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View Diary: Republicans don't need to violate the Norquist pledge to do the right thing (50 comments)

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  •  The GOP's advantage is not the only thing (0+ / 0-)

    that falls off the cliff in January.

    These are the programs that take hits if we fall off the fiscal cliff:

    *  the end of last year’s temporary payroll tax cuts (resulting in a 2% tax increase for workers)
    *  the end of certain tax breaks for businesses
    *  shifts in the alternative minimum tax that would take a larger bite
    *  the end of the tax cuts from 2001-2003
    *  the beginning of taxes related to President Obama’s health care law
    *  cuts in over 1,000 government programs - including the defense budget
    As Wikipedia explains it:
    *  Expiration of the Bush tax cuts extended by President Obama in the Tax Relief,
     Unemployment Insurance Reauthorization, and Job Creation Act of 2010;
    *  Across-the-board spending cuts ("sequestration") to most discretionary programs as directed by the Budget Control Act of 2011;
    *  Reversion of the Alternative Minimum Tax thresholds to their 2000 tax year levels;
    *  Expiration of measures delaying the Medicare Sustainable Growth Rate from going into effect (the "doc fix"), most recently extended by the Middle Class Tax Relief and Job Creation Act of 2012 (MCTRJCA);
    *  Expiration of the 2% Social Security payroll tax cut, most recently extended by MCTRJCA;
    *  Expiration of federal unemployment benefits, most recently extended by MCTRJCA and the Health Care and Education Reconciliation Act of 2010.
    Anger at the Republicans will not solve this; Democrats voted for this mess too.

    "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

    by SueDe on Mon Nov 26, 2012 at 10:29:50 AM PST

    [ Parent ]

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