Official Fiscal Cliff Discussion

[PasteGod]

Republicans are screwing us. I say even lower taxes on the middle class higher taxes on the rich and even more govt spending. Deficits and debt are illusions

 

[MustafaSTL]

Of course they reach a deal at the final hour.

 

[Midwest]

Of course they reach a deal at the final hour.

Whats the outline of the deal looking like?

 

[88m3]

Whats the outline of the deal looking like?

no spending cuts

estate tax was raised to 5 million dollars over that 40% tax rate

no tax increase on people earning less than 400k individual 450k a family


we aren't out of the woods yet and it's not much of win for dems

http://www.huffingtonpost.com/2012/12/31/fiscal-cliff-deal_n_2348269.html


more is too come in the next two months as far as spending cuts

 

[Midwest]

no spending cuts

estate tax was raised to 5 million dollars over that 40% tax rate

no tax increase on people earning less than 400k individual 450k a family


more is too come in the next two months as far as spending cuts

400K should have been 250k single and 400k family. I bet not hear one fukking republican complain about the US debt.

 

[88m3]

400K

pretty surreal I added a link


the rich are making out like bandits again

 

[Midwest]

pretty surreal I added a link


the rich are making out like bandits again

Exactly. How many fukking single people you know making 400K.

 

[Midwest]

"Congress would permanently extend the Bush income tax cuts at $400,000 and below, keep the estate tax threshold at $5 million and extend unemployment benefits for one year."



"The deal still requires buy-in from members of both parties, and Biden was set to meet with Senate Democrats Monday night to try to sell them on the package. That could prove challenging given that key progressive groups, including the AFL-CIO, made it clear earlier Monday that they would oppose any deal that raised the income limit for extending the Bush tax cuts above $250,000"

SCUST folding like lawn chairs

 

[Midwest]

“WHAT COMPROMISE LOOKS LIKE

The GOP did not want to raise income taxes on anyone.
The GOP wanted to tie deep spending cuts into any deal.
The GOP did not want to see extensions in key Democratic favored programs.
It did not get what it wanted.


It did get $150,000 increase in the tax ceiling, and it joined the democrats in supporting several tax credit extensions, and in ending the payroll tax holiday.

The Dems did very well indeed (read on to find out how)..

Here is what the deal does:
A) All wage earners will see their payroll taxes return to 6.2 percent on earnings up to $113,700 in order to return the funding stream to Social Security and Medicare.

B) Individuals who earn more than $400,000 and couples who make more than $450,000 will see income tax rates increase from 35% to 39.6% For people at those income levels, tax rates on capital gains and dividends are expected to rise to 20%, up from15%. In addition to the capital gain and dividend rates, health care reform will levy a new surtax of 3.8% on capital gains for wealthy Americans, pushing up the top capital gains rate to 23.8%.

3) Estate tax rates are poised to rise from 35% to 40% for estates valued at more $5 million.

4) Creation of a permanent inflation "patch" that would shield millions of middle class taxpayers from the AMT (Alternative Minimum Tax that is supposed to guarantee that wealthy taxpayers pay a minimum amount of federal income tax, regardless of deductions, credits or exemptions. In essence, it is a flat tax with two brackets -- 26% and 28%)

4) Extended Measures/Programs:
- Unemployment extended for one year, preserving benefits for 2 million Americans who were at risk for losing benefits at year's end.
- The Child Tax Credit, Earned Income Tax Credit and Obama Opportunity Tax Credit (college tuition credits) will all be extended for five more years.
- One-year extension of the Research and Experimentation Tax Credit and Production Tax Credit, Alternative Energy Credits, along with an extension of the 50 percent Bonus Depreciation for businesses' capital expenditures.
- One-year extension of the DocFix current Medicare reimbursement rates, shielding participating doctors from a potential 27% cut in reimbursements.

AND...It would also temporarily delay the sequester -- i.e., billions of dollars in across-the-board spending cuts -- for another two months....when the debt ceiling debate will be a full force.

It will pass the Senate in a bipartisan vote and Boehner is going to have accept Democratic support in the House (which will weaken him). Not Bad.”

 

[88m3]

Exactly. How many fukking single people you know making 400K.

I can't even imagine it honestly. Personally I know next a few handfuls tops, the only people I can think of earn more than that and they're business owners or top executives they're all in there late 40's 50's.
It's absurd most people don't even clear 40k a year.

"Congress would permanently extend the Bush income tax cuts at $400,000 and below, keep the estate tax threshold at $5 million and extend unemployment benefits for one year."

the estate tax was really low I think it was 1 million dollars and taxed at really high rate so I'm not going to complain there.




A lot more will come out in the following weeks/months the middle class are going to get the shaft I feel it coming.

We're also close to defaulting still as well.

 

[Hiphoplives4eva]

HELL fukkING YEAH!

The Stock Market is about to open on Wed and WE ARE ABOUT TO GET PAID!!!!

First good thing Obama has achieved as far as im concerned....

 

[Serious]

I can't even imagine it honestly. Personally I know next a few handfuls tops, the only people I can think of earn more than that and they're business owners or top executives they're all in there late 40's 50's.
It's absurd most people don't even clear 40k a year.

:whoa

400k is a good range to increase taxes.

250k, while still a rather large income, compared to the average salary in America(throughout the world as well), is still nothing in the grand scheme of things.

People within the 250k bracket, more than likely consist of small business owners, Doctors, veteran engineers and lawyers; professionals, whom largely still aint even ridiculously in the grand scheme of things. Not to mention, these cats probably have massive student loans to pay back....

 

[Darts]

I remember watching Lawrence O'Donnell's show one time and he was saying that the 250k number goes all the way back to a 1993 proposal and if adjusted for inflation would be around 400k today, so most of the dems got to where they wanted to be.

This deal tho can only be great if they get more revenues in "part 2" of the negotiations.

 

[tru_m.a.c]

the one year extension of the docfix rates is ridiculous to me

its just kicking the can down the road....the entire bill reads as can kicking

nothing is actually being fixed....its just another yr that republicans are going to be able to build a case against obamacare and another yr they'll use to campaign and get a better deal on a separate docfix vote

 

[Dusty Bake Activate]

Yall realize this ain't over yet right? The House Rethugs are threatening to send it back to the Senate.