Details of Senate fiscal cliff agreement: Tax increases, spending INCREASES. C'mon, House, REJECT IT

Little-Acorn

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The Democrat-led Senate, apparently with the cooperation of some RINOs, has decided to raise our tax rates, but not cut spending at all. All spending keeps increasing as it always has. A few of those increases get shaved by a fraction of a percentage point, but they are still increases, pretty much the same size as they were before the "agreement".

That, coupled with the depressing effect the tax rate increases will have on the economy, will do ZERO to pull us out of the deepening hole we are in. We will likely be WORSE OFF than we were before the agreement.

Good job, Senate RINOs. (I'm not bothering to address the Democrats, they're just being Democrats, as incapable of changing their economically destructive behavior as skunks are to quit smelling bad).

House, you are our last line of defense. We're counting on you to stop this further stride into economic depression. You know as well as we do, that "the rich not paying enough taxes" is not the cause of our curent problems, huge debt, etc.

The problem is, as it has long been, that government is spending WAY too much. And this agreement does nothing to address that problem. In fact, it increases spending even MORE.

What kind of insane lunacy is that?

The Democrats and fellow traveler RINOs are making even Adam Lanza look reasonable with this stuff.

Come on, House. REJECT THIS "AGREEMENT".

You House Republicans campaigned on a firm promise not to raise taxes, and your constituents elected you for that reason. And, amazingly, you have stuck to your guns through thick and thin... until now. Don't change your stripes at this late date.

Since this "agreement" takes us over the cliff just as firmly as no agreement at all, the least you can do is make sure there are no signatures on it except Democrat ones. They clearly want us to go over the cliff, and there is nothing we can do to stop it, the laws being what they currently are. So why endorse their plan? Why sign on to a scheme that says "Low taxes are why we got into this, and tax increases are the way to get out of it", when you know that's not so?

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http://www.foxnews.com/politics/2013/01/01/details-tentative-deal-that-would-avert-fiscal-crisis/

Details of tentative deal that would avert fiscal crisis
Published January 01, 2013

Associated Press WASHINGTON – Highlights of a tentative agreement Monday between the White House and Senate Minority Leader Mitch McConnell, R-Ky., aimed at averting wide tax increases and budget cuts scheduled to take effect in the new year. The measure would raise taxes by about $600 billion over 10 years compared with tax policies that expire at midnight Monday. It would also delay for two months across-the-board spending cuts otherwise set to begin slashing the budgets of the Pentagon and numerous domestic agencies.

Highlights include:

--Income tax rates: Extends decade-old tax cuts on incomes up to $400,000 for individuals, $450,000 for couples. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. Extends Clinton-era caps on itemized deductions and the phase-out of the personal exemption for individuals making more than $250,000 and couples earning more than $300,000.

--Estate tax: Estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. In 2012, such estates were subject to a top rate of 35 percent.

--Capital gains, dividends: Taxes on capital gains and dividend income exceeding $400,000 for individuals and $450,000 for families would increase from 15 percent to 20 percent.

--Alternative minimum tax: Permanently addresses the alternative minimum tax and indexes it for inflation to prevent nearly 30 million middle- and upper-middle income taxpayers from being hit with higher tax bills averaging almost $3,000. The tax was originally designed to ensure that the wealthy did not avoid owing taxes by using loopholes.

--Other tax changes: Extends for five years Obama-sought expansions of the child tax credit, earned income tax credit, and an up to $2,500 tax credit for college tuition. Also extends for one year accelerated "bonus" depreciation of business investments in new property and equipment, a tax credit for research and development costs and a tax credit for renewable energy such as wind-generated electricity.

--Unemployment benefits: Extends jobless benefits for the long-term unemployed for one year.

--Cuts in Medicare reimbursements to doctors: Blocks a 27 percent cut in Medicare payments to doctors for one year. The cut is the product of an obsolete 1997 budget formula.

--Social Security payroll tax cut: Allows a 2 percentage point cut in the payroll tax first enacted two years ago to lapse, which restores the payroll tax to 6.2 percent.

--Across-the-board cuts: Delays for two months $109 billion worth of across-the-board spending cuts set to start striking the Pentagon and domestic agencies this week. Cost of $24 billion is divided between spending cuts and new revenues from rules changes on converting traditional individual retirement accounts into Roth IRAs.
 
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The Democrat-led Senate, apparently with the cooperation of some RINOs, has decided to raise our tax rates, but not cut spending at all. All spending keeps increasing as it always has. A few of those increases get shaved by a fraction of a percentage point, but they are still increases, pretty much the same size as they were before the "agreement".



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You are funny!

You do realize that, if voting for this stop-gap bill makes Republicans "rinos," you can count 40 out or 45 Senate Republicans in that category. . .because this is how many Republicans voted for it!

If that is true. . .you guys are in REAL trouble!
 
Republicans do need some room to govern in this case, and demanding ideological purity will not carry the day. That doesn't mean we have to give everything away or cannot hold firm on certain principles, but we need to give our leaders room to govern.
 
Republicans do need some room to govern in this case, and demanding ideological purity will not carry the day. That doesn't mean we have to give everything away or cannot hold firm on certain principles, but we need to give our leaders room to govern.

concept is good of course but while it migjt seem to some that conservatives want a train wreck for simply calling for real action on our staggering money problems the other side appears oblivious to these problems and serk only punative damage to what they hste.
 
