There are lots of good reasons to avoid letting the U.S. fall over the looming fiscal cliff, some $800 billion in annual spending cuts and tax increases scheduled to start Jan. 1 unless Congress and President Obama reach a deal: The U.S. could slip back into recession, credit-rating agencies might downgrade the U.S. for political dysfunction, and the military and a host of government programs and agencies would face pretty drastic cuts — the threat of pain was the point of the “sequestration,” after all. But “some people, left, center, and right, believe careening over the cliff would be an affirmative good, a willful act of liberation, a step that is necessary to rationalize our tax code,” says Daniel Gross at The Daily Beast. “I’ve dubbed these folks the Thelma & Louise Caucus. And I count myself a member.” Here, five serious reasons people are actually rooting for us to drive over the cliff:

1. The Bush tax cuts are wrongly skewed toward Wall Street
“I’m not eager to see all the tax cuts expire” — like Obama, and a majority of Americans, I want taxes to stay lower for all but the wealthiest taxpayers, says Gross at The Daily Beast. “But I think the cliff does offer a rare opportunity to correct a historical error.” The Bush-era tax cuts set to expire “introduced all sorts of harmful wrinkles and distortions into the tax code, in ways that privilege passivity over labor.” There’s no reason capital gains and hedge-fund fees should be taxed at half the rate of the “wages for hardworking professionals.” But the people who benefit from those breaks have a loud, powerful voice in Washington. Once we go over the cliff, they’ll have to use it to justify their special treatment. “Good luck to them.”

Story Continues:  The Week.com