Skip to comments.Tax Deal Set, But No Agreement on Sequester (How Is This A "Deal?")
Posted on 12/31/2012 1:35:27 PM PST by SkyPilot
Senate leaders appear to have reached a bipartisan agreement to avoid midnight tax increases, embracing a $450,000 earnings threshold for extending existing tax rates.
But agreement remained out of reach Monday on how to avert $110 billion in automatic fiscal 2013 spending cuts scheduled to begin Jan. 2.
Senate Minority Leader Mitch McConnell suggested that Congress move ahead with tax legislation and continue to work on the sequester part in the coming months.
We have reached agreement on all of the tax issues, McConnell, R-Ky., told the Senate. Lets take what has been agreed to and get moving. . . . We all want to protect taxpayers and we can get it done now, right now.
McConnell spoke shortly after President Barack Obama, in a pep rally-style appearance that irritated some Republicans, said a deal is within sight and claimed victory in his bid to make upper-bracket taxpayers pay more.
Wall Street applauded Mondays news, with the Dow Jones Industrial Average jumping 80 points within minutes after McConnell spoke.
However, Barbara Boxer, D-Calif., called an apparent decision to renew extended unemployment benefits, very, very important.
An agreement on what to do about the automatic spending cuts, or sequester, appeared to remain out of the negotiators reach. Republican senators said the issue was complicated by Obamas comment Monday that any replacement for the sequester must include revenue increases, and not rely solely on alternative spending cuts.
(Excerpt) Read more at rollcall.com ...
Yes, I certainly agree with that. Personally I think that if we're going to cut funding for the DOD then every other gency should be hit with much larger cuts as a percent of their expenditures. And I think that's an argument that could be sold to the public using your above statement. Sadly I'm doubtful that it will actually occur, though.
Do everything you can in the next 6-8 weeks to be as prepared as you can be for the next year (lest you suffer trying to prepare during a collapsed or inflated economy). These pissants (ALL of DC, I don’t care what party denomination is after their names) KNOW some serious shit is coming and wont admit that there is no averting the collapse. Things are set for the perfect storm as more and more and more are laid off or otherwise fired. The Producers will NOT be able to support this country. It is now spiraling and I fear the “out of control” part has already been passed.
Is anyone beginning to suspect that the cuts are being forced from without, and this massive, drawn out bit of theatre is just a game of musical chairs, trying to minimize political fallout by appearing to attempt to placate various political factions?
It is a deal to kick the can down the road.
Essentially, the Bush tax cuts, so reviled by the communists, was allowed to expire so that those same communists could rewrite them and pass them and thus claim that THEY are the party of lower taxes (the GOP failed us and the nation). In rewriting the taxes, they employed Orwellian Newspeak and implemented a higher tax rate on “the wealthy,” which was really an assault on small businesses (S-corp) who file their business taxes on their personal income tax forms and increased the income and capital gains on the 1%, which will have a massive trickle-down effect on investment and especially consumption (which is 1/3 of the GDP).
They also increased spending massively (1/3of the GDP, so they hope they can lie about the GDP in half a year and say, “See, communism increases prosperity”).
They also delayed the sequestration (spending part) of the bill two months, so we all get to sit through the joy of this BS theater from now till then and through that farce of a fight (hint: the GOP has already lost that argument).
How the communists plan on spending that increased budgetary spending allotment since we’ve hit the debt ceiling is confusing for many people. But it is really quite simple: Obammie the Commie is a dictator who wipes his skinny ass with the US Constitution. As they are creating money and spending it by fiat, so he will spend beyond the debt ceiling set by congress (in accordance with that toilet paper he uses) by his own fiat.
Folks, the left, the communists/socialists/fascists are taking over this country and we have no one...NO ONE...fighting for our liberty and for the freedom and prosperity of our children.
I think that one million figure is a bit low. There are a ton of third-party vendors whose existence is dependent upon military contracts or with other firms that have military contracts.
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