Posted on 12/31/2012 9:32:12 PM PST by Ernest_at_the_Beach
President Obama and Senate leaders struck a bipartisan agreement late Monday to let income taxes rise sharply for the first time in two decades, fulfilling Obama’s promise to raise taxes on the rich and avoiding the worst effects of the “fiscal cliff.”
The agreement, brokered by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.), primarily targets taxpayers who earn more than $450,000 per year, raising their rates for wages and investment profits. At the same time, the deal would protect more than 100 million households earning less than $250,000 a year from income tax increases that are scheduled to take effect this month.
The deal came together barely three hours before the midnight deadline, after negotiators cleared two final hurdles involving the estate tax and automatic spending cuts set to affect the Pentagon and other federal agencies this week.
(Excerpt) Read more at m.washingtonpost.com ...
Taxes have already gone up. The Pubs are stuck with the choice between increased taxes for 5% or the public, or higher taxes for everyone who pays taxes. If they don’t agree, they will never be able to convince the average taxpayer that they are the party of low taxes for everyone. That would play into the RATS meme that the Pubs only care about the rich, and kill the Pub brand as the party of low taxes forever.
Sometimes it sucks, but you have to fold a losing hand.
It looks that way now, but they were gambling there would be a Pub president and Senate now. If there was it would look like a brilliant strategy. As it is, we’re screwed. I can’t see any way to win this one.
The thieves all need to be replaced, not just part of the from time to time.
The thieves all need to be replaced asap, not just part of them from time to time.
Well as usual, the bastards wait until the world is asleep and like thieves in the night sign a bill that once again screws the tax payers and doesn’t come near to any real cost reductions. All we can hope for is the CONGRESS does NOT support the obvious demodummie senate majority.
The thieves all need to be replaced, not just part of them from time to time.
“Now, let us debate about how much the top “1%” should pay. And solve the fiscal imbalance.”
How much you say they should pay? Not one percent more than any other economic group.
All should pay (lets say) 10%. Then everyone pays their “fair share” ... period.
You either represent all the people (in your district/state) or you represent none of them. Singling out any group is un-American and is the politics of division ... not the American way.
This “agreement” is a digrace and Republicans will pay for it in the end.
Next, will they single out gun owners for harsh treatment, further dividing the American people?
Don’t these extra constitutional acts make all you Republicans just button busting proud?
It is irrelevant. Unless you close the loopholes the person making 400k will still be able to write off enough where the increase will not matter.
The less you make, the less opportunity you have to write it off. They always knew the number. That’s why there s a tax lobby. This was symbolic to give Obama a win.
Even better, it takes away the only thing Obama has in his quiver - raising taxes on high-earners. It's been his "solution" for everything. Now it's done. When the deficit remains at $1T he won't have anything to offer. His lack of clothing will be apparent for all to see. The scales will fall from a few peoples' eyes each day. By 2014 he will be Jimmy Carter II, with no one caring what he says.
I understand your point of view on Palin & Ryan. But will you accede that they would have had much more power to affect conservative agenda had they won the election as VP’s?
In my fantasy world, I want only pure conservatives to run for office. In my real world, I will accept any republican who can actually win in elections, over any democrap. It comes from being over age 70, and worked in the main street economy for 40 years.
Not revenue bills, only spending bills originate in the House.
The Senate is only allowed to add Amendments to the Bill sent to them by the House, not create their own Bill.
WOW, so the senate is acting unconstitutionally? They could say the bill has already originated in the House, and these are all amendments? It won’t matter, the president has little regard for the constitution.
Sadly, you are 100% correct. And that applies to Republican Presidents as well. No one can force the Executive to spend money allocated by Congress.
There's a very good reason why they call it "The Stupid Party". At the time apparently, Republicans thought it would be a good idea to expand the money supply by $2.5 trillion so that:
Did I miss anything?
One man's "loophole" is another man's "stimulus". Even closing loopholes will have an impact on someone down the line... they aren't just pure opportunities to get more money from the wealthy.
It would seem no one has regard for the Constitution!
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