The deal signed was not terrible, considering a Harry Reid Senate and wacko leftist White House. A lot of the tax rates of the early 2000s are permanently intact, including the 15% capital gains rate.
I do have serious problems with the weakness we constantly create for our side in these arguments. Our leaders do not use the opportunity to advance our ideas, or to damage our opposition. No mention of all the Obamacare taxes that kicked in. No discussion tying our pathetic economic growth to government largess. Our leadership stinks.
Re: A “permanent” 15% capital gains rate.
Correction: the top cap gains tax rate has been permanently increased to 20% (up from 15%) for single filers with incomes above $400,000 and married couples filing jointly with incomes exceeding $450,000.
With inflation ravaging, just how long do you think it will be before the average $40k salary becomes $400k? Hint: pretty damn quick — 10 years at 26% inflation; 16 years at 15%
Inflation cannot take off, though, until the economy picks up. And with the drag of fedzilla, that isn’t likely to happen.