Skip to comments.Fiscal Cliff Deal FAQ: What Just Happened and What It Means For You (LOL @ Derek Thompson)
Posted on 01/02/2013 8:20:56 AM PST by TurboZamboni
Last night, the House of Representatives signed off on a deal to avert the massive tax hikes and spending cuts known, nearly posthumously, as the "fiscal cliff." Today we are a presidential signature away from the official end of this absurd national nightmare. But did the president make a bad deal? Did he make a secretly ingenious deal? What's in it, anyway? Those are questions. These are our answers ... What's in the fiscal cliff deal? The Tweet-length version of this deal is: No more payroll tax holiday, higher taxes for the super-rich, and we'll figure out the rest later. The centerpiece of the deal is an increase in the top marginal rate to 39.6 percent on all income over $400,000 (for individuals) and $450,000 (for families). It is the first major tax increase since the early 1990s. The other rates from the Bush tax cuts are made permanent. Here's how it changes our taxes.
(Excerpt) Read more at theatlantic.com ...
Deficits won't kill the U.S. economy in 2013. But austerity might. In a weak economy, we want taxes low and short-term deficits high. This deal preserves both.
Leftard 'logic' makes me laugh out loud
People that make over $400k are “super rich”. Why do we have to suffer such idiocy?
I’ll gladly repeat:
Who in the hell is worrying about the fiscal cliff. After all the market is up 233 this AM. Looks like King Obama is swimming in loot. I’m done. This shi! will eventually bust out butts, and I no longer give a damn.
39.6 % tax rate! Like there aren’t tons of other taxes and fees paid already! I’m guessing that those in that tax bracket will be paying more like 55 - 60 % in taxes and fees when you add in local taxes and all the other government fees like property taxes, vehicle registration, toll fees and other assorted regulatory fees... don’t like where this is headed. I guess the only good thing about 0’s economic policies is that there won’t be that many people earning that much anymore. Only people like himself and other politicians and celebrities but somehow I seriously doubt they will be paying their fair share.
Unemployment is extended for the rest of the year? That means unemployed collect unemployment for 3 years doesn’t it?
Small business’s who have to pay it should love that.
Oh Well it gives the slackers another year to sit on their azz.
No, it means the max term for Unemployment payments, continues at 99 weeks.
Does not revert to 39 or 48 weeks.
The GOP will continue to pay the price of exporting the jobs of the family working class who voted for Reagan and Bush I and II. The do-nothing Congress really did something - they sunk the GOP. Bring back their jobs, brings back their vote.
unemployment/disability are the new rat jobs program.
Oh, I thought they were going to extend it even further than that.
Funny how confusing that “baseline budgeting” gets, when it is applied to “weeks of unemployment”.
Nanzi and some other leftard actually said that unemployment payments and foodstamps stimulated the economy.
“Broken windows fallacy”.
So if you win the lottery the Feds will take 40% right off the top?
I thought they already did.