Posted on 12/31/2012 12:35:26 PM PST by RummyChick
A senior Republican Senate aide passes along the tax terms of the deal being worked out by Democrats and Republicans on Capitol Hill and the White House to avert the "fiscal cliff." These terms are "locked," says the source, between Senate Republicans and the White House:
· Permanent extension of current rates on income below $400k (singles) and $450k (married).
· Permanent 15% rate on cap gains and dividends for income below $400k (single), $450k (married).
· Permanent 20% capital gains & dividends for those above $400k (single), $450k (married).
· Permanent death tax at $5M exemption but a 40% Rate (as of tomorrow, exemption would be on estates valued at $1m at a 55% rate)
· Permanent AMT patch
· One year extension of 50% Bonus Depreciation
No changes to the already scheduled sequestration cuts have been "locked," I'm told.
Hillary can now safely die and leave an extra 4 million to Chelsea
It sounds like the top 2% are going to be forced by the government to subsidize Barry’s BIG government nanny state.
dont see a word about spending cuts
That’s not even true...
There isn’t enough money there in the top 2% to pay for even a fraction of the nanny state spending.
Curious about the $1000 vs $500 per child tax credit.
I know some here may disagree but if these changes are really permanent tax code changes then this is a good deal.
Yes, I would like to have seen the current rates made permanent but the blame for that lays on Bush and McCain who couldn’t get it done when Republicans had the House, Senate and Presidency.
I know some here may disagree but if these changes are really baseline tax code changes then this is a good deal.
Yes, I would like to have seen the current rates made permanent but the blame for that lays on Bush and McCain who couldn’t get it done when Republicans had the House, Senate and Presidency.
>> It sounds like the top 2% are going to be forced by the government to subsidize Barry’s BIG government nanny state.
Barry better plan on a slimmed-down nanny state, then. There’s not enough dough in that 2%, even if you take ALL their marbles.
The truth is, none of these pols has the wisdom or the stones to fix the problem, which is spending too much. They’re going to let the train wreck without even slowing it down.
I know what you mean.
People here are acting as if rates don’t go up tomorrow unless something is done.
Very curious.
This is BIG F DEAL!! Top 2% can’t be milked further other than at margins. So, this makes it clear that the dems can’t hide anymore “behind” middle class.
We have a history of cutting taxes. Cutting Gov't is the problem.
BWAHAHAHAHA. These guys all need to spend a couple years learning negotiations in the real world. Nothing is "LOCKED" until both parties agree to a deal. The most unscrupulous negotiators usually wait until the very last second to slip in some demand. That's what the Alinskyites are going to pull here.
If they seized all of the wealth of the top 2% it would fund the feral gubmint for about two months.
LLS
It’s obvious that the tax increases are simply punitive, and not revenue driven.
That’s a truth that will get your average lib in a froth.
I know. I’ve asserted that before and they really don’t like to hear it.
(Just like any other truth about them.)
For newer reports.
Just heard McConnell asking to NOT hold this up while waiting for agreement on spending cuts.
TOTAL SELL-OUT!!!
I believe it would be closer to all of the wealth (everything they own) of the top 10% to fund fedgov for that long. Taking all of the marbles of the top 2% would fund the feral gov for about two weeks IIRC.
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