Do You Like the Fiscal Cliff Deal?

The agreement reached between the White House and Congress doesn't address spending cuts and leaves another potential debt limit showdown on the table. It also increases taxes on income over $400,000. Is this a deal that works for you?

After a marathon holiday negotiation session, after grumbling by liberal senators and after a near-revolt by conservative representatives, the fiscal cliff deal was approved by the U.S. House of Representatives late Tuesday night. 

The bargain will increase taxes on income above $450,000 for families, increase capital gains taxes, permanently fix the alternative minimum tax, change the estate tax and provide some changes in deductions. It also will extend unemployment benefits, earned income tax credits and other tax breaks for the working class. The Washington Post has a cheat sheet with all of the details.

Middle class taxpayers will still see a smaller paycheck in 2013; The payroll tax cut was not preserved as part of the fiscal cliff deal. That tax specifically pays into social security. If you make $50,000 a year, the payroll tax increase will cost you about $1,000. That has some liberal economists upset with the deal.

What do you think? Did the president give away the store by moving the top bracket tax increase from $250,000 to $450,000? Did House Republicans lose out by pushing spending cuts down the road by two months? Or is the sort of compromise you were waiting for? Tell us your thoughts in the comments section below.

Christine Curry January 03, 2013 at 11:34 AM
no, once again Obama doesn't do what he said,he raises taxes and refuses to cut spending. This country is becoming a joke and what a terrible tragedy that is.
coldwaterdiver January 03, 2013 at 05:04 PM
I think we should have just gone over the "cliff", its what everyone wanted. Tax increases and spending cuts. Know what I'd really like to see? A budget,... there hasn't been one in 4 years.
Tracy January 03, 2013 at 06:33 PM
It was put together last minute and has many loop holes what's to like about it..The average person will still pay 2k more a year.
Gene Pinkham January 04, 2013 at 09:09 PM
Compared today's Pay Statement with the last one. Ouch, BUT WAIT. Only four days from 2013 are in this pay period. So the full brunt won't be realized for two more weeks. I already projected the total for the year based on this would be and it exceeds the government estimate.


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