To say that there is far from a shortage of pundits weighing in on the fiscal cliff/debt ceiling, would be an understatement. It is interesting to hear from someone who beat the S&P 500 over the past 15 years. Recently, Ron Muhlenkamp wrote an op-ed on the topic:
To welcome in the New Year, Congress and the Obama administration have addressed one side of the deficit problem: government revenues (taxes).
For most Americans, they’ve gone halfway, keeping income tax rates at prior levels for those couples earning less than $450,000 per year (refer to 2013 tax table).
But they also allowed the payroll “tax holiday” to expire, so automatic deductions for FICA (Social Security) taxes will increase by 2 percent of gross pay for nearly all wage earners.