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Source: Tax Terms Locked
weekly standard ^ | 12/31 | daniel halperin

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.


TOPICS: News/Current Events; Politics/Elections
KEYWORDS: tax

1 posted on 12/31/2012 12:35:29 PM PST by RummyChick
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To: RummyChick

Hillary can now safely die and leave an extra 4 million to Chelsea


2 posted on 12/31/2012 12:37:09 PM PST by RummyChick
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To: RummyChick

It sounds like the top 2% are going to be forced by the government to subsidize Barry’s BIG government nanny state.


3 posted on 12/31/2012 12:38:14 PM PST by FlingWingFlyer (Where can I pick up a 2013 Mayan calendar?)
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To: FlingWingFlyer

dont see a word about spending cuts


4 posted on 12/31/2012 12:39:28 PM PST by RummyChick
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To: FlingWingFlyer

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.


5 posted on 12/31/2012 12:40:02 PM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: RummyChick

Curious about the $1000 vs $500 per child tax credit.


6 posted on 12/31/2012 12:40:56 PM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: RummyChick
SPENDING CUTS next millenium.

Revenue (taxes) are NOT the problem - stop the SPENDING !!!!!!!
7 posted on 12/31/2012 12:43:35 PM PST by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: RummyChick

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.


8 posted on 12/31/2012 12:45:07 PM PST by Conservative Actuary
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To: RummyChick

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.


9 posted on 12/31/2012 12:45:33 PM PST by Conservative Actuary
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To: RummyChick
Just heard McConnell asking to NOT hold this up while waiting for agreement on spending cuts.

TOTAL SELL-OUT!!!


10 posted on 12/31/2012 12:46:42 PM PST by Roccus (POLITICIAN...............a four letter word spelled with ten letters.)
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To: FlingWingFlyer

>> 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.


11 posted on 12/31/2012 12:47:58 PM PST by Nervous Tick (Without GOD, men get what they deserve.)
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To: Conservative Actuary

I know what you mean.

People here are acting as if rates don’t go up tomorrow unless something is done.

Very curious.


12 posted on 12/31/2012 12:48:26 PM PST by NeoCaveman (Let it burn, let it burn, let it burn)
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To: FlingWingFlyer

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.


13 posted on 12/31/2012 12:48:59 PM PST by indianrightwinger
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To: Cheerio
Of course. That's all talk radio and politicians talk about.

We have a history of cutting taxes. Cutting Gov't is the problem.

14 posted on 12/31/2012 12:50:30 PM PST by Theoria
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To: RummyChick
These terms are "locked," says the source,

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.

15 posted on 12/31/2012 12:50:47 PM PST by ElkGroveDan (My tagline is in the shop.)
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To: FlingWingFlyer

If they seized all of the wealth of the top 2% it would fund the feral gubmint for about two months.

LLS


16 posted on 12/31/2012 12:50:54 PM PST by LibLieSlayer (FROM MY COLD, DEAD HANDS!)
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To: Nervous Tick

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.)


17 posted on 12/31/2012 12:50:54 PM PST by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: RummyChick

For newer reports.


18 posted on 12/31/2012 12:55:44 PM PST by kitkat
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To: Roccus

Just heard McConnell asking to NOT hold this up while waiting for agreement on spending cuts.

TOTAL SELL-OUT!!!


No spending cuts now! The drones have to be shown that tax increases on the rich don’t accomplish a thing. Pass the increase and hammer the point every chance they get that there were no spending cuts and the recession will continue until the Democrats do what is needed.
Tax increases do nothing. It’s about time the Repubs prove it and take this talking point away from the Dems


19 posted on 12/31/2012 12:57:30 PM PST by Joshua
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To: LibLieSlayer

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.


20 posted on 12/31/2012 12:58:12 PM PST by jurroppi1
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To: RummyChick

Any spending cuts? I doubt it. The only way to have meaningful spending cuts is to go off the “cliff.”


21 posted on 12/31/2012 12:58:21 PM PST by rcofdayton (.)
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To: Roccus
TOTAL SELL-OUT!!!

Barry got everything he wanted. I wonder what McConnell got?

