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As America slouches towards the final days of a dismal presidential campaign where too many issues have been fudged or avoided, the one question on which the candidates have provided a clear choice is whether the rich should pay more tax.
That choice will determine whether the US falls over a “fiscal cliff” in January, when $400bn of tax increases and spending cuts are scheduled to kick in. It will also dictate the terms on which Congress and the President (whoever he is next year) must reach a “grand bargain” for taming the nation’s growing budget deficit.
http://link.ft.com/r/P75VYY/
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