UK example of why high tax rates on the rich don't work

[Danzig]

and no movement as yet on stopping the automatic tax/spending changes.

obama says we must increase revenue and decrease spending. but apparently repubs are against the increases, democrats are against the decreases. lol doesn't leave much room for 'compromise' does it?


http://firstread.nbcnews.com/_news/2...ng-matter?lite

that's on the white house offer to avert the pending 'disaster'.


After Treasury Secretary Tim Geithner’s individual meetings yesterday with congressional leaders in the so-called “fiscal cliff” negotiations, Republicans leaked to reporters what the Obama White House is offering: 1) $1.6 trillion in tax increases and revenues, 2) a permanent end to Congress’ control of the debt limit(i don't care for this suggestion), 3) additional stimulus of at least $50 billion, and 4) $400 billion in savings in Medicare and other programs to be worked out next year. Republican aides dismissed the offer as “unbalanced” and “unreasonable,” NBC’s Luke Russert notes. A House GOP aide adds to First Read that the $1.6 trillion is TWICE the revenue that President Obama campaigned on (by not extending the Bush tax cuts for the wealthy); that the debt-limit demand is a “pipe dream”; and that the revenue in the offer ($1.6 trillion) is four times greater than the spending cuts ($400 billion). The Weekly Standard even reports that Senate Minority Leader Mitch McConnell (not a fan of his!) “burst into laughter” after Geithner offered the plan.