If taxes go up on 98% of Americans, that's on the GOP.The fiscal cliff started to affect business decisions this fall. That's why you saw small declines in manufacturing in Friday's jobs report, for example.
It appears to be a worry for consumers now. The University of Michigan's latest consumer sentiment survey shows confidence dropping to a four-month low. That suggests households are concerned about a potentially sharp fall in their after-tax incomes.
The CBO data suggests they might want to be concerned.
The CBO estimates suggest the 20% of households with the lowest incomes might see their taxes rise by $412.
If you're in the middle 20% of income levels -- between $39,791 and $64,484 -- the average increase would be $1,984. If you're in the top 20%--$108,267 or above -- the CBO is estimating an average increase of $14,173.
If you're in the top 1%-- with income above $506,210 -- the average increase might be about $120,500.
Wouldn't cutting government spending and major reforms have been a lot better?
As for consumer confidence, this is retail's best Christmas in 4 years.
You're an idiot.