So it’s Christmas Day and I’m up for the moment. I turn on the television to watch the morning news on CNN and I’m greeted with an interesting conversation between CNN anchors Dana Bash and Alina Cho. They were talking about the last-minute shoppers on Christmas Eve and how some of them were holding back on spending because of worries about the impending fiscal cliff.
Alina Cho was the first to respond with a surprised “really?” Dana Bash then said that the fiscal cliff would not have stopped her from shopping–although she said that it would take another “show” to discuss why.
What I wanted to highlight by writing this post is how the fiscal cliff and taxes affects people of different incomes. While those in higher tax brackets like Dana Bash will have to pay more in taxes, they will in truth not be hurt tremendously by paying closer to their fair share. Meanwhile those in the middle class are the ones that will suffer the most from the estimated $2,000 tax increase. That’s why they are holding back on spending during the holidays and it’s a shame that the GOP doesn’t realize it is the middle class that truly helps the economy with their spending.