Posted on 12/31/2012 11:10:16 AM PST by whitedog57
Dec. 31 (Bloomberg) –The White House and congressional negotiators have agreed to contours of a deal to avert the fiscal cliff including tax cut extensions, with the remaining sticking point being how to handle automatic military and domestic cuts, according to an official familiar with the talks.
Income tax cuts would be extended on families earning up to $450,000, the official said, with rates rising to 39.6 percent on incomes above that.
Rates on estate taxes would rise to 40 percent, on amounts above $5 million. Extensions of business tax breaks would continue through the end of 2013. There would be a permanent fix to the alternative minimum tax threshold.
Don’t forget that $1 trillion in new Obamacare taxes go into effect on January 1st as well. And chaining of Social Security payments is no longer on the table.
Debt growth continues (almost 50% since President Obama was elected in 2008) and little to show for it (GDP growth just over 5% since January 2009 spread out of 3 1/2 years). Psst. Can we try something else?
US citizens already are on the hook for the Federal debt AND current/future entitlements.
We will have to wait and see what “bitches brew” (as Miles Davis would say) that Obama and Congress give us. We have Barzini (Harry Reid) and McConnell (Tattaglia) negotiating on our behalf. Whatever it is, it will be foul tasting and crush future generations under an avalanche of debt and taxes.
I hope this is the photo used when Obama, Reid and McConnell seal their “deal.”
We should no longer use the term “fiscal cliff” since it implies that a cliff can be gotten over. How about “fiscal insanity?”
(Excerpt) Read more at confoundedinterest.wordpress.com ...
Can-kicking Bank Robbers.
Thieves.
What seems to have caused you to excerpt your own blog?
More like fiscal malfeasance.
I wrote my congressman today that the problem is not we do not pay enough taxes, it is we spend too much.
Enough idiot Republicans may vote for this insanity of raising the debt ceiling and giving Obama more money to spend.
Rates on estate taxes would rise to 40 percent, on amounts above $5 million.
You just got to laugh at this BS, 39.6% on one and 40% on the other, yeah, that's the ticket.
I recall when Reagan had the agreement with the postage stamp fraud speaker of the 80’s to lower the top rate and at the same time reduce the deductions high earning people could deduct. Now we have the reduced deductions and the rates go back up to what they were. NEVER cut a deal with the devil.
And estates get taxed why??
To Democrats, if you’re dead, you’re still considered a living, breathing (and voting) citizen, and still on the hook to pay taxes one last time.
Right! And if you are living in the mother’s womb, you can be considered dead.
And estates get taxed why??
Work all your life for your security and to pass something on to your family and there are the Rat bastards/Rinos, first in line, stealing from what you accomplished.
And that is *accomplished* in spite of them stealing from you every step of the way.
There is one recourse, need I say it? Let me see, I’ll take a “C” Vanna:
se-essio-.
When Barry and the ‘RATS were peeing on their supporters’ legs during the last election fiasco, they said that they wanted to raise taxes on “millionaires” and “billionaires”. People who make $450 thousand are neither. More Kenyan lies from his father.
Yep - and the big money folks are pumping the Market back up to sweeten the profit taking down the road...
“it implies cliffs can be gotten over”
No. We could safely repel down it, maybe, but getting over it makes no sense. The picture here is not of us climbing a cliff but on a plateau headed for a sheer dropoff.
“estates get taxed why?”
To prevent transgenerational independence. Because the government really owns your money, and you’re merely holding it in trust until you die. Also because the government knows better how to spend for the common good, and your family’s welfare is less important than others’. Also as well because trustfund babies are unpopular.
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