The Taxpayer Protection Pledge signed before witnesses by 238 US congressmen does not leave much wiggle room as the fiscal cliff arrives. It is a solemn oath to the American people -- under pain of political perjury -- crafted by my old friend Grover Norquist to block retreat. Each member of the covenant vows to “oppose any and all efforts to increase the marginal income tax rate for individuals and business; and two, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates”. Mr Norquist can legitimately argue that the US elections have ... (full story)