“Everyone is suddenly waking up to the horrors of the “fiscal cliff” that arrives on January 1, 2013, but the real clear and present danger keeps getting misdiagnosed. It’s the taxes, not the spending.”
Here’s the cliff …
“[T]he cliff that could break the economy’s neck is the scheduled tax hikes. These include a tripling of the tax on dividends, a
near 60% increase in the capital gains rate, a 20% increase in personal income-tax rates that will hit small businesses, and the
repeal of tax breaks allowing businesses to write-off capital purchases. “
