The days are ticking off to a January 1 fiscal implosion, and Republicans are trying to MacGyver a fiscal fix. Three days after the election, President Obama claimed the voters had given him a mandate to raise taxes on the rich. With Pew reporting that 58 percent of Americans feel the rich pay too little in taxes, it’s hard for Republicans to contradict the president.
Unless Congress intervenes to prevent the Bush tax cuts from expiring, high earners will face significantly higher income taxes in 2013. For the top two brackets, the rate will rise to 36 percent (from 33 percent) and 39.6 percent (from 35 percent). And there’s a good chance these taxpayers will also face deduction limits and higher taxes on capital gains and investment income.
Rod will be talking with author Jillian Kay Melchior at 4:35pm
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