Crappy new year...

how long til the credit rating gets cut ?


Well, due to the lack of cooperation of the GOP in this latest round of "compromise," it might get cut again before this fix is over in 2 months! And then, depending on how much bad will the GOP demonstrates again in terms of raising the debt ceiling. . .it will be cut again because of the dysfunctional nature of this Congress. . .but maybe, just maybe, this NEW Congress will be a little smarter. . .after all, there will be more Democrats in both chambers!
 
Well, due to the lack of cooperation of the GOP in this latest round of "compromise," it might get cut again before this fix is over in 2 months! And then, depending on how much bad will the GOP demonstrates again in terms of raising the debt ceiling. . .it will be cut again because of the dysfunctional nature of this Congress. . .but maybe, just maybe, this NEW Congress will be a little smarter. . .after all, there will be more Democrats in both chambers!

the agencies said quite clearly that continued avoidence of substanative action on the debt would demand a downgrade.

this farce offers little revenue and increased spending. do you teally think this meets that standard ?
 
the agencies said quite clearly that continued avoidence of substanative action on the debt would demand a downgrade.

this farce offers little revenue and increased spending. do you teally think this meets that standard ?


What doesn't meet the agencies standard is our dysfunctional government where a couple of ass holes can hold a whole country hostage!

Face it. It was CLEARLY expressed the first time the credit rating was cut. In fact, I posted the exact words of S& P 500 just yesterday in answer to your same refusal to look at the REALITY!

Do I need to post it again?
 
The tax increases got a whopping 62 billion a year. Enough to cover Obama's spending for 6 days. Should have let all the Bush tax cuts expire. Everyone needs to pay their fair share.
 
The tax increases got a whopping 62 billion a year. Enough to cover Obama's spending for 6 days. Should have let all the Bush tax cuts expire. Everyone needs to pay their fair share.

And a couple of days ago, you guys were ACCUSING President Obama to be plotting to get us over the cliff. . .and now you think he should have done so?

I always said it would have been better, because than the defense spending cuts and the higher tax rates for everyone would have gone up. . .and Obama could have proposed a NEW tax cuts for everyone up to the first $250,000 of income. . . .Which the GOP could not have refused, as it would have been a tax cut!

I am always amazed how you people spin everything to put the worse possible light on the President! YOU DAMN him if he does, and DAMN him if he doesn't!

That demonstrate a lot of integrity indeed!
 
the agencies said quite clearly that continued avoidence of substanative action on the debt would demand a downgrade.

this farce offers little revenue and increased spending. do you teally think this meets that standard ?


This "farce," which 90% of the Republican senators voted for, and 33 % of the house Republicans (Including Boehner and Ryan) voted for never pretended to deal with the spending cut. Can you read. . .or listen?

That is suppose to be discussed over the next two months. How often does it have to be said by EVERYONE?
 
This "farce," which 90% of the Republican senators voted for, and 33 % of the house Republicans (Including Boehner and Ryan) voted for never pretended to deal with the spending cut. Can you read. . .or listen?

That is suppose to be discussed over the next two months. How often does it have to be said by EVERYONE?

And why are we suddenly going to figure it out in the next two months...when the last year did not suffice?
 
And why are we suddenly going to figure it out in the next two months...when the last year did not suffice?

I guess you will have to ask that question to your friends in the GOP! If they cannot agree to a compromise on WHERE the spending cuts need to come from. . .It is unclear to me if the sequester is triggered again, and the spending cuts will be such as they would have been if the "fix" had not been agreed on last night.

That would be good! At least the first $450,000 will not be taxed higher for anyone, and unemployment will continue for another year for all.
But the tax increased put in place last night by the fix will still be there!
 
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This "farce," which 90% of the Republican senators voted for, and 33 % of the house Republicans (Including Boehner and Ryan) voted for never pretended to deal with the spending cut. Can you read. . .or listen?

That is suppose to be discussed over the next two months. How often does it have to be said by EVERYONE?
nothing will happen the sequestration will move forward as planned. but the dems will own it 100%
nothing will happen the sequestration will move forward as planned. but the dems will own it 100%


Sure they will! Still living in lala land I see!

Guess what. . .I think there are a LOT of happy people about this fix. . .although it is far from perfect! People are happy about President Obama compromising IN SPITE of the defiance and reluctance of the GOP. They are happy that their federal taxes will not go up, and they know that the President and the Democrats WILL cut spending, but not solely on the back of the most vulnerable Americans.

You are fighting a lost fight! This reminds me of Vietnam! You guys just don't know when to cut your losses and to move with the flow.

Get your info from more varied sources than Fox and Limbaugh. . .and you may start to see the light!

Fox took you to the cleaner for the last 2 years. . .and if you continue to trust them, they'll take you to the cleaner in a much bigger way in 2014!

Remember, this Congress is still "republican house," but it sure isn't has "tea party" as it used to be. . .and there are 13 more Democrats to replace many of those newbies tea party newbies!

Basically the same in senate: Democrats won 4 seats in 2012. Still not enough to make filibusters nul and void. . .but getting a lot closer!
 
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