The other invitee , Carl Tannenbaum , is a expert friend every bit good every bit a thoughtful economist. We went to high schoolhouse together. It was a pleasant surprise to run inward to him inward the antechamber of WTTW's studios.
The intro segment is worth watching too. "Chicago tonight's" producers wisely got a existent taxation lawyer to explicate what the "cliff" is all about.
How dainty to outset alongside a quick review of strategies that "the rich" volition role to avoid the novel taxes.
One yr from straightaway , the studies volition outset rolling inward (I hope) documenting how much extra revenue the financial cliff taxation hikes genuinely collected from their targets. My bet: less than one-half of the $60 billion advertised. I'll hold upward surprised if it's positive , actually.
Who won the financial cliff negotiations? Democrats? Republicans? VP Joe Biden? No. Tax lawyers , accountants , too lobbyists.
In illustration yous intend whatsoever of this had to arrive at alongside deficits , I sign off today alongside a lovely graph from a great slice past times Yuval Levin:
And it volition hold upward less than that. Yuval uses the CBO forecasts , which assume rich people don't picket "Chicago tonight" too verbalise to their taxation lawyers.
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