The richest Americans might find lumps of coal in their stockings on Christmas morning and, if not that, then they can definitely anticipate big hangovers on New Year's Day.
The metaphorical coal lumps and hangovers will be thanks to President Obama and Speaker of the House
A few of them are the very people who deserve blame for the financial disaster of 2008 that hit the rest of Americans so hard, with the exception of all those other rich folk who skated through the long recession with portfolios and bank accounts bigger than ever. If they are forced back to paying the amount of federal taxes they paid in the 1990s, it will be like a tiny bump in the road under their golf carts rolling to the next green.
The unanswered question is simply how many of the rich will have to pay more. If there is no agreement on avoiding the so-called
Surprisingly, Grover Norquist, the mandarin of the anti-tax movement, has given his approval to Boehner's higher tax rate for millionaires on the curious reasoning that, because the speaker's proposal simply allows the rate to bump back up on the coming expiration day, it is not really a tax increase. Funny, he is not saying this about the automatic tax hikes that would hit everyone, including the middle class, if Boehner and Obama fail to strike a deal.
In reality, if we are truly serious about bringing down the deficit that so worries
That has come to pass. But now, there is really no chance the tax cut will be allowed to disappear for anyone making less than a quarter-million bucks. Even if the tax break lapses as 2013 dawns, it will be quickly restored by a frantic