Wednesday, January 02, 2013


1) I have no idea why but many people and news outlets are claiming that Congress made the Bush tax cuts on the middle class PERMANENT, even the Wall Street Journal:
While leaving income-tax rates in place for most Americans, taxpayers with more than $400,000 in taxable income or couples with $450,000 would see the top marginal tax rate rise to 39.6% in 2013 from 35% in 2012. For income earned below that level, the 2012 rates would be permanently extended.

No law, not even a Constitutional Amendment, is permanent.

2) Some conservatives seem to be claiming that if inflation increases, that will increase the interest rates on our past national debt. Of course, almost all Treasury bonds have a fixed interest rate, so inflation won't have much effect.  BTW, despite all the borrowing, the rates on Treasury issues have remained very low:

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