Details of Senate Bill Averting Fiscal Cliff

Discussion in 'Politics' started by beretta304, Jan 2, 2013.

  1. beretta304
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    beretta304 BANNED

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    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, the 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 rule changes on converting traditional individual retirement accounts into Roth IRAs.



    Details of Senate Bill Averting 'fiscal Cliff'
     
  2. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I see it like this:

    The economy is like an old V-8 engine with 500,000 - 600,000 miles on it. It's time to do a complete over haul or even an engine swap. Either a new hybrid V-6 or a V-8 crate motor. That's easy enough to do. It's a rather large expense up front but then you'll have many years of trouble free driving.

    That's what SHOULD be done.

    But instead, THIS is what is being done:

    The mechanic, rather than fixing the problem merely advances the spark a bit to give the appearance of the problem being fixed when in fact it was just being hidden by a devious mechanic who understands cars better than you do. And why does he do that? He want's you coming back for more "fixes". He knows that if he actually fixes your car you'll just go a way and never come back, you won't need him anymore.

    This is the Problem. Too many Americans think they need the Gov't to keep things running smoothly when in fact it's the Gov't, along with the Federal Reserve Banksters that is causing the Economic Engine to run rough!

    And they're doing it on purpose!
     
  3. RoadVirus
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    RoadVirus <insert pithy title here>

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    A continued incentive not to look for work.
     
  4. The Breeze
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    The Breeze VIP Member

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    And an continued incentive to vote for the entitlement party.
     
  5. Oddball
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    Oddball BANNED Supporting Member

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    So, the phony fecal cliff "crisis" was manufactured as a way to raise taxes and maintain spending levels, despite the fact that both sides signed onto the spending reductions long ago.

    Not gonna say I hate to say Itoljaso, because I love to say Itoljaso.
     
  6. chikenwing
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    chikenwing Guest

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    A good comparison simple ,put in everyday terms.

    DC is broken both parties are to blame,saying otherwise is just a lie,Obamma needs to become a leader not a pot stirrer,he is the boss act like one.
     

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