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Forget the Warnings: Letâs Drive Over the Fiscal Cliff!
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David Super, a professor at Georgetown University Law School, says letting the fiscal cliff cuts in spending go into effect is fairer to the poor and middle class than the $1.2 trillion in spending cuts proposed by president Obama and the Democrats. He says the pressure of public opinion would lead to some minideals for the Bush tax cuts to go to lower incomes and for restoring some funds to defense after the fiscal cliff agreement goes into effect, leading to a fairer outcome.
David Super on why the fiscal cliff can be fairer than any deal reached between Republicans and Democrats
12/17/2012
Super is professor of law at Georgetown University. He says the $1.2 trillion in spending cuts president Obama and the Democrats have proposed will hurt the poor and middle class as much or more than any cuts proposed in th fiscal cliff. He says if the fiscal cliff cuts go into effect it is likely that mini deals would be reached to restore the Bush tax cuts for the middle class and reduce the amount of defence cuts because of the pressure of publc opinion, ending in a fairer deal than the grand bargain between Republicans and Democrats.
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Democrats making the case for president Obama to veto all Bush era tax cuts to generate enough revenues for preserving spending programs that help the middle class and the poor. This is part of the debate in Dec. 2012 in the U.S. fiscal cliff negotiations. The opposition to this comes from other Democrats citing rising inequality.
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Zoellick says president Obama has to represent the whole country, not just the Democratic party, and lead in negotiations, if the U.S. economy is to move forward for the next four years. He covers issues from Social Security, to the reasons why Republicans reisist tax increases and spending, and including defense as an area for cuts. Zoellick has acted as an advisor to China's new prime minister Li Keqiang in the DRC/World Bank Report on China's economy.
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The Wall Street Journal points to the facts that Warren Buffett does not cover in his plea for higher taxes on billionaires like himself who paid only 17% in taxes in 2010. Buffett made most of his income in capital gains and dividends that are taxed at 15%. That income was already taxed at 35% as corporate income and the 15% on top of that brings the total tax to about 45%. Buffett could write the IRS a check or support taking away the deduction for charitable contributions which is how Buffett contributes to his foundations. For most of the middle class couples making $250,000 for a few years of their life- and much of it going to high university tution payments for kids- the higher taxes make a difference compared to the Buffetts of the world. This is part of the debate on taxes in the U.S. at the time of the fiscal cliff negotiations in Dec. 2012.
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