Dems want the fiscal cliff to happen it’s a blessing for them.
Repeal of the Bush tax cuts also includes not just higher rates for higher income earners, but ...
* cutting the child credit in half, and making it non-refundable (this really hurts the illegals), and making some of these folks into tax payers, thus reducing the percentage of non-tax payers from 47% to something less
* raising the current 10% bracket to 15%,
* I think it would reduce the personal exemption
* putting 33 million tax filers into AMT territory — which eliminates the deductions (mortgage, state taxes), particularly hard on people in the blue states (e.g., New York, New Jersy, California ... who have high housing prices and high state taxes) The 33 million will put intense pressure on their Senators to DO SOMETHING!!!
* by not agreeing to anything, the Republican Tea Party congresscritters do not break their pledge to not increase taxes.
* there are other goodies that I don’t remember.
As they say, the devil is in the details. I believe the Dems want to avoid the “Fiscal Cliff” more than the Republicans.
Thats why I say it’s a blessing for them,it’s what they want to do anyway.
A rat is always a rat