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The Republican Party is the problem

After weeks of negotiating, we have a deal on the fiscal cliff, which—in true, congressional fashion—passed hours after the government went “over” the cliff.

The details of the deal are straightforward: Tax rates will rise permanently to Clinton-era levels for families with income over $450,000 and individuals with income over $400,000. For everyone below that ceiling, taxes will remain at Bush-era levels. Likewise, for families and individuals at that income threshold, the taxes on capital gains will rise to 20 percent, while staying at 15 percent for everyone else. Given the financial situation of most Americans—who don’t earn much, if anything, from investments—this is a good move, considering the circumstances.

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