Fiscal Cliff Postponed – Paychecks go Downon January 2nd, 2013 at 9:28 am
It looks like the president won. He has successfully pulled off an ever popular rob from the rich and give to the poor tactic. The fiscal cliff deal fails miserably to stem the flow of red ink on the books at the Department of the Treasury. The new taxes will do little to even slow down the amount that we add to the National Debt everyday.
You escaped unscathed? Think again. Your Social Security deduction will increase by 2%. If you make $40,000 per year you will take home $800 less this year. Can you guess what impact virtually everyone having a paycheck reduced by 2% will have on the economy?
Ironically, the Hollywood set that is telling us that the rich need to pay their “fair share” get an extension on “Production Tax Incentives”.
It will be interesting to see what President Obama can come up with for reducing expenses in two months.