There's been nothing less than a cubic buttload of crap flung about on the "Fiscal Cliff negotiations". I might not be a degreed economist, but I know a solution to a problem when I see one. Here's the end of the crap-slinging.
I propose a true compromise:
- Set the definition of "Rich" at $400,000 Adjusted Gross Income (for a couple, single would be $225,000). Everyone below that level keeps their present tax rates.
- Raise the personal income taxes on everyone making over that amount to the pre-Bush level.
- Adopt a new personal income tax deduction: Any new hire of any employee in the "Rich" taxpayer's business, in a position previously closed for three years, or never before existing, is a tax credit ("consultants" won't count, it has to be a permanent employee, with filed W-4). Negotiate the tax credits for new hires on a sliding scale, so that the money put into those new hires can't create a tax credit exceeding the total tax liability of today's tax rates.
- Generate a new personal income tax deduction for salaried taxpayers who are NOT business owners. This deduction would allow an investment tax credit for investing in a business (not including buying their stock or bonds) for the specific purpose of allowing that business to expand it's work force. This would require a new item of accountantcy, but it's worth it for the results it generates.
With this system, some "Rich" will pay more, but none will have to, and if they don't, it will be because PRIVATE SECTOR jobs have been created.
Isn't it supposed to be all about job creation?
This idea is a "win-win". It lets the (D)onks crow that they've taxed the "Rich", something that, if not accomplished by 010113 at 0001 EST, will cause them all to keel over dead (or so they have inferred). It lets the GOPes claim that they've protected the Private Sector, and facilitated Private Sector job creation.
Let's git 'er Done!