Fiscal Sacrifice
The president came to Washington, demanded shared sacrifice, got his fiscal cliff deal and returned to Hawaii. According to Bloomberg taxes will go up for 77.1 percent of American families. The Congressional Budget Office says the deal will cost $4 trillion over the next decade. Spending cuts? … Maybe later. Kevin O’brien has a nice rant about that here.
So, the cut off for the “rich” is $450k. That is a handsome sum to be sure, but note that Obama just missed joining the rich club. So much for shared sacrifice.