Forget the rich, fiscal cliff would hit everyone else too
December 28th, 2012
07:05 AM ET
1 year ago

Forget the rich, fiscal cliff would hit everyone else too

New York (CNNMoney) - Sure, the rich would get hit hard by the fiscal cliff. But nearly everyone would feel the brunt of the tax hikes.

"Going over the fiscal cliff will raise taxes on 90% of Americans," said Roberton Williams, a senior fellow at the Tax Policy Center.

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Filed under: Fiscal Cliff
soundoff (18 Responses)
  1. Me 3

    Are Republicans so stupid that they believe it is better to go over the cliff and then claim that they passed a tax cut when they reduce taxes next year. (Sorry. I reallize that asking if Republicans are stupid is a rhetorical question). Stop playing games with the U.S. economy. The sane voters saw through GOP B.S. in November. I realize that almost half of the country (the GOP) is too stupid to be allowed to vote. However, the Democrats did get the majority.

    December 28, 2012 07:30 am at 7:30 am |
  2. Rick McDaniel

    Those who voted for Obama should be willing to feel the pain.

    They are simply getting what they voted for.

    December 28, 2012 08:29 am at 8:29 am |
  3. Rudy NYC

    If the Republicans do not find going over the fiscal cliff desireable, then why did Spkr. Boehner dismiss the House a day early for vacation? He did so after wasting an entire week on his so called "Plan B", which he never allowed to come to the floor for a vote.

    If the Republicans do not find going over the fiscal cliff desireable, then why isn't the House in session right now? Why has Sen. Reid convened the Senate in extraordinary session, while the House is still out celebrating the holidays?

    I get the sense that the Republican Party is completely lacking in leadership. Who can we identify as the leader that all will respect and follow, the anchoring force of the party? Every name that I might have up with since 2008 is not an elected Republican official. They're all people in the media making profits for themselves.

    December 28, 2012 08:42 am at 8:42 am |
  4. Pappy

    “America is rapidly becoming a nation of takers,” economic blogger Michael Snyder writes. “An increasing number of Americans expect the government to take care of them from the cradle to the grave, and they expect the government to dig into the pockets of others in order to pay for it all.”

    December 28, 2012 08:53 am at 8:53 am |
  5. Marie MD

    the friscal cliff will be a feather on the shoulders of the 2%. The regular jane or joe are going to suffer because their paychecks will be less and everything is going to go up.
    If the farm bill is not passed a gallon of milk can go up from an average of $3.65 to anywhere between $6 to $8.
    You really think people like the twit and the bad hair man in NY or the koch brothers are worried about it?

    December 28, 2012 08:55 am at 8:55 am |
  6. Pete

    It will only be temperary and Pres.Obama already has plan B written up ready for his signature and republicans know it..He'll let it go over the supposid cliff send a life line to the 98% and let the defense and 2% fall where they may...Then you'll see the republicans run for the hills because they created this monster the sequester deal and you ignorent republican posters know it thinking if Pres.Obama lost your reps would be in the drivers seat but it didn't go that way did it!!Now you're stuck with a deal that stinks to high heaven and you're responsibile for it so act like adults and fix the economic mess you created or hit the road because all hells gonna break louse come midterms and you're gonna feel the rath of the 98% ers with a reversal of 2010 and you know it so make it happen or make out your resumes guys because you can't have both, it is your responsibility that's what you're there for isn't it!!

    December 28, 2012 09:02 am at 9:02 am |
  7. Rudy NYC

    Rick McDaniel wrote:

    Those who voted for Obama should be willing to feel the pain. They are simply getting what they voted for.
    ---------------
    Those who voted for Obama voted against the greater pain of the Ryan Plan, which is what the GOP proposals to avoid the fiscal cliff have essentially become. The bill the House passed removed all defense cuts and made up for it by making deeper cuts into domestic programs that will hurt everyone but the top earners.

    As much as voters are getting what they voted for, the Democrats insist on not allowing what they voted against.

    December 28, 2012 09:11 am at 9:11 am |
  8. Rudy NYC

    Pappy wrote:

    “America is rapidly becoming a nation of takers,” economic blogger Michael Snyder writes. “An increasing number of Americans expect the government to take care of them from the cradle to the grave, and they expect the government to dig into the pockets of others in order to pay for it all.”
    ------------
    Let's put it into right wing terms. If you look at the changes in income over the past 3 decades you will see that conservative economic policies have created a funnel for the nation's wealth to flow to the top. The actual "takers" in our economy are the ones at the top, while everyone are the "makers" making the rich even richer.

    December 28, 2012 09:16 am at 9:16 am |
  9. Ideas, Ideals, not ideologies

    When the rich know that their taxes are going up because BO would not relent they instructed their underlings in Congress to let taxes go up on everyone. They would rather wreck the whole economy.

    December 28, 2012 09:16 am at 9:16 am |
  10. Pappy

    You voted for him, enjoy it, bottom line he is in charge, dont blame anyone else

    December 28, 2012 09:20 am at 9:20 am |
  11. Gurgyl

    Do not touch my Entitlements–they are NOT free, we paid for them. Raise tax on wealthy.

    December 28, 2012 09:22 am at 9:22 am |
  12. ST

    Fiscal cliff will hit everyone, not only the rich but also the poor! Jesus, the saviour of this world, how can it happen for anyone think for a moment beating the dead horse (the poor). Is this what the country has to undergo now? Is this why people pick up their representatives for???? Unbelievable!

    December 28, 2012 09:26 am at 9:26 am |
  13. Rob Smith

    Many of you may have forgotten that the Republican-lead House of Representatives has already passed a bill that would deal with the Fiscal Cliff. That bill was not entirely the Ryan Plan and had real bipartisan support (just not from Nancy Pelosi's perspective). Harry Reid would actually accomplish something, and look like a hero to many, if he brought the House Bill up for a vote in the Senate. Howver, he's afraid that some of his colleagues might actually support it based the desires of the constituents.

    December 28, 2012 09:27 am at 9:27 am |
  14. plain&simple

    Pappy and McDaniel must think the president is a dictator!!! They sound like an historic figure who washes his hands of the blood being spilled....what a sad state of affairs. Small thinking has never led to progress and eventually the chickens will come home to roost exactly where they belong.

    December 28, 2012 09:31 am at 9:31 am |
  15. Gurgyl

    Yes, it has already become nation of TAKERS of TAX-LOOPHOLES, TAX-EVADERS, money in SWISS BANKstashers–whereby it can be evaded fron taxes. Yes–it has become since Reagan, Bush-2. Nonsense. This nation needs EDUCATED PEOPLE.

    December 28, 2012 09:35 am at 9:35 am |
  16. nothing new here

    Everybody should pay their fair share in taxes – that includes churches and other non-profs.
    No more excuses.

    December 28, 2012 09:48 am at 9:48 am |
  17. Name lynn

    obama as you can see you have some stupid republicans as well as boehner the democrates is not fighting with the republicans nor obama all the democrates wanting ends all this fighting and compromise and let everybody pay higher taxes an everybody have a happy new year

    December 28, 2012 09:52 am at 9:52 am |
  18. Babyboomer

    While I am not looking forward to my taxes going up, I want the Democrats to hold firm on the changes that need to be made. I am tired of the top 2% claiming to be the "makers" when we all know that what they have "made" is wealth untold for them, their families and friends. That has left 98% of us for well over 30 years. The majority in this country voted for the direction the Dems and President Obama have in mind. I say let's go forward...

    December 28, 2012 09:54 am at 9:54 am |