Amidst all the talk of compromise in Washington over the fiscal sequetration referred to by its deliberately scary and misleading name, the “Fiscal Cliff,” both sides are hardening their previous positions.
President Obama says he will not sign any deal that doesn’t include a tax increase for the rich and Republicans maintain they won’t pass a bill that includes such a provision. All the rest of the phony compromise is just that, phony.
So here’s a thought.
How about if the parties agree to a temporary surtax on incomes above some threshold, the expiration of which is tied to the reducing of the National Debt to some agreed-upon level? Combine that with deferred programmatic spending cuts on the categories of spending about to be sequestered, including Defense, with those cuts kicking in as certain milestone achievements are reached toward further debt reduction.
It’s sort of like putting a big, soft, fluffy mattress at the bottom of the over-hyped Fiscal Cliff.