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Obama, Republicans reach deal on fiscal cliff; Senate vote expected tonight

Donc

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Looks like we have a deal.

By Lori Montgomery and Paul Kane, Updated: Monday, December 31, 8:01 PM


<Vice President Biden arrived at the Capitol just after 9 p.m. to explain the details of the pact he negotiated with Senate Minority Leader Mitch McConnell (R-Ky.). A Senate vote on the package could be held by 10:30 p.m., beating a midnight deadline, Democratic aides said. The Republican-controlled House will begin considering the bill on Tuesday, with a final vote expected in the next day or two.>

<“I think it’s highly likely that some time this evening there’ll be a vote on the Senate side,” Sen. Bob Corker (R-Tenn.) said Monday evening as he emerged from a meeting with fellow Republicans and signaled that talks are continuing. “This is one of those things that could well go into the early morning by the time it goes to a vote. ... I think they’re attempting to get the legislative language in order and vote on it tonight, you know, 1, 2, 3, 4 in the morning, whatever.’’>


<As Obama prepared to deliver remarks about the fiscal cliff at the White House, negotiators for the administration and McConnell appeared to have nailed down many of the most critical tax issues, including a plan to let taxes rise on income over $450,000 a year for couples and $400,000 a year for individuals, according to people in both parties familiar with the talks.>

< McConnell urged Congress to pass the tax agreement — and debate replacing the so-called “sequester,” as the automatic spending cuts are known, in coming months. >

Obama, Senate Republicans near agreement on ‘fiscal cliff’ - The Washington Post
 
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I knew they would. Now lets see how bad it ****s us over. Hope its not too bad.
 
Take your ****ing sweet time why don't you?

Good lord...
 
And if this passes the senate what odds does it have of passing the house?
 
All told, the proposal would raise roughly $600 billion in new revenue over the next decade from the wealthiest 2 percent of households — less than Obama had been seeking, and less than House Speaker John A. Boehner (R-Ohio) had offered in negotiations earlier this month. But the new tax revenue was a first step, Democrats said, toward asking the wealthy to do their part in reducing record budget deficits.

Yes, this will solve the trillion a year deficit.

This "compromise" is a joke.

They're solving the fiscal cliff, something they made to force themselves to solve the deficit.

Politics.
 
As I have already said the deal just raises taxes for those earning over $450 thousand and increases spending.
 
As I have already said the deal just raises taxes for those earning over $450 thousand and increases spending.

How does it increase spending?
 
Hopefully none.

Agreed. If the "fiscal cliff" was so very unthinkable they shouldn't have agreed to it in the first place. The childishness of our politicians is absurd.
 
I knew they would. Now lets see how bad it ****s us over. Hope its not too bad.

If the details as found in this linked article from theHill.com are accurate, I'd say both sides got pretty much what they wanted.

The GOP got:

- a higher income level on tax revenue ($400K on individuals; $450 on families).
- Phase-out on tax deductions for high wage earners ($250K on individuals; $300K on families).
- An increase in the estate tax (40% for estates valued above $5.1M)
- Extends 15% capital gains tax rate for individuals making up to $400K, families up to $450K; rate increases to 20% for those making above these amounts.

(Sidenote: See this theHill.com article on how the GOP plans to "save face" by claiming to cut taxes under the deal.

Republican leaders in the House, meanwhile, said they would not hold a late-night vote even if tax and spending legislation cleared the Senate, guaranteeing that the nation will go over the fiscal cliff at midnight, if only for a few hours.

Going over the fiscal cliff could make it easier to move a bill through the House. A vote on Jan. 1 would then be tantamount to a tax cut, not an increase, since the higher rates would have taken effect.

Talk about political parlor tricks! :doh)

Democrats got:

- Increased revenue via higher tax rate, higher capital gains rate and a phase-out on tax deductions on high wage earner above $400K (individuals)/$450 (families).
- Preserving the EITC, Child Tax Credit, college education tax credits and renewable/alternative energy tax credits.

A win-win for both sides....if it passes both the Senate and House.
 
i still don't see them getting this through the House
 
We waited 365 days for this crap?
 
If the details as found in this linked article from theHill.com are accurate, I'd say both sides got pretty much what they wanted.

The GOP got:

- a higher income level on tax revenue ($400K on individuals; $450 on families).
- Phase-out on tax deductions for high wage earners ($250K on individuals; $300K on families).
- An increase in the estate tax (40% for estates valued above $5.1M)
- Extends 15% capital gains tax rate for individuals making up to $400K, families up to $450K; rate increases to 20% for those making above these amounts.

(Sidenote: See this theHill.com article on how the GOP plans to "save face" by claiming to cut taxes under the deal.



Talk about political parlor tricks! :doh)

Democrats got:

- Increased revenue via higher tax rate, higher capital gains rate and a phase-out on tax deductions on high wage earner above $400K (individuals)/$450 (families).
- Preserving the EITC, Child Tax Credit, college education tax credits and renewable/alternative energy tax credits.

A win-win for both sides....if it passes both the Senate and House.

Most of those were offered compromises, not desired outcomes for the republicans. How is that a win-win? The only thing on there that even resembles a republican proposal was the phase out of tax deductions, but that was supposed to be coupled with spending cuts.
 
more of the same from the democrats, lets pay people to sit at home on the asses for another year instead of expecting them to go back to work.
 
Don't run out to the mailbox for your welfare check yet.
 
i still don't see them getting this through the House

I think it will get thru the house. There's still a few sane Representative left in that chamber.
 
How? Exactly where do you see the spending side of this?

I just told you, more stimulus spending. It adds five-years worth of stimulus spending to some of the president’s plans from 2009 and that is just for starters.
 
its idiotic-if I have to pay more taxes (I will due to the surcharge that the idiotic obama care imposes on investment income0I sure want the people who put Obama into office paying more-that being the middle class.)
 
Most of those were offered compromises, not desired outcomes for the republicans. How is that a win-win? The only thing on there that even resembles a republican proposal was the phase out of tax deductions, but that was supposed to be coupled with spending cuts.

Considering that the GOP viewed a tax increase on wage earner making $250K to be a negative for small businessowners, I'd say raising that threshold to $400/$450K to be a win for them. They also got to keep the rate on the estate tax higher than Democrats wanted and kept capital gains relatively in tact despite the 5% increase on $400/$450K wage earners.
 
Considering that the GOP viewed a tax increase on wage earner making $250K to be a negative for small businessowners, I'd say raising that threshold to $400/$450K to be a win for them. They also got to keep the rate on the estate tax higher than Democrats wanted and kept capital gains relatively in tact despite the 5% increase on $400/$450K wage earners.


and for millions of retirees-what are they doing on dividend rates-money that is taxed TWICE
 
Yes, this will solve the trillion a year deficit.

This "compromise" is a joke.

They're solving the fiscal cliff, something they made to force themselves to solve the deficit.
Politics.

You are not going to solve the deficit in two weeks. The best way to solve the deficit is for the economy to improve; the worst thing that could happen to our deficit is for the economy to tank. Any decent deal will help the economy avoid recession and continue to drive forward. Hence, any decent deal will work towards deficit reduction.
 
its idiotic-if I have to pay more taxes (I will due to the surcharge that the idiotic obama care imposes on investment income0I sure want the people who put Obama into office paying more-that being the middle class.)

The middle-class is already paying more in taxes as a ratio of their net income...have been for a very long time now (since the Reagan-era).

Suck it up, TurtleDude. Time you guys start putting in on this economy same as the rest of us. :2razz:
 
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