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View Diary: Public ready to blame Republicans if fiscal cliff talks fail (132 comments)

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  •  I don't think you understand how hard (1+ / 0-)
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    GreenMother

    on middle class families this will be.

    Not only do tax rates go up, but credits for dependent children get cut in half.  Child care credits go away.  Do you have any idea how much a family making $50k will have to pay extra in withholding each month so they don't have a big tax debt at the end of the year?

    And don't forget the temporary withholding holiday expires as well.. an extra 2% will start coming out of the checks of the people who can least afford it - in addition to the higher withholding I mentioned above.

    •  It's Congress that doesn't understand (1+ / 0-)
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      Womantrust

      Or, more accurately, it's that they're totally insouciant about it. I already get the impacts of the tax cuts expiration. I am a middle-income earner and I fully anticipate my federal tax witholdings to go up next year. At least for a short period.

      But again, Congress is solely responsible for changing course. The Senate has already passed a stand-alone bill that would extend those cuts to households making less than $250,000 and keeping those credits you mention: http://www.taxpolicycenter.org/...

      So, if the GOP-led House is refusing to take it up without sleazily splicing it to a top marginal tax rate cut, it's their own doing, and it's their tonedeaf attempt to project the image that they are politically powerful. So what should Obama do, then? Just have his tail between his legs and support extend tax cuts all across the board, kicking the can down the road indefinitely? Alienating a politically popular move to raise the top marginal rate? Even when most Americans are prepared to exert blame on the GOP? It would be a devastating move against Obama and progressives, and he would have no credibility in the future to fend off the recalcitrant GOP. Second term: effectively over before starting. Or, he could put them in their place now, and see it through that future "negotiations" leave the GOP in a weakened state. The multiplier political effects of making one choice or another, good or bad, are profound from here on forth.

      Keep this in focus, because Congress is the government body ultimately responsible for crafting the legislation we desire. It's the House's move.

      "Growth for the sake of growth is the ideology of the cancer cell." ~Edward Abbey ////\\\\ "To be a poor man is hard, but to be a poor race in a land of dollars is the very bottom of hardships." ~W.E.B. DuBois

      by rovertheoctopus on Tue Nov 13, 2012 at 02:36:37 PM PST

      [ Parent ]

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