Charlottesville Tax Policy Expert: Fiscal Cliff Compromise a “Bad Deal”
Jan 2, 2013 07:44 PM EST
Tax policy experts are weighing in on the fiscal cliff compromise calling it a "bad deal."
University of Virginia law professor George Yin says on a scale of 1-10, the deal is a 0.
Despite extending some Bush-era tax cuts, the Tax Policy Center estimates that 77 percent of Americans will see higher taxes beginning this month due to the expiration of the payroll tax cut.
Yin says while the immediate impact on Americans is minimal, the agreement shows lawmakers are not truly addressing the country's biggest problems, including unemployment and the deficit.
"It pretty much ensures that tax reform isn't going to happen anytime soon and I think that one of the most disappointing things is that there was not a single tough decision made in the bill," he said.
Yin was chief of staff of Congress' Joint Committee on Taxation from 2003 to 2005.
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