We’ve heard a lot lately about “going off the cliff” in reference to the expiration of the Bush tax cuts at midnight on December 31 and how the Democrats have finally found their spine and are standing firm. Just the other day, the Senate passed a bill that would lock in another year of the Bush era tax rates for those making under $250,000 taxable income but excluding those who earn more. Despite the fact that everyone agrees that the middle class deserves a continued tax break, the Republicans in the House will never stand for the wealthiest 2% being left out and the Senate bill will die a swift and quiet death. And things will proceed as usual, with nothing getting done.
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