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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. Is this a deal that works for you?

 

After marathon holiday negotiations, 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 this the sort of compromise you were waiting for? Tell us your thoughts in the comments section below.

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Peter Cook January 03, 2013 at 09:10 PM
You mean the two month sulk by the losing party that its man didn't wn the White House is finally over?
JDavies January 04, 2013 at 05:03 AM
My taxes are unceasing about 1,000 a year so I can help save the spotted owl society or let 16 year old teenage mothers in Kansas stay go on welfare and try to get on a reality show. Americans have to rely on congressmen and Senators to make a deal with so many hidden agendas inside. Democrats please stop spending and taxes will not increase! One of my favorite quotes " But in this world nothing can be said to be certain, except death and taxes" BF
Bob Goedjen January 04, 2013 at 07:53 PM
Absolutely not! We are spending way too much and nobody in congress appears to have the courage to say STOP spending. Very poor decisions.

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