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Tue Jan 1, 2013, 02:46 AM

Here's 'some' of what The Senate bill that passed has in it [Updated]

Last edited Tue Jan 1, 2013, 03:43 AM - Edit history (1)



Happy New Year Republicans, Obama Just Cleaned Your Clock on the Fiscal Cliff

-snip-

Some on the left are already griping that the White House gave up too much by raising the income limit on the Bush tax cuts to $400,000-450,000, but here is what the president got in return for his minor concession:

– A permanent rise in tax rates to the Clinton era levels for all individuals making over $400,000 a year.

– A return to the Clinton era rates on capital gains.

– The Estate Tax will be set at 40% for those at $400,000 threshold with a $5 million exemption.

– A 5 year extension of the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit for low income Americans.

– All Obama small business tax breaks extended for another year.

– A full year extension of unemployment benefits.

– A nine month Farm Bill.

– A permanent patch for the Alternative Minimum tax.

-snip-

Full article here: http://www.politicususa.com/happy-year-republicans-obama-cleaned-clock-fiscal-cliff.html




Also the bolded stuff below that wasn't listed above...


The agreed-upon measure will extend Bush-era tax cuts for family incomes below $450,000 and individual incomes below $400,000. Clinton-era tax rates of 39.6% will be instituted for income above these thresholds. It is expected to raise $600 billion over 10 years.

The deal also includes a two-month delay on sequestration, with a 50-50 mix of spending cuts and revenue to pay for the $24 billion it will cost. Approximately half of the cuts will come from defense spending.

The estate tax rate will be 40% with the exemption limit being set at the first $5 million of income, indexed for inflation. Tax rates on capital gains and dividends will be set permanently at 20%.

The deal will also include a one-year “doc fix,” which will prevent cuts in provider payments through Medicare, but will not be financed by the Affordable Care Act. A one-year extension of the federal unemployment insurance program was also part of the package. The 2% payroll tax cut will expire.

Unexpectedly, the deal will stop annual Congressional pay raises.

The “Dairy Cliff” will be avoided as well, with an included 9-month partial extension of the U.S. Farm Bill to keep dairy prices from doubling.

http://www.mediaite.com/tv/senate-overwhelmingly-passes-fiscal-cliff-compromise-with-2-a-m-roll-call-vote/



AND more here - fiscal cliff deal cheat sheet: http://www.washingtonpost.com/blogs/wonkblog/wp/2012/12/31/your-fiscal-cliff-deal-cheat-sheet/
Including...
— The 2009 expansion of tax breaks for low-income Americans: the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit will be extended for five years.


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Response to Tx4obama (Original post)

Tue Jan 1, 2013, 02:56 AM

1. Okay, have not read enough about the deal but this is a decent deal

On first glance.

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Response to Tx4obama (Original post)

Tue Jan 1, 2013, 03:06 AM

2. Ending the 2% payroll tax cut

is just about the most regressive thing they could do.
Wacks EVERYBODY making $110,000 or less.

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Response to 1KansasDem (Reply #2)

Tue Jan 1, 2013, 03:11 AM

4. But that tax cut was never supposed to be permanent.


I think it is better to let things expire when they are supposed to,
and pass a 'new' one if needed.

Look how long it took to get rid of the Bush tax cuts for the rich - that was supposed to have expired a long time ago.



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Response to Tx4obama (Reply #4)

Tue Jan 1, 2013, 10:44 AM

10. Put in that way,

I guess I agree. It's certainly going to take away any raise I might have received, but it does make sense.

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Response to Tx4obama (Reply #4)

Tue Jan 1, 2013, 12:56 PM

16. And there isn't any question on where the money for Social Security comes from.

If it hadn't expired it would mean that everyone that pays taxes would pay to fund the 4% (2 each from employee and employer). That means even taxes from current retirees are paying for future retirees.

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Response to 1KansasDem (Reply #2)

Tue Jan 1, 2013, 12:36 PM

14. Yes, with the economy struggling there should have been more negotiating

on that. The way I see it, the middle class gain nothing from this compromise. We all still struggle along paying the most taxes.

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Response to Tx4obama (Original post)

Tue Jan 1, 2013, 03:08 AM

3. So far, so good, but I will not be happy until I know what will be cut in the next round.

I'm afraid we got all the good stuff now, will get distracted and they will have to deal with really harmful cuts.

I can't be negative, but I can't be really happy yet either.

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Response to Tx4obama (Original post)

Tue Jan 1, 2013, 03:38 AM

5. K&R... thanks for all your postings!

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Response to Tx4obama (Original post)

Tue Jan 1, 2013, 04:27 AM

6. Thanks for the comprehensive update

I wonder if the Republicans in the House are going to be stupid enough to vote it down.

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Response to davidpdx (Reply #6)

Tue Jan 1, 2013, 12:38 PM

15. I hope the do.

The middle class should be outraged at this compromise. There should be more discussion on the payroll tax and the other Bush taxes benefits that still remain-supposedly permanently.

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Response to Tx4obama (Original post)

Tue Jan 1, 2013, 04:32 AM

7. Lowers Corporate Tax Rate More and Made Permanent.

 

Wasn't that still on the table? Seems everyone has forgotten about it. Obama on day 1 was offering the lowering of the corporate rate to republicans. Anyone know what the final lowered rate will be with this new bill?

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Response to Tx4obama (Original post)

Tue Jan 1, 2013, 08:46 AM

8. This is the kind of deal that is proportionate to the cards he was holding

Raising the limit to 600,000 was a loss, coming in at 400,000/450,000 with the rates bumping to Clinton levels (not a split) is a modest give to get what all else seems to have come with this. And, no screwing around with SS.

I want to caution people.

I THINK he is going to take a pretty strong stand on the debt ceiling.

But, either at that point, or some other point, he is going to work WITH republicans on SS, and it will include benefit cuts. Now, MAYBE the Senate will nix cuts to SS, but I think it is clear he will sign off on some kind of cuts to SS if they get to his desk.

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Response to Tx4obama (Original post)

Tue Jan 1, 2013, 09:04 AM

9. why should they get 5,000,000 tax free?

The should get a 50% tax or more. Rich get richer. The democrat senator is just another rich persons club.
take care of business to the rich friends as they are 1 in the same

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Response to Dkc05 (Reply #9)

Tue Jan 1, 2013, 12:06 PM

13. What makes you think rich people pay estate tax?

Anyone who pays the estate tax needs to fire their tax attorney - it's trivial to avoid with trusts and other financial tools.

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Response to Tx4obama (Original post)

Tue Jan 1, 2013, 11:55 AM

11. Your OP uses the word "permanent" at least three times.

No Congress can bind a future Congress. These "permanent" taxes could be changed this year, next year or at any time if Congress voted to do it.

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Response to former9thward (Reply #11)

Tue Jan 1, 2013, 12:03 PM

12. Yes, that word annoys me too.

All of this is about as substantial as wind.

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Response to former9thward (Reply #11)

Tue Jan 1, 2013, 12:59 PM

17. The difference is that it requires direct action by Congress to change it again.

Unlike legislation that expires at a specific time unless Congress extends or makes permanent.

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