The premise of the question is flawed. Any increase will not stop the trip off the cliff. it might delay the fall a few minutes.
yes, a tax increase might delay the fall.. just about as long as Wily E. Coyote stays hanging in the air before he plunges into the canyon
You are 100% correct. I have come to the conclusion (especially since election day) that a ‘fiscal cliff’ in one form or another is inevitable. His tax on the rich will (at best) garner $160 billion on a deficit of $1.1 trillion. But here’s the thing. Spending is likely to be higher than expected and new revenue, lower than expected. Obama’s tax increase will be little more than a rounding error. The Fed now buy 70% of new debt. If they didn’t, they would have to raise interest rates to attract buyers. All is lost. The government is printing money to loan to the government. And you know what? The Congress that created the fiscal cliff can also postpone it. Kicking the can down the road is the national pasttime in Washington. No, financial Armageddon is inevitable, especially with the boy-genius in the White House.