Your Opinion on the Fiscal Cliff [Poll]
President Barack Obama wants to balance the budget and avoid the “fiscal cliff” by raising taxes on the wealthiest Americans. Today, to play nice with Republicans, the president proposed increasing taxes for people earning $400,000 or more. His original plan raised taxes for those at a cut-off income level of $250,000.
Federal Reserve Chairman Ben Bernanke coined the phrase “fiscal cliff.” This term means the harsh economic conditions set to happen, when the Bush-era tax cuts expire on Dec. 31, 2012. Unless Congress and President Obama agree on a budget before or soon after the new year, Americans will face the “fiscal cliff,” that is, drastic ($536 billion) tax increases and harsh ($109 billion) cuts in funding governmental services.
President Obama and the GOP leader, House Speaker John Boehner (R-Ohio), have clashed on several other points.
The president’s plan raises taxes on the wealthiest Americans, from 35 percent to 39.6 percent. The Republican proposal allows the new top tax rate for those earning $1 million. Republicans have opposed raising taxes on the wealthiest Americans, arguing this prevents economic growth and job creation. The White House originally wanted to raise $1.6 trillion in taxes over a decade but agreed to lower that amount to $1.2 trillion. House Speaker Boehner said he would not concede on tax increases without reductions in spending on government programs. This means the elimination of tax loopholes and deductions, and cuts to programs like Social Security and Medicare.
Take the Lawyers.com poll and let us know your position on the fiscal cliff. We’ll send the results with your comments to President Obama and House Speaker Boehner.