Democrats came out on top big-time in the fiscal-cliff bill approved by the House Tuesday, says conservative commentator Charles Krauthammer.
Congress agreed to increase taxes on individuals with annual income of $400,000 in exchange for little in the way of spending cuts.
“It’s a complete rout by the Democrats,” Krauthammer told Fox News. “Tonight is one of the low points that Republicans have had in the last few years – on substance and on politics.”
On substance, Obama not only won increases in tax rates for the wealthy, but he’s likely to gain another tax increase through reducing deductions in the future, Krauthammer says. “So he gets a double rise in rates.”
As for politics, Obama “broke the unity of Republicans” by insisting on the tax hikes for the wealthy, the syndicated columnist says. “There are a lot of conservatives in the Republican caucus in the House who hate the bill for good reason. This is a complete surrender on everything.”
The Wall Street Journal editorial board wasn’t too impressed with the agreement either. “The Senate-White House compromise grudgingly passed by the House is a Beltway classic: the biggest tax increase in 20 years in return for spending increases, and all spun for political purposes as a ‘tax cut for the middle class,’" a Journal editorial states.
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