill-Rom expects to lay off 200. Stryker, based in Michigan, anticipates having to lay off 1,000 workers. As a result of the looming device tax, production is moving overseas, good jobs are going to Europe and Asia, and cutting-edge medical devices will now be produced elsewhere for import into the U.S. Meanwhile, the impact on the quality of care is incalculable but no less real. Thirty billion dollars must be taken out of operations or R&D. Who knows what lifesaving devices that might have been developed will fall victim to this tax?
"Warren Buffet, a big Obama supporter, gets 95 billion a year in government subsidies. He's one person who is certainly wealthy but those subsidies are not on the table." You don't know what you're talking about. From misspelling his name onward.
That's silly, sure it is, many people choose to live in Maryland and commute to VA.
What? The jobs are moved from LA and weren't available here. How did commuters keep jobs that didn't exist?