22 posted on 12/31/2012 12:59:13 PM PST by oldbrowser (They are marxists, don't call them democrats)
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To: Conservative Actuary
if these changes are really permanent tax code changes then this is a good deal.

As permanent as the next congress. Nothing is permanent in government except spending programs.

23 posted on 12/31/2012 12:59:48 PM PST by itsahoot (Any enemy, that is allowed to have a King's X line, is undefeatable. (USS Taluga AO-62))
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To: rcofdayton

http://cdn.rollcall.com/news/obama_wants_more_revenue_next_year-220427-1.html?popular=true&pos=hln&cdn_load=true

Obama’s Call for More Revenue Next Year Angers GOP Senators


24 posted on 12/31/2012 1:00:06 PM PST by RummyChick
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To: RummyChick

“Revenues have to be part of the equation in turning off the sequester, as well as spending cuts,” Obama said.

Immediate reaction from Republicans to the president’s demand for even more revenue, as well as his shots at Congress, was sharp.

Sen. Bob Corker, R-Tenn., took to the Senate floor to say Obama might have alienated Republicans who were tentatively ready to support the current cliff deal, which would push decisions on the sequester and other budget issues to the new year. “I think he’s lost numbers of votes with what he did. He didn’t lose mine, I’m not like that,” Corker said.

Sen. John McCain, R-Ariz., said the president’s remarks were a “cheerleading, ridiculing of Republicans exercise.”

He added, “I have to wonder, and I think the American people have to wonder, whether the president really wants this issue resolved or is it to his short-term political benefit for us to go over the cliff.”

McCain also noted that he believes the president’s statement “clearly will antagonize members of the House.”

But Senate Minority Leader Mitch McConnell, R-Ky., focused instead on getting a deal he said was in hand on the tax side of the cliff. He said lawmakers should move ahead and set aside the sequester and other issues for another day.

And while Obama’s comments caught Republicans by surprise, at least substantively they were largely consistent with previous statements he has made about his continued desire to put together a large, balanced deal to reduce the deficit, even if it has to be done in separate pieces.”

http://cdn.rollcall.com/news/obama_wants_more_revenue_next_year-220427-1.html?popular=true&pos=hln&cdn_load=true


25 posted on 12/31/2012 1:01:32 PM PST by RummyChick
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To: LibLieSlayer

Taxing “the rich” was just the camel’s nose. Now, it’s going to be the middle class’ turn to be ridiculed for not being “patriotic” enough to demand that they too be allowed to pay higher taxes. Barack the Kenyan and his ‘RATS will be out there in less than 6 months parading around a bunch of “middle class” useful idiots (probably paid union actors) telling us that it’s not fair to have only “the rich” pay for Barry’s BIG nanny state government. The useful idiots will be on their knees on TV begging “The Won” to raise their taxes. You can take that to the bank.


26 posted on 12/31/2012 1:03:14 PM PST by FlingWingFlyer (Where can I pick up a 2013 Mayan calendar?)
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To: Joshua
Pass the increase and hammer the point every chance they get that there were no spending cuts and the recession will continue until the Democrats do what is needed.

...and at that time the RATS will want to increase taxes on the rest of us and the exalted GOP will go along. In the meanwhile, other assaults on our freedoms and inalienable, God-given rights will continue with the GOP in agreement.
To expect otherwise is sheer folly.

27 posted on 12/31/2012 1:04:05 PM PST by Roccus (POLITICIAN...............a four letter word spelled with ten letters.)
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To: oldbrowser

Face Time!


28 posted on 12/31/2012 1:05:46 PM PST by Roccus (POLITICIAN...............a four letter word spelled with ten letters.)
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To: RummyChick

call GOP Congressmen , tell them not to vote for this nor any deal , go over the news media’s stupid cliff:

Congress switchboard number: (202) 224-3121.


29 posted on 12/31/2012 1:06:57 PM PST by Democrat_media (media makes mass shooters household names to create more & take our guns)
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To: Conservative Actuary

How could they have made then permanent?


30 posted on 12/31/2012 1:08:22 PM PST by Eagles6 (Valley Forge Redux)
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To: rcofdayton; Roccus; Joshua

The spending cuts in the sequester are still there.
The Dems wanted to remove some of them now.

