Posted by We Regret To Inform U on Tue, Jan 1, 2013, at 2:16 AM:
"Here are the known details of the deal:
Tax rates: Current tax rates will be extended for all wage earners making below $400,000 and couples making below $450,000.
This was a key concession for both Republicans and Democrats. Democrats wanted the threshold for tax increases to rest at $250,000 and Republicans didn't want marginal tax rates to increase for anyone.
The estate tax: It was set to increase from 35 percent to 55 percent in 2013. Instead, the compromise sets the new rate at 40 percent with the first $5 million worth of property exempt from being taxed.
Capital gains tax: Capital gains and dividend tax rates will increase from 15 to 20 percent.
Alternative Minimum Tax: A permanent fix to the tax that would hit middle class families
"Doc Fix": Doctors will be shielded from a massive reimbursement gap for treating Medicare patients.
Unemployment benefits: Unemployed workers will receive their benefits which expired over the weekend.
Renewable energy tax credit: The tax credit for renewable energy companies will be extended for another year."
Replies (23)
They..... Dag nab it!
-- Posted by We Regret To Inform U on Tue, Jan 1, 2013, at 2:20 AM
What leadership! What courage! We should all call our senators and thank them for their sacrifice!
-- Posted by Rick Vandeven on Tue, Jan 1, 2013, at 4:31 AM
From Karen De Coster's website...
"First, the legalized gangsters in the nation's toilet raised the debt ceiling at the 11th hour so that the US government can borrow more and spend more, in spite of the looming budget carnage. Then they partied down into the wee hours of New Year's Eve and agreed to further fleece our most productive people in order to keep the spend-a-thon sustained. New Year's Eve was a convenient time for such fiscal buffoonery considering that the markets are closed until Wednesday. Still, with government spending zooming upward and spiraling out of control, the government is on track to exceed its borrowing limits, again, and within a month or two. Yet another cliff is ahead, and there will be yet another scheme concocted to avoid the cliff and ensuing economic collapse.
According to the Wall Street Journal, said Senate Majority Leader Mitch McConnell: "But I think we can say we've done some good for the country. We've taken care of the revenue side of this debate." And what's wrong with that statement besides the fact that these bastards think they did "good" for the country? I am going to argue that the bona fide definition of "revenue" is a return/yield from property/investment or income earned from the sale of goods, services, assets, etc., and not the modern, revised definition that includes government theft to pay for "expenditures." If I steal from you, why is that not revenue? Why can I not be considered a self-declared government?
While for-profit businesses seek long-term strategies for bringing in revenue and controlling expenditures, government always acts with high time preferences: raise dough now, even at the expense of long-term "revenue" shortages. Rule changes will tease tax victims by allowing them to roll their 401k assets into a Roth IRA, which allows them to pay taxes now (potentially advantageous for some) while avoiding taxes on disbursements down the road. From a purely fiscal standpoint, this means that government gets your money now, but gives up its "revenues" in the long term. Always, all problems are pushed into the future to be dealt with when it comes time to cross those various bridges. These last-minute crises always bring rise to media worship for the congressional criminals who dive in at the last minute and "save" our country from yet another fiscal Rubicon. The media bobbleheads experience rapture whenever our "heroic" leaders step up to save the day for the begging serfs.
Remember that elected and appointed "officials" have no long-term ties or interest in the government policies they create, and thus this gives rise to the behavior of here today, gone tomorrow, so take it while you can.
The cliff has been "avoided" in favor of a newer, bigger cliff. Indeed, build a bigger cliff and the politicians, along with their welfare queens, shall come."
-- Posted by Rick Vandeven on Tue, Jan 1, 2013, at 8:13 AM
Rick Vandeven,
I concur.
-- Posted by Givemeliberty on Tue, Jan 1, 2013, at 10:20 AM
Rick - spot on. Thanks.
-- Posted by not_sorry on Tue, Jan 1, 2013, at 10:24 AM
U.S. Senate, 1/1/13, 1:39 a.m., Roll Call Vote # 251, H.R. 8 (as amended), 89 yeas, 8 nays (Democrats Bennett of CO, Carper of DE, Harkin of IA, and Republicans Grassley of IA, Lee of UT, Paul of KY, Rubio of FL, Shelby of AL), and 3 not voting (Democrat Lautenberg of NJ, DeMint of SC, and Kirk of IL).
