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Thread: Fiscal Cliff Bill Passes[W: 110]

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    Re: Fiscal Cliff Bill Passes

    I can understand some of the deal that was voted on last night regarding taxes, but I find all the additional spending to be reprehensible.

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    Re: Fiscal Cliff Bill Passes

    The fact that the government had to manufacture a crisis to solve this problem in the first place is sad enough, much less the fact that they then avoid their own manufactured crisis by completely ignoring the issue they had originally set out to solve.
    One who makes himself a worm cannot complain when tread upon.

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    Re: Fiscal Cliff Bill Passes

    Well, that's one more group of Republicans that I won't ever vote for. Not that it matters relative to the Taxachusetts delegation, which hasn't had a Republican in it during my time living in the state, but no Republican who voted for this will ever get my vote for POTUS either.

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    Re: Fiscal Cliff Bill Passes

    Quote Originally Posted by ttwtt78640 View Post
    Yep. Borrow and spend our way to properity! Taxation is not popular and gov't spending is popular (polls have proven this). Imagine if the typical US family was given the option to borrow/spend as much as they wished, to raise their own credit limits and give the banks more "cash" too?
    Was a 'winning' formula when St. Reagan and Bush the younger both used it, why is it so out of favor now? Certainly not the 'principle' of the thing?

    Step by step, those who think there will be no more fights on spending cuts are mistaken. What will be interesting to see if the spending we do that equals the next 14 top spending nations gets any significant cuts...

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    Re: Fiscal Cliff Bill Passes

    I have been looking for what we got in this "deal". I found this nice little summary:

    Here's What's in the Fiscal Cliff Deal - NationalJournal.com

    Congress on New Year's Day approved legislation to address the year-end tax hikes and spending cuts known as the fiscal cliff. The measure passed the House late on Tuesday after the Senate approved earlier in the day. Here’s what’s in it:

    1) Higher taxes on individuals earning $400,000 and on families making $450,000 or more. Under that threshold, the Bush-era tax cuts will be permanent for all but the wealthiest households. The $450,000 threshold for families is a significant increase from Democrats’ initial proposal to raise taxes on Americans making $250,000 or more, but it is lower than Republicans’ earlier proposal to raise taxes on households making $1 million or more.

    2) Higher tax rates on capital gains and dividends for wealthier households. Taxes on capital gains and dividends will be held at their current levels of 15 percent for individuals making less than $400,000 and households with income of less than $450,000. They will rise to 20 percent for individual taxpayers and for households above those thresholds.

    3) Automatic spending cuts delayed for two months. The "sequester," which would impose steep, across-the-board cuts to domestic and defense programs, will be delayed for two months.

    4) One-year extension to unemployment insurance. Emergency unemployment benefits will be extended for a year. The extension was a priority for President Obama and congressional Democrats.

    5) One-year "doc fix." The measure will put off scheduled cuts in physician payments under Medicare. In the absence of an agreement, the payments were going to be reduced by 27 percent in January.

    6) Nine-month farm bill extension. Breakfast lovers, rejoice: A much-feared spike in milk prices, dubbed the “dairy cliff” because it was also set to kick in abruptly on Jan. 1, will be averted through a nine-month extension of certain portions of the farm bill.

    7) Personal exemptions phased out for individuals making over $250,000. Personal exemptions will be phased out and itemized deductions will be limited for taxpayers making over $250,000 and families earning more than $300,000.

    8) 40 percent estate tax. The estate tax will rise to 40 percent from its current 35 percent level, with the first $5 million in assets exempted. Democrats had earlier sought a higher increase to 45 percent and a lower exemption of $3.5 million.

    9) Permanent fix to the Alternative Minimum Tax. The alternative minimum tax was levied to ensure the wealthiest Americans paid a fair share of taxes. It was not indexed for inflation but is usually “patched” annually to prevent an increasingly large swath of middle-class Americans from being caught in its net. As part of the fiscal deal, the AMT will be permanently indexed for inflation.

    10) Tax breaks for working families. The deal includes five-year extensions of the American Opportunity Tax Credit, which can be claimed for college-related expenses; the Child Tax Credit; and the Earned Income Tax Credit, which is a refundable federal income tax credit for low- to moderate income working Americans.

    11) Business tax breaks. The Senate Finance Committee passed a package in August that tackled a variety of routinely expiring tax provisions known as extenders. These popular tax breaks include those for research and development. That package passed as part of the broader cliff deal.

    12) Congressional pay freeze. President Obama recently authorized a congressional pay raise in a move that angered many congressional Republicans. Under the New Year's cliff measure, members of Congress won't see their pay increase.


    Although the legislation will avert many of the year-end tax hikes and spending cuts that were set to kick in, it also failed to address some of the major issues that have divided Congress in recent months. Here’s what it left out:

    1) An agreement to raise the debt ceiling. The nation reached its borrowing limit on Monday, and the Treasury Department has said it will use “extraordinary measures” to avert default as long as it can—likely into February. Then, Congress will have to once again take up the contentious issue of raising the country’s so-called debt ceiling. Last time, the negotiations resulted in a downgrade of the U.S. credit rating and a whipsaw month in markets. This time, the stakes will be just as high.

    2) Extension of payroll-tax cut. A temporary, two percentage point cut to the payroll tax expired at midnight on Dec. 31 and was not renewed. If you make $50,000, that’s an extra $1,000 in taxes you will be paying this year.

    3) A grand bargain. Lawmakers didn’t address the country’s long-term fiscal issues in this bill, namely a complicated tax code and rising entitlement spending.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: Fiscal Cliff Bill Passes

    Still fighting that spending. They have been fighting that for decades now. It almost sounds like a disease they are fighting. They should hold a telephon to raise money for that "spending".

    And no matter if R or D is behind the power we continue to try and fight this disease.

    The politicians cry about the excessive spending is like the carnival carnie wishing you could win the big prize. BS

    I talked to a guy last week who had worked for the state for 25 yrs. He told me towards the end of the year the dept he worked in went on a spending frenzy to spend all their allocated money in order to receive the same amount the next year. So they bought crap they didn't need in order to show they needed their annual allocated money.
    It is that kind of thinking plus politician sugar coated deals with corporations that hurts us.

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    Re: Fiscal Cliff Bill Passes

    Quote Originally Posted by head of joaquin View Post
    Now that the GOP has failed to put a monkeywrench in the economic recovery (which they hoped to do with huge spending cuts), the Tea Party occupation of America is over. The economy will grow 3-4% next quarter and consistently thereafter. New tax revenues make spending cuts irrelevant, and debt will become meaningless, as it did after WWII.

    Conservatism has officially become irrelevant. It has nothing to offer America and its future, which grows brighter every day.
    I see the partisan hackery posts return with you.

    New tax revenues make spending cuts irrelevant-maybe the most economically ignorant comment I have seen in years-may I use that line as a signature? the tax hikes fund the government for what-A WEEK?

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    Re: Fiscal Cliff Bill Passes

    Quote Originally Posted by iacardsfan View Post
    certainly not the perfect bill, and neither side is happy, but at least it protects from tax hikes on the people that can least afford it.
    in other words failing to give feedback to those most likely to vote for big spenders

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    Re: Fiscal Cliff Bill Passes

    Quote Originally Posted by keymanjim View Post
    Reasonable is not in obama';s vocabulary.

    Did you know that one of the things that boy wanted to avoid the fiscal cliff was unilateral control over the debt ceiling?
    That Mitch McConnell proposed and then filibustered. Kinda like tje mandate great idea for the Republicans to come up with! However when a Dem supports it, it becomes a very bad thing. Can you please tell my why it was a Republican idea?

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