.

Do You Like the Fiscal Cliff Deal?

The agreement reached between the White House and Congress doesn't address spending cuts and leaves another potential debt limit showdown on the table. It also increases taxes on income over $400,000. Is this a deal that works for you?

After a marathon holiday negotiation session, after grumbling by liberal senators and after a near-revolt by conservative representatives, the fiscal cliff deal was approved by the House of Representatives late Tuesday night. 

The bargain will increase taxes on income above $450,000 for families, increase capital gains taxes, permanently fix the alternative minimum tax, change the estate tax and provide some changes in deductions. It also will extend unemployment benefits, earned income tax credits and other tax breaks for the working class. The Washington Post has a cheat sheet with all of the details.

Middle class taxpayers will still see a smaller paycheck in 2013; The payroll tax cut was not preserved as part of the fiscal cliff deal. That tax specifically pays into social security. If you make $50,000 a year, the payroll tax increase will cost you about $1,000. That has some liberal economists upset with the deal.

What do you think? Did the president give away the store by moving the top bracket tax increase from $250,000 to $450,000? Did House Republicans lose out by pushing spending cuts down the road by two months? Or is the sort of compromise you were waiting for? Tell us your thoughts in the comments section below.

Joseph January 02, 2013 at 08:45 PM
What deal? The president left to continue on his $7MM vacation before signing any "deal". Rating agencies have already announced that this deal means nothing until spending cuts are addressed. Don't be fooled by the media and the hype. I mean, taxes still went up for both middle and upper class, and those too lazy to work for a buck are still getting their checks in the mail. How is this beneficial for the country as a whole?
ann merritt January 02, 2013 at 10:20 PM
It's not good for the country. It's only good for the political elite and their friends. Looting our treasure and partying in Hawaii.
Just a person! January 03, 2013 at 12:29 AM
Got to love it, had to go back on vacation, are ya serious, talks about cutbacks and the fiscal cliff, But let's not cut our vacation.
just thinking January 03, 2013 at 01:54 AM
don't complain,this state voted for the obuma,and keep putting democrats in the state house.this state is rated # 1 in wefare,hand out for illegals.do you ever really think about it,giving free money to people who are here illegaly.and don't tell me they are here to work.there is more of them in gangs,selling drugs.and what about the people waiting legaly in line. massachusetts deserves the world dumping on them.VOTE DEMOCRATS OUT
i7marty January 03, 2013 at 04:33 PM
For what was approved they could have voted and agreed on Months ago. There are no spending cuts and that was the problem for most. It just puts the problems off for a month or two.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something