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The temporary tax cuts were not expiring until the end of the 2nd year. Obama and Boehner elected to extend them, again temporarily for 2 years, ending 12/31/2012.
If the cliff comes with no deal, taxes are not being raised via new legislation. Temporary legislation that allowed lower tax rates during their period of time are simply expiring.
I figured it was more that Obama was of the view that you shouldn't raise taxes during a weak economy. Isn't the economy still weak but now he and the dems want to raise taxes.
And at that point, the unemployment rate was a full point higher, the U6 rate 2 points higher, and GDP growth rate was about 1/3 the present rate.
We are not flying high, but it also is looking better now, than 24 months ago. Jamie Dimon, CEO of Chase, has stated if we get by the cliff, he expects a very good year plus for our economy. Some of the leading indicators are fairly positive.
Obama ran on a platform that called for letting the tax cuts on 250k expire, so this is not a surprise. The GOP was so certain of a victory no credible pollster could verify, that neither the candidates nor the citizens who voted for them, inquired as to what they would do if the choices were strictly (a) Let all tax cuts expire, or (b) Preserve cuts for the portions of income that are 250k or below.
We will know shortly whether they opt for (a) or (b).
I budgeted 2013 for (a), the same conservative budgeting principles I utilize at our very profitable corp. Only an idiot would budget based on (b), as again, w/o asking pols and w/o them stating their plans, anyone who budgeted using (b) was wreckless.
No matter how this plays out, 2013 will be even better for me than 2012, net of all taxes. I hope you can say that, too.
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Quote:
Originally Posted by Motion
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I figured it was more that Obama was of the view that you shouldn't raise taxes during a weak economy. Isn't the economy still weak but now he and the dems want to raise taxes.
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