Skip to main content

Elderly man with cane
Starting last Friday and over the weekend, a variety of sources (notably Ezra Klein and Jonathon Chait) wrote that the the emerging deal in the fiscal cliff was coming with a little bit of a concession from the right—a few percentage points tax hike for the rich, instead of a larger one—and a much bigger concession from the left—Medicare eligibility age. That seems to be the gathering consensus of how this is going to go. Consider this Bloomberg story.
Lawmakers from both parties are leaving rhetorical room for a split-the-difference agreement with President Barack Obama on a U.S. budget deal. [...]

The top income tax rate could be set at 37 percent or 38 percent, between the current 35 percent and the 39.6 percent rate that will return in 2013 if Congress does nothing. Both parties could accept down payments of revenue and spending cuts in 2013 and overhaul the tax code and entitlement programs next year.

Considering the election results, and how Democrats won that election on the two prongs of doing away with tax cuts for the rich and protecting Medicare, this is pretty weird. Making it even weirder is the fact that by just not negotiating, by stepping off the curb at the end of the year, tax rates would go up to a top rate of 39.6 without any old people getting hurt.

Raising the Medicare eligibility as nothing more than a political gift to Republicans who will repay it with the nothing other than more demands to privatize the program is a bad idea now. It was a bad idea a year ago and hasn't improved with the passage of time. It's also entirely unnecessary.

Originally posted to Joan McCarter on Mon Dec 10, 2012 at 03:27 PM PST.

Also republished by The Democratic Wing of the Democratic Party and Daily Kos.

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site