Posted on 12/06/2010 3:36:56 PM PST by ejdrapes
Latest on the Tax Deal: Payroll Tax Cut, Estate Tax Back What we’re hearing: A two-year extension of all current income, dividend, and capital gains tax rates, plus a one-year (or 13 month) extension of unemployment insurance. Chuck Todd reports that the tax deal could include a payroll tax holiday. But Marc Ambinder reports that it will instead include a Multiple reports are indicating a deal is close to being struck. UPDATE: We’re now hearing that the estate tax will be set at 35 percent for two years, with the first $5 million exempted. [Daily Caller's Jon Ward first to report.] UPDATE II: Jake Tapper has more details on what’s in the proposed deal, including: –allowing businesses to deduct 100% of certain investments in the first year (President Obama pitched this in September). –extending the American Opportunity Tax Credit (college tuition), Child Tax Credit and Earned Income Tax Credit plus their refundability. One other wrinkle Tapper is reporting, potentially huge: the unemployment benefits extension will not be offset, at least not as part of this deal. This makes it likelier that Republicans in both houses will challenge it from the right, and that any voting majority will have to be cobbled together from both caucuses. President Obama is supposed to address the deal at 6:10 PM.
two percent two percentage point reduction in payroll tax that would replace President Obama’s favored Making Work Pay tax credit, and a reinstatement of the estate tax over a certain yet-to-be-decided threshold.
Tell me, how does a minority in both the House and the Senate have a sitting administration "over a barrel"?
And how does putting a future extension of the Bush tax cuts onto the calendar for Sept-Oct 2012 compromise our position?
In this case, a minority party forced a majority party and a sitting President to approve of something they didn't want to do. And it wasn't a just to score political points, it was "the right thing to do" for the country.
Yes, indeed. We are "winning the argument". But we haven't won the war. Not yet.
I DARE you to DEFEND THIS!
Ask someone who’s parents have passed away and left them a farm or a ranch if it is a good deal.
Small business would be devastated by a failure to extend the Bush tax cuts. Would that be a better outcome?
You are free to give up, lay down and die. If that's what you want to do...
As a small business owner in Maryland, I am paying over 10% unemployment premiums on my employees. That’s the thanks I get for not laying off employees and not going bankrupt. So punish the successful and let the unemployed just keep riding in the cart I’m pulling. Great plan for getting out of a recession.
And the GOP can continue to move forward with even more next year.
You are the problem. The bell tolls for thee. I’m laughing at the fool.
The poster has no clue. The GOP Socialists are better than the Democrat Socialists. It’s all about the (R) after the name.
Right now there is no estate tax.
Wealth redistribution is OK as long as the (R) appears after a name. Get with the program.
If nothing else , it puts some certainty as to what the rates will be for taxation etc.. a moratorium, if not an outright elimination, of capital gains would be nice too..
To expect Big Gubamint to see the errors of its ways and reverse course on any number of tax items.. that’s a bit too much to hope for .. but not to ask or strive for.
It may take a couple more election cycles at least to do what should have been done long ago... and even then, the hole left behind may be so hugh,, no one will escape it unscathed.
I didn’t say that!
I don’t see any great deals here either..
I don’t see Obama won anything.
He caved and the libs are furious.
Would you prefer the tax cuts not be extended, then?
I saw Obozo’s “press conference.” He was in full snarl, eyes hooded, glowering into the camera as he damned the Republicans for making him do a deal. He gave no thanks or cridit to any Repub, just sounded like an 8-year-old brat complaining about having to wash the dishes before he could play with his XBox. What a total loser. Then he just left the podium. The One doesn’t have to answer any press questions, of course.
Dump the whole deal until the new congress is seated.
These spineless, gutless morons need to just sit down and shut up until the people with more guts and brains get in there. The Repubs are so unskilled at politics it makes me want to hop a plane to DC, beat most of them senseless, drag them out, put them in a donkey cart and push them over a cliff.
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