By now you probably heard that Congress approved the “fiscal cliff” plan, which is what I knew it would do. There was no way that Congress would let the Bush tax breaks end; that is a no-brainer.
The wealthy population in this nation would not permit that. So, are we saved? No. But at least the ultra wealthy will have to pay a larger few percentage points of their taxes. When a mega-wealthy man like Mitt Romney only pays a mere 16 percent of his vast earnings in taxes, it is a travesty. How greedy do millionaires need to be?
Congress will have to work on more cuts to spending and the wealthy will try to get rid of, or privatize, Social Security and the social programs (Medicare and Medicaid) that they do not need for themselves. There will be many more hard-fought battles over what to cut. Meanwhile, the poor can get their increased taxes back via their tax returns (if they know how) and the wealthy always can circumvent paying more taxes.
So, for now Congress only delayed needed action. Big surprise.