On January 1, 2013, a perfect storm of major federal policy shifts are set to occur. The Bush tax rates are scheduled to expire, raising taxes on all income earners. The debt-ceiling trigger -- assuming the supercommittee gridlocks -- would go into effect, causing massive cuts to government across the board. And a host of other tax credits important to businesses and the middle class are scheduled to expire as well. It's no coincidence that all of this is happening right after the 2012 elections. It's designed, on some level, to facilitate a grand bargain to extend the status quo that can be passed by an unaccountable lame-duck Congress (and possibly President), with the maximum amount of time before voters will get another chance to weigh in.
Ryan Grim has a fantastic piece outlining how things may go down:Read Full Article Submit a Comment