One of the astonishing things about the so-called ‘fiscal cliff’ negotiations is how many politicians and people in the media talk of raising the marginal income tax rates on the highest earners by a small amount as a quid pro quo for raising the retirement age for Social Security (currently 67 for those born in 1960 and later) and the eligibility age for Medicare (currently 65). They seem to treat those as if they were somehow equal-valued chips in a game. [Read more…]