LIVE THREAD: WE'RE GOING OVER THE FISCAL CLIFF!

[John F Kennedy III]

+rep to Amash!

 

[liveandletlive]

instead of a trillion dollar in cuts year one, a trillion dollar in taxes. America made their bed, now we must lie in it.

 

[oyarde]

Gold looking good today....

 

[pcosmar]

 

[sailingaway]

this is the new deal, per Reuters:

Reuters source: Emerging "fiscal cliff" deal...

• …would raise tax on income above $400k/yr
• …would include permanent extension of middle class tax cuts
• …would extend unemployment benefits for a year
• …would raise estate tax from 35 pct to 40 pct
• …would extend child, college tax credits for five years
• …would extend earned income tax credit for five years

http://live.reuters.com/Event/President_Obamas_economy_speech

 

[Brett85]

It still seems to me like a deal to extend the Bush tax cuts for 98% of Americans is a better option than allowing all of the Bush tax cuts to expire, which is the default option if Congress doesn't pass anything. Allowing all of the Bush tax cuts to expire is the worst case scenario. Even if the Republicans in the house and the Senate simply vote "present," they should still allow this deal to go through in order to avoid allowing all of the Bush tax cuts to expire.

 

[itshappening]

Here's what the deal looks like so far:

Under the proposed accord being hammered out by Biden and McConnell, households earning less than that would largely escape higher income tax bills, though couples earning more than $300,000 a year and individuals earning more than $250,000 would lose part of the value of their exemptions and itemized deductions, under the terms of the emerging agreement.

Low-income households would also benefit from a five-year extension of credits for college tuition and the working poor first enacted as part of Obama’s stimulus package in 2009. And businesses would see a variety of popular tax breaks extended, including a credit for research and development.

The tax on inherited estates would rise from 35 percent to 40 percent, though Democrats agreed to keep in place the current exemption for estates worth up to $5 million. And nearly 30 million households would be protected from paying the costly alternative minimum tax for the first time — either on their 2012 tax returns or at any time in the future. The developing agreement calls for a permanent fix.

The two sides also appeared to have reached consensus on unemployment benefits, with Republicans acceding to Democratic demands to keep benefits flowing to the long-term unemployed for another year. Medicare payments would not be cut for doctors next year, and the cost of preserving those programs would not be offset with other spending cuts.

-

Obama calls the tax increases "a first step".

 

[smithtg]

after reading all this BS today, we are all screwed. These bums just spend and spend. Think of the original bill that 'created' the 'cliff'. "IT" was supposed to make a small dent in the drunken sailor pentagon budget and of course 'raise taxes" Recall, the "cuts" were just freezing some future increases, nothing else.. But GAWD we CANT HAVE THAT CAN WE? More war, more debt, more socialism more answering to the globalist banksters. None of them have the balls to cut ANYTHING. JUST keep printing the money BEN! Ill fire up the helicopter!

 

[TheTexan]

Does this mean we don't get to go over the cliff?

 

[TheTexan]

JUST keep printing the money BEN! Ill fire up the helicopter!

Nothing's working for Ben because he's doing it all wrong, he needs to be giving me the money, and I'll fix everything np

 

[Acala]

Those clowns are not going to fix anything. Not ever. They will just squirm around, playing their games, and prolong the ultimate day of reckoning. All we can do is try to hold on to as much of our wealth as we can while the insiders madly grab for the last bits. This compromise will make it a little easier for me to hold onto more of my wealth. So I guess it's okay, given the realistic choices. Really no point in talking about saving the ship anymore. Time to concentrate on making a life jacket. If you haven't already.

 

[Acala]

after reading all this BS today, we are all screwed. These bums just spend and spend. Think of the original bill that 'created' the 'cliff'. "IT" was supposed to make a small dent in the drunken sailor pentagon budget and of course 'raise taxes" Recall, the "cuts" were just freezing some future increases, nothing else.. But GAWD we CANT HAVE THAT CAN WE? More war, more debt, more socialism more answering to the globalist banksters. None of them have the balls to cut ANYTHING. JUST keep printing the money BEN! Ill fire up the helicopter!

That's about the size of it.

 

[TheTexan]

0 days
9 hours
20 minutes
4 seconds

until nothing happens and nothing changes

 

[sailingaway]

It still seems to me like a deal to extend the Bush tax cuts for 98% of Americans is a better option than allowing all of the Bush tax cuts to expire, which is the default option if Congress doesn't pass anything. Allowing all of the Bush tax cuts to expire is the worst case scenario. Even if the Republicans in the house and the Senate simply vote "present," they should still allow this deal to go through in order to avoid allowing all of the Bush tax cuts to expire.

I would expect Ron to vote for it unless he purely stands in solidarity with others. He wants minimum taxes, generally, and in this case they automatically go UP if there is NOT a deal. But we'll see. We aren't getting the entire bill here.

 

[oyarde]

I would expect Ron to vote for it unless he purely stands in solidarity with others. He wants minimum taxes, generally, and in this case they automatically go UP if there is NOT a deal. But we'll see. We aren't getting the entire bill here.

Yes , my thoughts, who knows what might really be in it ??

 

[wetroof]

Sen Tom Harkin from Iowa, said he is not going to vote on a budget (as its looking) because he has no problem with clinton era tax rates. He wants to go over the cliff so everyone pays their fair share.

 

[supermario21]

Harkin needs to go in 2014. He thinks spending is not the problem, he said as much in his speech.

 

[sailingaway]

Harkin needs to go in 2014. He thinks spending is not the problem, he said as much in his speech.

Well, I'd say we have a presence in Iowa.

 

[oyarde]

Harkin needs to go in 2014. He thinks spending is not the problem, he said as much in his speech.

Not trying to offend , but if someone thinks spending is not a problem , they must be, at best, mildly retarded....

 

[TheTexan]

Not trying to offend , but if someone thinks spending is not a problem , they must be, at best, mildly retarded....

That, or a very clever liar and a thief