After the Fiscal Cliff: Here Comes Round 2 Debt Ceiling War

January 4, 2013 - 8:31am

By TheDailyBeastI wrote on Monday that it wasn't clear to me that Republicans actually wanted any of the stuff they said they wanted in exchange for tax hikes, like entitlement cuts. The Democrats at least had one thing that was politically popular: tax hikes on those who make more than $250,000 a year.  Now they've done it, or at least, gone most of the way there: taxes rise on incomes above $450,000 ($400,000 for singles), while the Bush tax cuts are permanently extended for everyone else. Sure, that means we're raising taxes on only about one half of one percent of the population instead of 2 percent, but that half a percentage point contains most of the obscenely rich people, while exempting the professional class that contains a lot of Democratic voters in high-tax, high income blue states.

Share this article »  

Continue reading this article »