Doesn’t sound very good nonetheless. If the House RINOs don’t fold this may not pass the House.


31 posted on 12/31/2012 1:09:32 PM PST by mrsmith (Dumb sluts: Lifeblood of the Media, Backbone of the Democrat Party!)
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To: MrB

We are VERY curious about that here as well. I’m not entirely sure that was part of the original “evil Bush tax cuts” legislation, so I’m unsure. For some reason, I seem to recall that tax credit coming a bit later.


32 posted on 12/31/2012 1:12:49 PM PST by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: RummyChick

I wonder if the House will go along with these.


33 posted on 12/31/2012 1:22:15 PM PST by Drago
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To: RummyChick

Where are the entitlement spending cuts?


34 posted on 12/31/2012 1:24:43 PM PST by Wisconsinlady (The only thing to stop a bad person with a gun, is a good person with a gun.)
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To: Drago
Monica Crowley ‏@MonicaCrowley So Obama just said this was just the START of higher taxes, is not willing to cut, & dissed the GOP. He WANTS the cliff.
35 posted on 12/31/2012 1:24:52 PM PST by RummyChick
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To: Eagles6

They should have been made as baseline tax code changes not with an expiration date. It was McCain that kept that from happening. If they were the base line tax code then an affirmative action would be needed to raise rates, as it is an affirmative action is needed to keep rates where they are at. Obviously which ever side has to make an affirmative action to keep what it wants has the weaker hand in negotiations.


36 posted on 12/31/2012 1:26:04 PM PST by Conservative Actuary
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To: Wisconsinlady
WSJFiscalCliff ‏@WSJFiscalCliff GOP Aide: House Won’t Vote On Fiscal Cliff Legislation On Monday
37 posted on 12/31/2012 1:27:08 PM PST by RummyChick
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To: RummyChick
Well, this conservative is hoping we go off the cliff..but I suspect Crybaby and Chinless will cave.
38 posted on 12/31/2012 1:29:33 PM PST by RummyChick
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To: Conservative Actuary
I know some here may disagree but if these changes are really baseline tax code changes then this is a good deal.

Unless you believe that those on the Left might believ that there will be a time in the near future when they have the votes in both Houses to decide that "permanent" really menat "for a while". Permanent taxt rates is like temproary taxes - how often have you seen temproary taxes be lifted at the end of the proposed term of "temporariness"?

That said, it's not as bad as I thought it would be even though it still leaves a lot of people ready to be gouged and which will hurt employment opportunities. Now let's see some actual spending cuts - and not the only raising spending by 12% vs. the 15% they wanted "cuts".

39 posted on 12/31/2012 1:35:17 PM PST by trebb (Allies no longer trust us. Enemies no longer fear us.)
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To: RummyChick

There’s nothing locked with the Democrats. The Democrats drink a quart of whiskey and get behind the wheel of a car and tell the Republicans, “Give me a thousand dollars and a quart of whiskey or I drive off.” The Republicans give them the money and the booze and the Democrats look at the press and say, “See. The Republicans are giving liquor and money to an alcoholic and known criminal”, and then they floor it.


40 posted on 12/31/2012 1:41:45 PM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: RummyChick

I wonder if the qualified dividend law still stands?

Anyone hear anything?


41 posted on 12/31/2012 2:15:31 PM PST by italianquaker
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To: RummyChick
I have three words of what this administration represents. Revenge, reprisal, retribution for this country and its quest for excellence and exceptionalism instead of going for mediocrity which is promoted by socialism and communism. What this country represents is hated by the elitists like George Soros, Obama of course and Moochelle and those of the country club establishment and Northeastern establishment like many executives of large corporations, academia, old money.
42 posted on 12/31/2012 2:22:21 PM PST by CORedneck
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To: Conservative Actuary

Yes but that wouldn’t be permanent in the true sense of the word. Congress is not restrained from an action by what a previous Congress has done. And yes it was Juan McLame.


43 posted on 12/31/2012 3:04:44 PM PST by Eagles6 (Valley Forge Redux)
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