Update: Passed both houses - To Obama now (Cliff deal delayed thread)

[amyklai]

LOL, all that artificial drama (plus the pledge limbo) - and in 2 months we're going to see it all again.
In the meantime, busy Ben keeps printing money.

 

[glenn1]

I personally think that taxes do need to go up, but that spending is the main problem which is not being addressed now.

They are - payroll tax cuts are gone with this deal. I'm sure the working poor will think the 2% lighter paycheck is worth the increased taxes for the rich.

 

[Michael]

That was just another cash grab from Social Security. The "working poor" will get their SS payments when they retire.

Michael

 

[Lithium381]

O'rly?
http://upload.wikimedia.org/wikiped...ate_for_Highest_and_Lowest_Income_Earners.jpg

at least be honest about your posts and put what income levels the rates became active . .

 

[DCal430]

Stupid CNN said the bill would cap itemized deductions but it doesn't it just slightly reduces the itemized deductions for those making over 250,000 there is no actual cap.

 

[Wreckem]

They are - payroll tax cuts are gone with this deal. I'm sure the working poor will think the 2% lighter paycheck is worth the increased taxes for the rich.

Neither party was ever planning on extending the temporary payroll tax reduction for a second time. There never should have been a payroll tax reduction.

 

[Genx87]

I am shocked, shocked they passed this!

/sarcasm

Now time to pat each other on the back for averting a disaster they created.

 

[glenn1]

That was just another cash grab from Social Security. The "working poor" will get their SS payments when they retire.

Michael

If they live that long. In the meanwhile, the deal raises taxes on 77% of Americans, and Joe Sixpack will pay about $700 more a year in taxes due to increased payroll taxes.

Better yet, the tax rate cuts and AMT fix are permanent, while the targeted tax breaks for the poor and middle class are being phased out over 5 years (Earned Income Tax Credit, the Child Tax Credit and the American Opportunity Tax Credit). All in all, a pretty decent win for broadening the tax base considering it was a Democratic Senate which passed it.

 

[JEDI]

Passed (based on 229 votes yes and rising).

sigh...

in 2months, here we go again

sigh...

 

[DCal430]

Capital gains will actually be 23.8% not 20% for individuals making over 250,000 due to the 3.8% tax on unearned income.

 

[Wreckem]

If they live that long. In the meanwhile, the deal raises taxes on 77% of Americans, and Joe Sixpack will pay about $700 more a year in taxes due to increased payroll taxes.

Better yet, the tax rate cuts and AMT fix are permanent, while the targeted tax breaks for the poor and middle class are being phased out over 5 years (Earned Income Tax Credit, the Child Tax Credit and the American Opportunity Tax Credit). All in all, a pretty decent win for broadening the tax base considering it was a Democratic Senate which passed it.

EIC isn't being phased out. It will always get renewed in some form. Same way with the child tax credit. Now the American Opportunity Credit will likely eventually go away or be replaced with something entirely different.

And again, neither party was going to renew the temporary payroll tax reduction.

 

[s0me0nesmind1]

I sincerely hope all the liberal Obama fanatics enjoy their decrease in paychecks - Most not knowing a single clue about taxes - or changes in taxes. I want to see those sweet sweet tears as they were promised to only dig more money from the rich pockets in order to get re-elected.

 

[Daverino]

Oh sweet Republican tears. Cannot even pass a bill in the one house they control and are forced to concede. They are so passionate about throwing the baby out with the bathwater, they forget that real Americans are actually concerned about the baby and don't want to commit economic suicide today.

 

[theevilsharpie]

sigh...

in 2months, here we go again

sigh...

No kidding.

Partisans on both sides are pointing fingers at each other over sluggish economic growth, and yet the single biggest factor holding down investment is the uncertainty that this constant political fighting is causing. If politicians made a decision, any decision, things would improve. And yet, the best they could come up with is an 11th hour bill that kicks the can down the road.

This has been the worst Congress ever.

