Posted on 01/01/2013 8:36:34 PM PST by GVnana
The Congress that convened two years ago under the war cries of the tea party is slowly coming to an end with a Champagne-less whimper on New Year’s Day 2013.
The House voted late Tuesday evening, in a rare holiday session, to pass a fiscal cliff bill brokered without the involvement of the GOP majority and with far less than half of their votes.
The bill (HR 8) was amended by the Senate in the early morning hours on an 89-8 vote, carrying language crafted over the holiday weekend by Senate Minority Leader Mitch McConnell of Kentucky and Vice President Joseph R. Biden Jr.
The 257-167 roll call in the humbled House concluded close to 11 p.m., with 172 Democratic votes and only 85 Republicans, fewer of their own conference than GOP leaders hoped for perhaps, but more than enough to clear the necessary majority to send the legislation to President Barack Obama’s desk.
“Am I having a nightmare, or what?” Speaker John A. Boehner of Ohio could be heard saying on the House floor, perhaps in jest. Boehner voted for the measure. Majority Leader Eric Cantor of Virginia and Majority Whip Kevin McCarthy of California and Chief Deputy Whip Peter Roskam of Illinois all voted against it. Budget Chairman Paul D. Ryan, R-Wis., who has largely remained quiet during the debate over the last few weeks, voted for the legislation.
A whole slew of people were saved from the tax hikes that Obama wanted ($450,000 and under). And the middle class was protected permanently..originally we must remember that Democrats fought Bush even on those tax cuts.
Obama gave in pretty significantly on estate taxes. Surprised to see that.
The fight goes on.
Yes it matters greatly because every middle class person’s federal tax rate was scheduled to go up if Bush tax rates were allowed to expire.
Also any one with less than $5 million in total assets is a small business. Their death tax would have jumped to 55% over $1 Million assets. Now it is only applicable OVER $5.1 million and INDEXED to inflation.
Best of all this bill saves 34 million in middle class from paying the AMT tax in 2013. That tax is also INDEXED.
So yes when I look at the details, I think this FC bill is great for middle class.
Of course it is bad for you if you earn more than $450,000. Which may be your case.
You are making it sound like I wanted to do nothing. OF COURSE retaining the present tax rates was necessary -- it goes without saying. Higher taxes are bad for EVERYONE. You and Obama need to realize that. You can't piss in just one end of a pool -- everyone experiences it. Most importantly unchecked federal spending is killing this country -- and that will continue. So wipe the smile off your face and realize that this nation took a royal screwing on this deal -- needlessly.
Except for my customers. I'm officially closed for business.
/johnny
Or your customers make more than 450KUSD/year. I've shut down the business as of today.
/johnny
Shameful New Year already!!!
I just want a country that goes by it's founding documents and a belief system that goes by the whole bible, literally!!!
I don't work for any government when it's supposed to be working for me!!!
Federal spending is certainly going to kill us ala Greece. It has every country before who tried that. But that fight will be better fought during the debt ceiling limit increase. That is a much more appropriate venue for spending cuts because it directly affects debt ceiling.
On Jan 1st 2013, the bigger issue was jump in tax rates for every one under $450,000 income. So this will be first step. Let us hope GOP does not cave during the 2nd step coming up in 2 months.
They're simply refining the art of avoiding having to deal with the debt limit.
I am sure you are aware that the 39.6% rate applies only to income above $450,000. The first $450,000 income stays at Bush tax rates. So if you earn $550,000, the higher tax rate applies only to the last $100,000. Which means $4600 more in tax. That is a lot but not enough to kill your business. I hope you do not shut down your business.
Well, good for you... you'll be called upon to help clean up the mess that just got a lot bigger.
Fat lot you know. I've already let one staffer know to not come in tomorrow.
S' over. So long, farewell, auf Wiedersehen.
I'm also not buying fresh ammo for the grand-kid's nanny to practice with.
Jim got a Jackson out of me today, but from here on out, figure on using a crowbar to remove pennies from my...
/johnny
Well, yes I am elated. But so must anyone who has dividend income, has stocks/mutual funds with capital gains, a small business, or makes less than $450k/year.
Note that the AMT was going to hit 34 million people in 2013. That is now reduced to a million people. So if you are in middle class you must be elated.
And if you have worked hard and built a nest egg and wish to leave it to your children, you should be elated. Sans this FC bill, your heirs would be paying 55% over $1 million in total assets for death tax. Now it is $10 million exemption for a married couple at 40% rate. That will save millions of small businesses from folding shop upon death of owner. Better yet, the exemption amount is indexed to inflation.
It’s $4 trillion in new debt in order to collect a measly $600 billion in new taxes. It’s simply going to help the entire system, including everything you’ve built for yourself and family, collapse all that much sooner.
When Bush signed the tax cuts, they were temporary. Which means the democraps can let them expire and not be accused of raising taxes. Now they are PERMANENT, which means if they try to increase them, IT WILL BE A TAX INCREASE transparent and obvious.
Exactly. Considering that the Pub leverage was minimal, I believe they did better than I expected they could in getting some concessions. It could have been a lot worse.
“When Bush signed the tax cuts, they were temporary. Which means the democraps can let them expire and not be accused of raising taxes. Now they are PERMANENT, which means if they try to increase them, IT WILL BE A TAX INCREASE transparent and obvious.”
Exactly. Considering that the Pub leverage was minimal, I believe they did better than I expected they could in getting some concessions. It could have been a lot worse.
Could be raining.
257-167
limps?
The only thing limp is Boehner
income tax rates stay the same, Obamacare taxes won’t
you really expect to “save”?
with Boehner and McConnell as the clubs?
That's going to work well for you. :p
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