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To: ProudFossil
I have repeatedly said the fiscal cliff is nothing more than a media hype. NOBODY will be immediately impacted because the lazy Congress will immediately pass on Wednesday a stop gap measure to continue the spending and it takes time for the tax increases to be implemented.

I respectfully disagree about the present, and agree with your long term scenario of a devaluing currency via printing / fiat as they spend like Linsey Lohan on a bender.

I spent a great deal time to prepare and a commensurate sum to sit with a CPA and see what the effects of the sun-setting of the Bush tax rates and the lack of AMT patches for 12' and 13' would cost my family. Worst case scenario? almost 8 grand for 12' & 13' with the AMT kicking in. The AMT is the biggest bugaboo in this whole mix and hardly anyone is talking about it. Immediate, perhaps if HR's / Payrolls around the country at employers automatically default to the Clinton rates. Yes, they can do a stop gap measure, and yes implementing the tax code back to the Clinton rates would be a nightmare, they don't even have the old code and need to bring some old programmers out of retirement to make it happen. A tangent issue is the CPA and EA I talk to are freaking because of what it will do to their careers / practices between 1/1/13 and 4 /15/13. They cannot give advice or operate with no code via legislation by Congress and said code codified by the IRS so they can actually have something to work with.

8 posted on 12/28/2012 5:33:08 AM PST by taildragger (( Tighten the 5 point harness and brace for Impact Freepers, ya know it's coming..... ))
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To: taildragger
The solution to this is simple. Eliminate all income taxes. Implement a national retail sales tax. Implement the Paul-Mac Penny Plan, and add a continuous process improvement component. Problem solved. Won't hold my breath.
11 posted on 12/28/2012 5:53:17 AM PST by Nuc 1.1 (Nuc 1 Liberals aren't Patriots. Remember 1789!)
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To: taildragger
You are right that if nothing is done the impact will start in about 90 days. But by then Fungress will have done something (which will be proven wrong) to offset that impact. So I repeat, for the first 90 days the actual damage done to individuals, business, and government will be nada, just a lot of name calling, blaming, and hand wringing.

As to bringing out old programmers, that is not necessary. As one who had a 40 year career programming business applications I can say there would be very little needed to change the existing programs. Most of the tax computations for a business is based upon a matrix of constants. Changing those tables would be very simple. The problem would be what to change them to. If Slumgress holds off with the fix(?) then the IRS has to adjust their directives to account for the delay in implementing the new rates and so business has to wait until they get the proper numbers to put into the programs. It is a catch-22 situation and I can easily predict it will be wrong which leads to more problems next year or at least at the end of 2013 to fix it. Typical government practise.

19 posted on 12/28/2012 7:56:09 AM PST by ProudFossil (" I never did give anyone hell. I just told the truth and they thought it was hell." Harry Truman)
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