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Staring Down the Fiscal Cliff

Wednesday, November 14, 2012

The Takeaway's Washington correspondent, Todd Zwillich, discusses "fiscal cliff" politics and today's announcement that Rep. Nancy Pelosi will remain the leader of the House minority.

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Todd Zwillich

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Comments [10]

John A

This "taxes remove jobs" mantra is the most deadly Theism in America today. It's what is really killing the country. I believe I heard Romney actually say something like "the failed policies of the Bush administration". Continue this reform please, republicans.

Nov. 14 2012 11:56 AM
Rita from NYC

because I think that "fiscal cliff" is the 2012 "WMDs" and that we should not let the Republicans or media suggest that we are in a worse position than we are re bargaining.

Nov. 14 2012 11:56 AM

We can save more than the entire present tax revenues by not giving welfare to super rich bankers.
Federal Reserve gave $16.1 Trillion since 2007 to:

Citigroup: $2.5 trillion ($2,500,000,000,000)

Morgan Stanley: $2.04 trillion ($2,040,000,000,000)

Merrill Lynch: $1.949 trillion ($1,949,000,000,000)

Bank of America: $1.344 trillion ($1,344,000,000,000)

Barclays PLC (United Kingdom): $868 billion* ($868,000,000,000)

Bear Sterns: $853 billion ($853,000,000,000)

Goldman Sachs: $814 billion ($814,000,000,000)

Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)

JP Morgan Chase: $391 billion ($391,000,000,000)

Deutsche Bank (Germany): $354 billion ($354,000,000,000)

UBS (Switzerland): $287 billion ($287,000,000,000)

Credit Suisse (Switzerland): $262 billion ($262,000,000,000)

Lehman Brothers: $183 billion ($183,000,000,000)

Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)

BNP Paribas (France): $175 billion ($175,000,000,000)

Federal Reserve's nearly 100 year history was posted on Senator Sander's webpage.
http://sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
Joseph Stiglitz in the Price of Inequality suggests the wrong solutions: higher taxes and restricting free speech.
The fairer and more productive solution is to eliminate welfare for

Nov. 14 2012 11:54 AM
Rita from NYC

As if there is really a "fiscal cliff" -- i.e., a national economic emergency -- or if this is a media and political-created phrase that is being echoed w/o consideration of what will really happen if we stand down the Republicans in December.

Nov. 14 2012 11:54 AM

Revenue is maximized at 18.5%. Above that, tax avoidance kicks in. Revenue is flat to 28%. Above 28%, revenue is lost. Tax rates of 36% on income, 45% on corporations, 55% on death, all cost revenue. They make sense only if you are already rich, and don't want to compete in the market with those who are trying to get rich.

Nov. 14 2012 11:51 AM
David from nyc

Re fiscal language and what it might signal in terms of compromise

http://www.economist.com/blogs/freeexchange/2012/11/how-solve-fiscal-cliff?fsrc=nlw|newe|11-9-2012|4102013|37446452|

Nov. 14 2012 11:49 AM
Jack Lewis from Billings, Montana

Oh, if I could ask Obama this question I would phrase it like this. Mr. President, how do you stop allowing the GOP controlling the language of the debate. (IE Obamacare) Why do you refer to the end of the Bush Tax cuts as the "fiscal cliff"
Why not call it what it is, "the end of the Bush Tax cuts"
Of course the tax rate for the 1% is half what they were under Reagan.
Why not start calling it "a return to Reagan tax rates"

Nov. 14 2012 11:44 AM
halloran

Todd Zwillich, like the rest of the American press corps, is apparently unaware that the middle-class and the working poor have been "compromising" (i.e., accepting an increasingly meager standard of living) for more than 30 years, without the slightest compromise from the wealthy in return.

But, don't you know, when the wealthy are finally asked to accept a tax far rate lower than anything paid under Ronald Reagan, it's time for the middle-class to have skin in the game -- even if they don't have any skin to give, after 30+ years of Republican economics.

Nov. 14 2012 11:39 AM
Jack Lewis from Billings, Montana

I wish the news media (and especially Brian Leher) would stop using GOP language and calling the end of the Bush Tax cuts the "fiscal cliff"
Let's call it what it is, "the end of the Bush Tax cuts"
I've been listening to some fox news radio and the lies they tell about the dire results of this tax policy is laughable. They say it will send us back into a new recession. Of course the tax rate for the 1% is half what they were under Reagan.
Why not start calling it "a return to Reagan tax rates"

Nov. 14 2012 11:39 AM
Jack Lewis from Billings, Montana

I wish the news media (and especially Brian Leher) would stop using GOP language and calling the end of the Bush Tax cuts the "fiscal cliff"
Let's call it what it is, "the end of the Bush Tax cuts"
I've been listening to some fox news radio and the lies they tell about the dire results of this tax policy is laughable. They say it will send us back into a new recession. Of course the tax rate for the 1% is half what they were under Reagan.
Why not start calling it "a return to Reagan tax rates"

Nov. 14 2012 11:38 AM

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