White House White Board Video Explanation of The Tax Cliff Deal

White House ^ | 1/3/2013 | Brian Deese

[ExxonPatrolUs]

Deputy Director of the National Economic Council, Brian Deese, explains the bi-partisan deal that was recently completed in Washington and outlines what the deal means for the economy and how it met President Obama's key economic priorities.

The deal makes the tax code the most "progressive" it has been in decades by ...

I. Keeping taxes low on middle class with:
[a] Permanent low rates for middle class families
[b] Continued earned income and child tax credits putting money in the pockets of people who need it most
[c] "Fixes" to the Alternative Minimum Tax which has threatened middle class families for 20 years

II. Making the wealthy pay their fair share with "Bi-Partisan" tax increases to help pay for the things we need:
[a] The top tax rate that the wealthy pay will return to Bill Clinton levels
[b] The rates on capital gains and dividend income go up as well
..[1] People making over 250K will pay 19% on capital gains
..[2] People making over 450k will pay 24% on capital gains
[c] Deduction and exemption loopholes will gradually reduce above 250K of income
[d] The tax rate that the wealthiest estates pay goes from 35% to 40%

III. Making investments to grow the economy from the middle-out:
[a] Extending the R&D tax credit to help companies create jobs
[b] Allows any company to write off 1/2 of any new capital expenses they make "next year"
[c] Extends the production tax credit which provides renewable power companies incentives to make investment
[d] Extends the $2,500 "American Opportunity" college tax credit
[e] Extends unemployment benefits for 1 year to keep the unemployed spending to boost the economy

IV. Reducing the deficit in a balanced way:
[a] The extra taxes the wealthy pay now will help to contribute to reducing the deficit "in the future"
[b] CBO says this deal will reduce the deficit by $740 billion over the next 10 years
[c] Adds to the $1.7 trillion the president has already cut

And now moving forward any "spending cuts" will need to be balanced with "additional revenue increases".

[reefdiver]

“The carried interest loophole needs to be adjusted or gotten rid of.”

The income tax is designed to prevent the acquisition of wealth.

Go to Rushes page for a simple explanation of the difference

[reefdiver]

“The carried interest loophole needs to be adjusted or gotten rid of.”

The income tax is designed to prevent the acquisition of wealth.

Go to Rushes page for a simple explanation of the difference

[reefdiver]

“The carried interest loophole needs to be adjusted or gotten rid of.”

The income tax is designed to prevent the acquisition of wealth.

Go to Rushes page for a simple explanation of the difference

[nathanbedford]

And now moving forward any "spending cuts" will need to be balanced with "additional revenue increases"

I do not know which is more galling, listening to this useful idiot repeatedly spew out "moving forward" or the entire presentation. The quoted portion reveals that Obama intends to raise taxes on middle-class, as he has already done through Obama care, coupled with illusory rollbacks in spending.

The implications of this are diabolical. Once the middle-class is really punished with taxes they will have but two choices: align themselves as beneficiaries of governmental largess or solicit the government for exemptions and favors much like GE and other crony capitalists are already so successfully doing at a higher end of the wealth scale. Once in that position, the middle-class becomes tame, an easily manipulated vassal of the state.

The great block of voters now becomes as dependent and therefore as dependable a voting group as the middle-class in Sweden.

[Bigh4u2]

“Keeping taxes low on middle class with:”

And yet my Federal withholding just went up 2%!!

And I make less than $30k a year..

B.S.