Update: 1/2/13: The fiscal cliff deal went through with some Republicans kicking and screaming. The House passed it 151-85 with Majority Leader Eric Cantor, Whip Kevin McCarthy (Calif.) and Chief Deputy Whip Peter Roskam (Ill.). House Budget Committee Chairman voting against it and 2012 GOP vice presidential nominee Paul Ryan voting in favor of the deal.
There are enough enhancements, subsidies, stimulus and pork in the deal to add $4 trillion to the deficit over the next ten years with basically nothing in cuts to the increase in spending.
The taxes will primarily hit those making $400,000 or more, you know – the millionaires! We will all pay the higher payroll tax. The Obamacare taxes will hit us hardest this year and it will affect everyone. It should be interesting to see how this works down the road since 10 years of taxes were needed to pay for six years of Obamacare.
We are becoming Europe in every way and Europe is collapsing under the weight of the entitlement state.
The tax reform guru, Grover Norquist, approved the deal (why does anyone care what he thinks?)
Update to the Update: The House is expected to pass the fiscal cliff deal this evening. We will continue the fight in a couple months because Senator Reid refuses to put up any budget and President Obama’s budget, which failed unanimously last time, is the only option.
Update: 1/1/13: The senate passed a fiscal deal along bipartisan lines but the House is reluctant. Eric Cantor doesn’t like the deal because of the $4 trillion it adds to the deficit. The House wants to amend it but that will never be approved by the Senate which overwhelmingly approved the deal. The lack of spending cuts is a significant sticking point.
We had a free Republic with free enterprise but we won’t by 2016 if President Obama has his way.
The fiscal cliff deal is about making the United States into a Marxist United States and the hyper-progressive tax rates it requires will help get us to that place.
The money we get from the taxes to be incurred on the wealthy are meaningless when compared with our debt and deficit, they are really being levied to expand socialism. Obama has every intention of continuing the wild spending and growing the entitlement state. Unemployment insurance will continue for 99 weeks and subsidies for colleges will continue. The payroll tax will go up on EVERYONE.
He is a Marxist who wants his form of social justice by spreading the wealth.
Obama plans to nationalize all sectors of the economy and he will go for it beginning in 2013. President Obama has nationalized banks and healthcare. He has said he will nationalize education and energy. He is a Hugo Chavez wannabe.
Not too many like the new fiscal cliff deal proposal which is being concluded as I write this.
Richard Trumka feels it doesn’t tax the rich enough. He thinks the rich are being given cuts if they are not taxed into Hades. Would someone please explain to me why this socialist bully has this much power?
The right wing is miserable, especially after Obama’s speech today, baiting them as he gloated and smirked. Sore winners, like Obama, are worse than sore losers.
People keep asking why Obama crowed as opposed to trying to encourage a deal in his speech today. Maybe it’s because he wants the Republicans to refuse the deal so he can go over the cliff.
In this deal, the Congress finally decided to tie the AMT to inflation. The AMT or alternative minimum tax was a tax-the-rich law from 1968. It was only meant to tax the very richest but Congress never tied it to a change in the value of the dollar so it eventually cast a wider and wider net, eventually including the middle class in that net. There were temporary patches but nothing substantive. Finally, it will be tied to the real value of money. It only took over four decades.
The estate tax will go to 40% for those whose estates are valued at over $10 million. It will eventually seep down into the middle class as it has in the past.
Would someone explain to me why anyone should have to pay taxes on their money after they are dead since they have paid taxes on their wealth over-and-over during their lifetimes? The answer is that socialism demands it, but why do we think it is a good idea? It’s thievery.
More tax hikes are coming according to the president. He pulled sequestration from consideration. He insisted sequestration NOT be part of this deal, but this very morning he said it was the Republicans who wouldn’t deal with sequestration.
The new deal will delay sequester for two months.
President Obama wants sequestration – the defense of our country – to be a bargaining chip when the debt ceiling is debated in the next few months.
I have a better idea. Let’s go back to having budgets and ending this insane and stressful way of doing business.
The “rich” ($400,000 for individuals, $450,000 for couples) will pay the Clinton rates of 39.6% under this deal. Dividends and investment taxes will increase to 23.8% on the highest earners. There will be taxes as part of the healthcare law. Stimulus and tax credits will be extended. The cut to Medicare payments to doctors will be delayed for only one year.
This deal generates $600 billion in revenue. We spend $3.2 trillion a year and have a $16.4 trillion dollar debt.
There will be NO spending cuts, zero, zilch, nada, nothing, none. President Obama said he wants a balanced solution but he is only offering tax increases. People talking about cuts are either talking about a slowing in the rate of spending or not hiking taxes. There are NO cuts to spending.
We now know that Obama’s tax hikes on the rich only fund the government for 7-8 days. His demand is obviously not about raising funds, it’s about spreading the wealth socialist-style. He will not stop spending because he wants to build up the entitlement state.
If this passes, we will all be back here in two months. Aren’t you sick of this? Isn’t it time to go back to the budget system?
President Obama’s speech today, December 31, 2012: