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Letís Make a Deal! (Raise Taxes on $450k and Above, Kick the Can Down the Road)
Confounded Interest ^ | 12/31/2012 | Anthony B. Sanders

Posted on 12/31/2012 11:10:16 AM PST by whitedog57

Dec. 31 (Bloomberg) –The White House and congressional negotiators have agreed to contours of a deal to avert the fiscal cliff including tax cut extensions, with the remaining sticking point being how to handle automatic military and domestic cuts, according to an official familiar with the talks.

Income tax cuts would be extended on families earning up to $450,000, the official said, with rates rising to 39.6 percent on incomes above that.

Rates on estate taxes would rise to 40 percent, on amounts above $5 million. Extensions of business tax breaks would continue through the end of 2013. There would be a permanent fix to the alternative minimum tax threshold.

Don’t forget that $1 trillion in new Obamacare taxes go into effect on January 1st as well. And chaining of Social Security payments is no longer on the table.

Debt growth continues (almost 50% since President Obama was elected in 2008) and little to show for it (GDP growth just over 5% since January 2009 spread out of 3 1/2 years). Psst. Can we try something else?

US citizens already are on the hook for the Federal debt AND current/future entitlements.

We will have to wait and see what “bitches brew” (as Miles Davis would say) that Obama and Congress give us. We have Barzini (Harry Reid) and McConnell (Tattaglia) negotiating on our behalf. Whatever it is, it will be foul tasting and crush future generations under an avalanche of debt and taxes.

I hope this is the photo used when Obama, Reid and McConnell seal their “deal.”

We should no longer use the term “fiscal cliff” since it implies that a cliff can be gotten over. How about “fiscal insanity?”

(Excerpt) Read more at confoundedinterest.wordpress.com ...


TOPICS: Business/Economy; Government; Politics
KEYWORDS: blogpimp; fiscal; obama; reid; taxes
Fiscal insanity indeed!
1 posted on 12/31/2012 11:10:23 AM PST by whitedog57
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To: whitedog57

Can-kicking Bank Robbers.


2 posted on 12/31/2012 11:12:35 AM PST by Paladin2
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To: Paladin2

Thieves.


3 posted on 12/31/2012 11:14:41 AM PST by Eric in the Ozarks (In the game of life, there are no betting limits)
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To: whitedog57
(Excerpt) Read more at confoundedinterest.wordpress.com ...

What seems to have caused you to excerpt your own blog?

4 posted on 12/31/2012 11:15:59 AM PST by humblegunner
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To: whitedog57
We should no longer use the term “fiscal cliff” since it implies that a cliff can be gotten over. How about “fiscal insanity?”

More like fiscal malfeasance.

5 posted on 12/31/2012 11:16:13 AM PST by oldbrowser (They are marxists, don't call them democrats)
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To: whitedog57

I wrote my congressman today that the problem is not we do not pay enough taxes, it is we spend too much.

Enough idiot Republicans may vote for this insanity of raising the debt ceiling and giving Obama more money to spend.


6 posted on 12/31/2012 11:16:54 AM PST by bestintxas (Anyone who votes for Obama after these 4 miserable years needs to take a mandatory citizenship test.)
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To: whitedog57
Income tax cuts would be extended on families earning up to $450,000, the official said, with rates rising to 39.6 percent on incomes above that.

Rates on estate taxes would rise to 40 percent, on amounts above $5 million.

You just got to laugh at this BS, 39.6% on one and 40% on the other, yeah, that's the ticket.

7 posted on 12/31/2012 11:17:41 AM PST by The Cajun (Sarah Palin, Mark Levin......Nuff said.)
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To: The Cajun

I recall when Reagan had the agreement with the postage stamp fraud speaker of the 80’s to lower the top rate and at the same time reduce the deductions high earning people could deduct. Now we have the reduced deductions and the rates go back up to what they were. NEVER cut a deal with the devil.


8 posted on 12/31/2012 11:27:50 AM PST by Mouton (108th MI Group.....68-71)
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To: The Cajun

And estates get taxed why??


9 posted on 12/31/2012 11:29:08 AM PST by Sacajaweau
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To: Sacajaweau

To Democrats, if you’re dead, you’re still considered a living, breathing (and voting) citizen, and still on the hook to pay taxes one last time.


10 posted on 12/31/2012 11:36:15 AM PST by ObozoMustGo2012
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To: ObozoMustGo2012

Right! And if you are living in the mother’s womb, you can be considered dead.


11 posted on 12/31/2012 11:38:10 AM PST by SgtHooper (The last thing I want to do is hurt you. But it's still on the list.)
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To: Mouton; Sacajaweau
I am furious at just the thought they would pass this crap!

And estates get taxed why??

Work all your life for your security and to pass something on to your family and there are the Rat bastards/Rinos, first in line, stealing from what you accomplished.
And that is *accomplished* in spite of them stealing from you every step of the way.

12 posted on 12/31/2012 11:58:42 AM PST by The Cajun (Sarah Palin, Mark Levin......Nuff said.)
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To: The Cajun

There is one recourse, need I say it? Let me see, I’ll take a “C” Vanna:

se-essio-.


13 posted on 12/31/2012 12:05:01 PM PST by Mouton (108th MI Group.....68-71)
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To: whitedog57

When Barry and the ‘RATS were peeing on their supporters’ legs during the last election fiasco, they said that they wanted to raise taxes on “millionaires” and “billionaires”. People who make $450 thousand are neither. More Kenyan lies from his father.


14 posted on 12/31/2012 12:16:17 PM PST by FlingWingFlyer (Where can I pick up a 2013 Mayan calendar?)
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To: whitedog57
Fiscal insanity indeed!

Yep - and the big money folks are pumping the Market back up to sweeten the profit taking down the road...

15 posted on 12/31/2012 12:54:12 PM PST by trebb (Allies no longer trust us. Enemies no longer fear us.)
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To: whitedog57

“it implies cliffs can be gotten over”

No. We could safely repel down it, maybe, but getting over it makes no sense. The picture here is not of us climbing a cliff but on a plateau headed for a sheer dropoff.


16 posted on 12/31/2012 1:19:07 PM PST by Tublecane
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To: Sacajaweau

“estates get taxed why?”

To prevent transgenerational independence. Because the government really owns your money, and you’re merely holding it in trust until you die. Also because the government knows better how to spend for the common good, and your family’s welfare is less important than others’. Also as well because trustfund babies are unpopular.


17 posted on 12/31/2012 1:27:59 PM PST by Tublecane
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