We should not forget that the “fiscal cliff” currently causing such frenzy is basically the expiration of the Bush-era temporary tax cuts, the Cheshire-cat grin of fiscal policy of one of America’s worst presidents. The end of these tax breaks would not lead to draconian tax rates. They would lead to the tax rates that America lived with and prospered with in the 1990s.
And what if worse comes to worse, and we go over the fiscal cliff? Taxes would rise on all brackets, not just the top. Disaster? No. We’d actually start funding government again.
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