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Count the votes to see who passed it. The law in itself is not a bad thing, and the situation proves it was necessary. Without it the Congress would do nothing, it may be that even with it they will do nothing, but if nothing happens, then the spending is cut, and taxes rise for everyone. It forces the limp congress to pull their act together.
Spending is cut, primarily on defense, and I believe that may be the stupidest thing they have done in a very long time. At least they provided for something that most Dems approved of.
Spending is cut, primarily on defense, and I believe that may be the stupidest thing they have done in a very long time. At least they provided for something that most Dems approved of.
No, not primarily on defense, although they are not immune to the cuts. Like I said, GOP voted mostly YEA on that bill. Now is the time for both sides to work together and make compromises, but Boehners comments are not too encouraging.
1. What this tells you is that the wealthiest states supported Obama. Strange, huh?
2. The tax hike will still affect them much less than it would poorer people in red states.
3. That said, the fiscal cliff is not good for anybody and will (hopefully) be avoided if Congress can behave like adults and actually compromise.
Wealth does not equal income, the fact that people make more in some states then others does not automatically mean that their wealth is higher in those states.
I'm one of those Maryland residents who will be hammered. Our mortgage is low for the area, our deductions are miniscule and our Governor (Martin O'Malley, D-Baltimore City) has decreed, and the Legislature concurred, that couples such as Mrs. NBP and I, both teachers, fall into that category of "wealthy" and must pay higher income taxes.
The highest earning states also have amongst the highest rates of education, and truthfully, their polling has indicated they are not as rabidly anti tax as the states where people earn less, on average.
Most earning above 250k have lived long enough that they recall even higher progressive tax rates than those in existence before the 2001 tax cuts. Even if the tax increases come to pass, we are still looking at income tax collections being below long-term average rates.
I'm one of those Maryland residents who will be hammered. Our mortgage is low for the area, our deductions are miniscule and our Governor (Martin O'Malley, D-Baltimore City) has decreed, and the Legislature concurred, that couples such as Mrs. NBP and I, both teachers, fall into that category of "wealthy" and must pay higher income taxes.
Unless there is an agreement, everyone will pay higher taxes, not just the wealthy.
Unless there is an agreement, everyone will pay higher taxes, not just the wealthy.
I'm budgeting for it already, and quite frankly, it will not mean a drastic change in lifestyle. If we stopped every Bush tax rate, we'd still be paying lower marginal rates than our parents did, at comparable ages.
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