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Obama Attacks and Distracts as Economic Cliff Looms
The president can't afford to talk about the economy, but with a 2013 fiscal time bomb approaching, the rest of us can't afford not to
...January of 2013, when "taxmageddon" arrives, as former Treasury Secretary John Snow calls it. That's when the 2003 tax law expires, and payroll taxes will go back up. President Obama wants to raise taxes on every taxpayer, increase the highest federal income tax rate by 20 percent, double the capital gains tax rate, triple the tax on dividends, and add a new tax on capital earnings. He's also proposing the Buffett Rule, which would raise the income tax rate on millionaires to no less than 30 percent. Add to that scheduled budget cuts in domestic spending and you've got what the Washington Post calls a "New Year's budget bomb." Fed Chairman Ben Bernanke says it's a "fiscal cliff." The great hope in Washington is that the lame-duck Congress will negotiate a new budget deal in time to avert disaster.
The president has done nothing to head us away from the cliff.