So-Called Deal on the So-Called "Fiscal Cliff"
The House of Representatives needed overtime – but late Tuesday night, they agreed with the Senate and passed legislation to avert half of the so-called “fiscal cliff.” And despite President Obama and some Democrats declaring victory after Republicans were forced to sign on to a small tax increase for the wealthiest Americans, this fiscal cliff deal is actually a dream come true for billionaires and banksters. Not only does it keep in place most of the Bush tax cuts FOREVER – it also gives massive tax breaks to the wealthiest Americans and transnational corporations – while giving Americans who earn less than $100,000 a year a tax increase.
Since the payroll tax cut wasn't extended – most working Americans will see their taxes go up by as much as $2200 a year, but corporations like Goldman Sachs, GE, and big Japanese-owned Hollywood movie studios will get hundreds of billions of dollars in tax loopholes thanks to the Republicans they own. On top of that, taxes paid by millionaires and billionaires - like estate taxes, capital gains, and dividend taxes - were all drastically and permanently cut – meaning the Mitt Romneys and Koch Brothers will pay much lower taxes thanks to this deal.
Forget the sales pitch – this deal is a tax hike on working people – and a tax cut for the top 1%. And it’s a last parting "screw you" to the middle class, courtesy of the billionaires who elected the 112th Congress in 2010 – the first election after Citizens United.