Both Missouri's Senators, Blunt and McCaskill, voted "yea".
-- Posted by Givemeliberty on Tue, Jan 1, 2013, at 10:29 AM
According to the CBO, the deal that the Senate "gave" us last night results in $1 of spending cuts for every $43 of new tax revenue.
The political class is criminal.
-- Posted by Rick Vandeven on Tue, Jan 1, 2013, at 10:34 AM
No fear.... now that the wimps gave him what he wants, Obama will show his love of country and bipartisanship by bringing all of Congress together and reconcile all differences on spending cuts.
Oh crap I drifted off there.... let's try this again, he will bring them all together, tell them who won the election and where on the bus to find their seat. Then he will go back to campaigning.... for what nobody knows.
-- Posted by Have_Wheels_Will_Travel on Tue, Jan 1, 2013, at 10:41 AM
-- Posted by Have_Wheels_Will_Travel on Tue, Jan 1, 2013, at 10:41 AM
The campaigning for the 2014 election and complete control of congress again began the day after this past election. Obama wants it all and the republicans are likely to lose it all when they act just like democrats.
-- Posted by not_sorry on Tue, Jan 1, 2013, at 10:54 AM
Dug,
When you have only liberal Republicans left, they might as well be all left wing Democrats. How will the outcome differ? I expressed my thoughts with Mr. Blunt in a communication with his office this morning. Would suggest others do likewise.
-- Posted by Have_Wheels_Will_Travel on Tue, Jan 1, 2013, at 10:59 AM
Wheels - good idea. I had expressed my feelings to "Air Claire" in the past and will do the same with Blunt. From CNN:
"If the House doesn't act ... The nonpartisan Congressional Budget Office has predicted the combined effect could dampen economic growth by 0.5%, possibly tipping the U.S. economy back into a recession and driving unemployment from its current 7.7% back over 9%."
Why would anyone care about unemployment at 9%? We could handle that for a while. We've suffered with 10% under Obama and democrats in control.
-- Posted by not_sorry on Tue, Jan 1, 2013, at 11:10 AM
Dug,
You are wasting cyber space with that air head McCaskil. She exists but she is in Obama's pocket and good for little when it comes to Missourians.
-- Posted by Have_Wheels_Will_Travel on Tue, Jan 1, 2013, at 11:13 AM
Just pulled the bank statements off the internet and realized the Checking Account is still positive, which makes me richer than the United States Government. I am not over $16,000,000,000,000.00 in the red.
-- Posted by Have_Wheels_Will_Travel on Tue, Jan 1, 2013, at 11:23 AM
The House voted to pass the monstrosity H.R. 8, Roll Call Vote 659, 10:57 p.m. 1/1/13:
257 Ayes (172 Democrats, 85 Republicans)
151 Noes (16 Democrats, 151 Republicans)
8 not voting
Yes votes from Missouri: Emerson, Luetkemeyer, Clay, Cleaver
No votes from Missouri: Akin, Hartzler, Long
Not voting from Missouri: Graves
-- Posted by Givemeliberty on Tue, Jan 1, 2013, at 10:37 PM
-- Posted by Rick Vandeven on Wed, Jan 2, 2013, at 4:56 AM
A bogus solution to an artificially contrived emergency!
Several points;
This 'agreement' does not address the problem which got us into this predicament in 2010; our bloated government and uncontrolled spending. 'Leadership' in Washington is attempting to change the subject of debate.......and apparently doing a good job of it. We are now arguing over who should be taxed more to pay for the expansion of government rather than where government spending should be reduced. The truth of the matter is that we are all being taxed more while expansion of government continues. And, apparently, the electorate is ignorant enough to allow the politicians to get by with this!
Those among us arguing for restraint in government spending are now referred to as 'extremists' as the politicians (our employees) continue on their spending spree.
Extended unemployment benefits should come to an end....NOW! Unemployment insurance once had a purpose; it is now just another government giveaway.
It is time for Social Security to be fully funded. This was a farce to begin with.
