Ed Schultz and U. S. Representative Debbie Wasserman Schultz ( Democrat, Florida ), she is the Democratic National Committee (DNC) chair. They explain the History of past years that led to this decision to start the year 2013 with different tax rates.
Ed Schultz explains that the Middle Class has been sinking during the last 30 years, and that the Election and "Fiscal Cliff" was about rescuing the Middle Class from the disastrous politics ( mainly conservative and republican ) that have caused this harm to the 98% while the top 2% have become richer and richer, sometimes by speculation and idleness.
They explain the difficult decision to raise taxes in year 1993 with the decisive one vote of Marjorie Margolis Mezvinsky in the House ( she lost her seat in the next election ) and decisive one vote of Al Gore in the Senate, all this happened during the Clinton Administration.
Published on Jan 4, 2013
'Fiscal cliff' deal leaves everyone bruised, but some more so than others 'Winners'. President Barack Obama: The president took a beating from his own party two years ago when he cut a deal with Republicans that temporarily extended income tax rates for all income earners set by former President George W. Bush. This time, Obama refused to budge on one of his main campaign promises to increase taxes on wealthy taxpayers. As part of this deal, the income tax rate for individual earners above $400,000 and families earning above $450,000 will increase.
The president, however, failed to hold together a "grand bargain" with Republicans in what could have been a major opportunity to address ballooning entitlement spending and tax reform. But in the grand scheme of things, Democrats seemed to have come out on top.
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