 

[Engineer]

That was just another cash grab from Social Security. The "working poor" will get their SS payments when they retire.

Michael

No it wasn't (as has been pointed out many times). The money was replaced from the general revenues.

 

[Engineer]

And again, neither party was going to renew the temporary payroll tax reduction.

This.

 

[RampantAndroid]

I'd like to stay in this thread and once again refute you as I have conclusively proven my sig is 100 percent accurate.
But your extreme mental illness is apparent to anyone who reads even a few of your posts.

You were proven wrong...it was proven you quoted a bad source.

 

[leper84]

HOT DAMN!!!! Gasoline costs 3-4x as much as ten years ago, groceries have damn near tripled in cost over ten years, the dollar has lost almost 30% of its value over ten years,

BUT I STILL GET TO SAVE 2% ON MY PAYCHECK THIS FRIDAY!!!! WOOT WOOT, I'M SO GLAD THEY DID THIS INSTEAD OF ACTUALLY FIXING ANYTHING!!!!!

 

[LTC8K6]

HOT DAMN!!!! Gasoline costs 3-4x as much as ten years ago, groceries have damn near tripled in cost over ten years, the dollar has lost almost 30% of its value over ten years,

BUT I STILL GET TO SAVE 2% ON MY PAYCHECK THIS FRIDAY!!!! WOOT WOOT, I'M SO GLAD THEY DID THIS INSTEAD OF ACTUALLY FIXING ANYTHING!!!!!

If you mean what I think you mean, then no, that 2% discount has expired.

 

[Doc Savage Fan]

The Party of Tax & Spend wins! Congratulations! /s

 

[highland145]

The Party of Tax & Spend wins! Congratulations! /s

Looks like a lot of the house R's agreed. $4T cost over 10 years.

 

[Exterous]

just saw the details of the plan, or at least the version foxnews has reported . . . . it's actually not too bad. . . they address AMT and provide exemptions for LTCG taxes to a reasonable level! I think they should go for it but it doesn't have "spending cuts" that will make a difference though

The estate tax sounds more reasonable from what some were proposing as well. $1M doesn't go that far these days. It is very unfortunate that there were no spending cuts but I guess we'll get to hear them fight over those for the next two months :\ Better than it could have been though...

Capital gains will actually be 23.8% not 20% for individuals making over 250,000 due to the 3.8% tax on unearned income.

To me it doesn't sound like they increased CG to 20% or 23.8% for those making over 200k (250,000 is for couples not individuals) at least from what is available to read so far.
It sounds like those 35k-200k will still pay 15%, those over 200k to 400k will pay 18.8% and those above pay 23.8%. If true it is good to see some added brackets in CG tax

Income tax will be increased for singles earning over $400,000 and couples earning over $450,000. The tax rate will increase from 35% to 39.6%. Capital gains and dividends will rise to 20 percent from the current 15 percent for the same income thresholds. In addition to the capital gain and dividend rates, health care reform will levy a new surtax of 3.8 percent on capital gains for those tax payers with incomes above $200,000/$250,000.

 

[Doc Savage Fan]

Looks like a lot of the house R's agreed. $4T cost over 10 years.

A gun was held to their heads...but that little nuance appears to be lost on you.

 

[michal1980]

A gun was held to their heads...but that little nuance appears to be lost on you.

Republicans folded like a wet noodle. They are now not better then any democrat.

Plus, no spending cuts will happen, sequestration will just be 'delayed' for ever. Just like they always delay medicare payment cuts, just like they fix the ATM every year, just like the debt ceiling goes up every year. They'll just delay the spending cuts.

Then one day, the spending will be so great, that we can no longer afford any of it. And it'll all crash down. And the republicans will take the blame again, as the should for not having any leadership on the issue.

 

[airdata]

So, what you're telling me is some wise and beautiful woman named Boner who doesn't have the balls to pronounce his own name properly has the fate of our country in his hands and his prancing around washington playing partisan games?

is this real life?