Skip to comments.Obama, Senate Republicans reach agreement on ‘fiscal cliff’ (All taxes, no cuts)
Posted on 12/31/2012 9:32:12 PM PST by Ernest_at_the_Beach
President Obama and Senate leaders struck a bipartisan agreement late Monday to let income taxes rise sharply for the first time in two decades, fulfilling Obamas promise to raise taxes on the rich and avoiding the worst effects of the fiscal cliff.
The agreement, brokered by Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.), primarily targets taxpayers who earn more than $450,000 per year, raising their rates for wages and investment profits. At the same time, the deal would protect more than 100 million households earning less than $250,000 a year from income tax increases that are scheduled to take effect this month.
The deal came together barely three hours before the midnight deadline, after negotiators cleared two final hurdles involving the estate tax and automatic spending cuts set to affect the Pentagon and other federal agencies this week.
(Excerpt) Read more at m.washingtonpost.com ...
So, the incoming Congress gets to vote on this, right?
CBO is scoring the Bill.....Vote expected around 3 or 4 AM!
Isn’t the old Congress over now?
I don’t think they have even voted yet as of 12:30am 1/1/13.
House Votes tomorrow.....
Old Congress still in session.
Not sure when it changes.....someone will be along to fill in that detail!
Nothing they do binds the new Congress
No Debt Ceiling Hike Either!!
“Bush” Tax cuts made permanent on 99%+ of Americans. AMT fix permanent. Death tax reduced and permanent (another day to fight to make it zero). Huge GOP victory in my mind. DUMMiies voting for making all these “taxes” untouchable and nonnegotiable. Awesome. Now, let us debate about how much the top “1%” should pay. And solve the fiscal imbalance.
It's up to Obama to decide whether they are in session or not as far as I have gathered from the new "constitution" we've been running on since 2008.
House does NOT have to vote on this yet. There will be calls to amend it, send it back to the Senate, and go to conference - I would almost bet on that.
Why would Bonehead make his GOP Rino Monkeys, the source of his
power as speaker, vote for a tax increase on the rich. Why would he
expose them now, when he was unwilling to expose them with plan B
a week ago.
There will not be a vote in the house to raise taxes on the rich.
I don’t care what the MSM says about it.
Bonehead will not put the source of his power, the Rino Monkeys
at risk of getting primaried by voting for a tax increase on the rich.
So anyone know what the taxes rates are for income over $400K under this deal?
Those people up there are the biggest wimps to let the socialist agenda run all over the American people who are Americans not socialists. It seems not one of them will fight a strong fight. They could not get the base out to support them. What the heck do they expect now. It is NOT right to tax another group of Americans double to help pump up this free loading society. The producers are already being taxed higher than the poor! Hello.. now.. double tax. I sure wish there were a rebellion on this out of control spending money give away programs which is a corrupt government. These republicans are about finished because how in the world do they ever get more people to vote for them. I blame them for a lot of this. We need an overhaul. We need new people over seeing the books and procedures. We need term limits. They are making voters uninterested in the process so we will keep losing our countrys free market values.
With new tea party conservatives coming in, you can bet your ass Boner will have a vote before they get there. He’ll have a hard enough time finding enough traitors to join him now.
I think it goes to what it was under Clinton...and I think that was near 40%.
The GOP has never proposed a plan that would cut one-tenth of this amount. They are not a serious participant in this discussion, since, if they support spending >$3 trillion dollars (which they do), they must be accountable to pay for it (which they are not).
39.4% I think.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.