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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.

steve forte January 03, 2013 at 04:16 PM
Someone making $200k filing single with $10000 in prop taxes and $10k in state income tax would owe the feds $42,797 then add the $20 k for prop and state income taxes ( yes I know NH dosnt have a state income tax but many states do) That $200k just dropped to $138k pretty damn quick
Reality Geezer January 03, 2013 at 05:03 PM
Watts--LOL, they also approved the Rum tax, which should help some of the delusional stay delusional...............
Rep Al Baldasaro January 04, 2013 at 03:23 PM
Thank You Congressman Guinta for standing up to the tax and spenders!!! http://www.wmur.com/news/money/CBO-Fiscal-cliff-deal-adds-4-trillion-to-deficits/-/9857662/17977126/-/129jgrd/-/index.html?absolute=true
Jim U Lacrum January 05, 2013 at 06:01 PM
essay: A government stealing money from the people—particularly from working people who need the money and would spend it if it were not taken from them—does not "keep our economy growing and our country strong." It makes the majority of our people poorer and gives more funding to a run-amok state that starts unnecessary wars, violates the rights of everyone (except its campaign donors), and now even tortures and assassinates people. Furthermore, at this point, tax increases are only serving as the groundwork for future debt increases, which will in turn create a need for future tax increases. It's a downward spiral that has been destroying the value of our currency and our public solvency for decades, and it's worse now than ever.
Jim U Lacrum January 05, 2013 at 06:09 PM
essay: Deficits and the resulting snowballing debt are of great consequence. Stop relying on quotes and partisan nonsense, and think about it. Every dollar we overspend is a new dollar in debt, on which we will be stuck paying interest. Every trillion dollars in debt means billions more dollars in interest payments, resulting in the need for deeper deficits the next time around to maintain even the same level of spending, which causes the debt to grow, requiring greater interest payments, and so on. Our economy is being destroyed by debt and by the inflationary policies that allow debt to accumulate so quickly. Our dollar, once so valuable that $50 was denominated as about an ounce of gold instead of a scrap of paper, is worth next to nothing now. We have so much debt that hundreds of billions of dollars are sucked out of the economy to pay the interest on it. And still, the overspending continues, and mostly for useless and counterproductive garbage like police-state measures, wars of aggression, and sweetheart deals for politically connected corporations.

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