Politicians in Washington are not concerned with solving the problem or they would have done so in the summer of 2010. They delayed the 'solution' past two national elections while they worked to change the subject of the debate. And we let them!
Guess what? Our taxes are going up.......for ALL of us, the laws of mathematics and economics demand it! Our elected officials are merely attempting to disguise the raises by raising rates on the 'rich' while using the force of regulations to collect the revenue. Four years of $1 trillion+ deficits and no end in sight; four years without a budget; government borrowing 42 cents of every dollar it spends.......it is time for us to wake up and throw ALL the bums out. But we had a chance to do that the last election but we apparently decided they were doing SUCH A GOOD JOB! Now we must suffer through the consequences of the election for at least two more years.
If we manage to borrow our way to prosperity we will be the first to accomplish that achievement.
-- Posted by Robert* on Wed, Jan 2, 2013, at 5:45 AM
Demint did not vote as he is a tea party man leaving for a cushiony new job with lobbyist. He gave up his South Carolina seat for another tea partier chosaen by the lady govenor.
It is a shame there is so much hatred among parties and praying for the president to fail,,,,,shame on all sides. Screw the country.
-- Posted by Dexterite1 on Wed, Jan 2, 2013, at 6:09 AM
"This was a key concession for both Republicans and Democrats."
Keep in mind that whenever _they_ make concessions, it is _our_ money they are conceding...
-- Posted by Shapley Hunter on Wed, Jan 2, 2013, at 8:15 AM
Another example of the most transparent administration in history! Once again, deals have been made at the last minute behind the scenes in smoke-filled back rooms by a few powerful insiders. Fools on the Hill have voted on and passed legislation without reading it. Once again, we had to pass the bill so we could find out what is in the bill. This NOT the way our government is supposed to be run. And the core problem has not been addressed even while politicians declare victory. The citizens of this country deserve better!
-- Posted by Robert* on Wed, Jan 2, 2013, at 9:33 AM
-- Posted by .Rick Lately on Wed, Jan 2, 2013, at 9:32 AM
Rick,
I do pray that Obama fails at putting one more unborn child to death by abortion.
-- Posted by Have_Wheels_Will_Travel on Wed, Jan 2, 2013, at 10:13 AM
Rick,,4 years ago the repubs started by saying they would see Obama will fail as a leader.
-- Posted by Dexterite1 on Wed, Jan 2, 2013, at 10:28 AM
Dexter,
Whatever you think one Republican may have said does not necessarily put the same words in everyone's mouth.
Now that said, if any citizen sees a politician, and that is all Obama is as he is not a leader, doing destructive work it is that citizens duty in my view to do his/her level best to see that the particular polictician fails at his mission of destruction. And I do not give a rat's rear end who that politician is.
You may twist, change the meaning of or parse words any way you please, but that is the bottom line as I see it. I want Obama to fail at his mission on abortion and will do whatever I can to see that he does fail there. Does that offend you? Because if it does, I do not care.
-- Posted by Have_Wheels_Will_Travel on Wed, Jan 2, 2013, at 11:13 AM
4 years ago the repubs started by saying they would see Obama will fail as a leader and they were right.
-- Posted by Old John on Wed, Jan 2, 2013, at 12:20 PM
Menu
"Here are the known details of the deal:
Tax rates: Current tax rates will be extended for all wage earners making below $400,000 and couples making below $450,000.
This was a key concession for both Republicans and Democrats. Democrats wanted the threshold for tax increases to rest at $250,000 and Republicans didn't want marginal tax rates to increase for anyone.
The estate tax: It was set to increase from 35 percent to 55 percent in 2013. Instead, the compromise sets the new rate at 40 percent with the first $5 million worth of property exempt from being taxed.
Capital gains tax: Capital gains and dividend tax rates will increase from 15 to 20 percent.
Alternative Minimum Tax: A permanent fix to the tax that would hit middle class families
"Doc Fix": Doctors will be shielded from a massive reimbursement gap for treating Medicare patients.
Unemployment benefits: Unemployed workers will receive their benefits which expired over the weekend.
Renewable energy tax credit: The tax credit for renewable energy companies will be extended for another year."
Replies (23)