Fiscal cliff compromise
Our representative in Congress, Alan Nunnelee, voted against the compromise bill that preserves current income tax rates on most Americans, while increasing the rates on households that earn more than $450,000. We’re disappointed in his action.
The bill got bi-partisan support and passed the Senate 89 to 8 and the House, 257 to 167. It averted big tax hikes and deep federal spending cuts that most economists had predicted would send the country back into recession.
The legislation increases the capital gains tax on high-income households and limits personal exemptions and itemized deductions for high earners.
It also extends unemployment benefits for 2 million people, keeps dairy prices from spiking, and puts the payroll tax we pay toward Social Security back to 6.2 percent, from the temporary 4.2 percent.
Nunnelee, a Republican, released a statement saying, “Out of control spending is the reason we are $16 trillion in debt and, unfortunately, this deal adds to the problem. Allowing more revenue today and promising to look at cutting spending down the road is the oldest trick in the Washington book. Somehow, the day to cut spending never comes.”
Heading back into recession to stand on political dogma and avoid compromise would have been unwise.
Fortunately, Mississippi’s two Republican senators, Thad Cochran and Roger Wicker, took a more pragmatic approach and voted for the compromise.
Our congressman needs to learn from them.
About Chris Elkins
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