Fiscal cliff tax fight all about who, what gets hurt from higher rates or fewer tax breaks

  • Article by: ALAN FRAM , Associated Press
  • Updated: December 7, 2012 - 2:43 AM
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  • 1 - 4 of 4
guessagainDec. 7, 12 6:44 AM

Eliminating deductions is wrong on so many levels. Most deductions exist for specific purposes. The charitable deductions is to encourage giving to qualified non-profits and to provide indirect support for charities of taxpayers' choosing. The mortgage and real estate tax deductions are to encourage home ownership and create jobs in the home construction and improvement industries. The state income tax deduction is to prevent double taxation. Why eliminate these things which have been in the law for many decades because the GOP doesn't want to "raise rates?" People bought homes and made lifetime plans with these deductions as part of the plans. We've been lowering rates since Eisenhower. Simply ratchet them back up toward the Reagan rates of 1981 instead of a sea change in how most Americans deal with understand and live with the tax system.

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privateeyeDec. 7, 12 7:44 AM

Raise the tax rate for the top 2% and THEN we can figure out the rest.

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theagonybhoDec. 7, 12 8:57 AM

Lets go off the cliff, at least that way Democrats get the rate increases and theres massive cuts we would never get with Obama.

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usafnodakDec. 7, 1210:00 AM

extend all of the Bush tax cuts into 2013 to avoid the issue of the fiscal cliff, and let the new congress and the President start negotiating after the new congress is sworn in, instead of letting a lame duck congress do the work now. We are talking about $80 billion in added revenues to deal with a deficit of $1.3 trillion. That's like saying that one person peeing the Atlantic will cause the pH level in the Atlantic to go out of whack. This is pure politics baby. The President see's an opportunity to head over the fiscal cliff by sticking to his guns on raising the top two tax brackets, thinking that it will be republicans will get blamed (according to polls) for it. So who does he really care about, his fellow democrats in Washington, or the American people?

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