Hidden in the Details Fiscal Cliff Bill Will Raise Taxes on Those Making $100,000 a

[Doc91678]

by Jim Hoft
January 1, 2013


During the 2008 campaign Barack Obama promised not to raise taxes on anyone making less than $250,000 a year.
He lied. Obamacare created seven new taxes on those making less than $250,000 a year.

And, then there’s this.
The fiscal cliff bill that passed the US Senate and is likely to pass the US House will raise taxes on those making $100,000 a year by $2,000.
Obama needs the money.

[ame=http://www.youtube.com/watch?v=JCeLtHkwtZ8]Fiscal Cliff Bill Will Raise Taxes on Those Making $100,000 a Year By $2,000 - YouTube[/ame]​

Read more:
Hidden in the Details… Fiscal Cliff Bill Will Raise Taxes on Those Making $100,000 a Year By $2,000 (Video) | The Gateway Pundit

 

[waltky]

Granny says, "Well dey didn't make `em stop outsourcing American jobs but now dem rich folks gotta pay dey's fair share o' taxes...

House staves off fiscal cliff, but more squabbles lie ahead
January 2, 2013 -- Boehner undid "everything he promised he would do" in 2010, GOP lawmaker says; Obama to sign fiscal cliff bill, calls for "a little less brinksmanship" next time; Tuesday night's vote prevents tax increases for more than 98% of Americans; It also wards off $110 billion in automatic cuts to domestic and military spending

The bill that backs the United States away from its fiscal cliff awaited President Barack Obama's signature Wednesday, but new battles over taxes and spending await Washington in the next few weeks. Congress averted that self-built precipice late Tuesday when the House voted to stave off widespread tax increases and deep spending cuts by accepting a brokered Senate compromise. It makes permanent the Bush administration's tax cuts for individuals earning less than $400,000 per year and couples earning less than $450,000. It raises rates on those who make more than that from 35% to 39.6%, bringing back a top tax bracket from the Clinton administration, and will raise roughly $600 billion in new revenues over 10 years, according to various estimates.

The bill also extends unemployment insurance and delays for two months the threat of sequestration -- a series of automatic, across-the-board cuts in federal spending. Economists had predicted the combination of those tax increases and spending cuts could have thrown the U.S. economy back into recession and driven unemployment back into the 9% range. Meanwhile, a new Congress takes office on Thursday, and lawmakers will soon be confronted by the need to raise the federal debt ceiling and what to do about the still-hanging sequester -- a legacy of the last battle over the debt ceiling, in 2011. Obama said he would sign the bill into law, but he did not say when. After the vote, he flew to Hawaii to rejoin his wife and daughters on their winter vacation.

"The sum total of all the budget agreements we've reached so far proves that there is a path forward that is possible, if we focus not on our politics but on what's right for the country," Obama told reporters late Tuesday. "And the one thing that I think, hopefully, in the new year, we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much."

The Bush tax cuts expired at midnight Monday, while sequestration had been scheduled to start when federal offices reopened Wednesday. Congress planned to send the bill to the White House on Wednesday, a Republican leadership aide told CNN, but there's no urgency on the president's signature in practical terms. It's up to the Obama administration to implement the budget and tax changes, and since the president has said he will sign the measure, the administration can begin planning for the changes immediately. World markets rose after the late-night vote. U.S. stocks jumped, too, with the Dow Jones Industrial Average rising nearly 2% by mid-afternoon.

More House staves off fiscal cliff, but more squabbles lie ahead - CNN.com

See also:

THE RESET: More fiscal battles loom despite deal
Wednesday, Jan. 2, 2013 - Financial markets around the world are celebrating the climactic New Year's agreement to avert scheduled tax increases and budget cuts in the United States. But the party could be a short one.

While Congress' action ended a stubborn stalemate and prevented the nation from going over a "fiscal cliff" and possibly tumbling back into recession, the terms of the bipartisan pact helped erect an even larger fiscal precipice. The deal, which President Barack Obama plans to sign quickly, blocked big income tax increases on most Americans. But it extended the deadline for deep mandatory spending cuts for only two months. And it did nothing to deal with raising the nation's borrowing limit, despite Obama's request. The debt limit, set by Congress, is now $14.3 trillion — a ceiling the government officially hit on Monday. The Treasury Department says it will take "extraordinary measures" to keep paying the government's bills — but only until sometime in February or March.

After a summer 2011 fight over raising the debt limit, the government came close to defaulting for the first time ever and credit rating agency Standard & Poor's yanked the nation's blue-chip AAA bond rating. Before returning to Hawaii for vacation, Obama dug in his heels and warned Republicans against using a vote on the debt ceiling to try to win concessions on spending cuts. He asserted he wouldn't negotiate "with Congress over whether or not they should pay the bills they've already racked up through the laws they have passed."

He didn't elaborate, but some Democrats want him to challenge the debt-limit process itself, a move certain to outrage Republicans. In any event, it means Obama can count on further rancorous fiscal battles between the parties soon after he's inaugurated for a second term. So much for "And a Happy New Year."

Source

 

[waltky]

Granny says dat's why dey didn't know it was just kickin' the can down the road...

Senators Got 154-Page 'Fiscal Cliff' Bill 3 Minutes Before Voting on It
January 2, 2013 – The U.S. Senate voted 89-8 to approve legislation to avoid the fiscal cliff despite having only 3 minutes to read the 154-page bill and budget score.

Multiple Senate sources have confirmed to CNSNews.com that senators received the bill at approximately 1:36 AM on Jan. 1, 2013 – a mere three minutes before they voted to approve it at 1:39 AM.

The bill is 154-pages and includes several provisions that are unrelated to the fiscal cliff, including repealing a section of ObamaCare, extending the wind-energy tax credit, and a rum tax subsidy deal for Puerto Rican rum makers.

The bill avoids the fiscal cliff by making permanent the Bush tax cuts for individuals making less than $400,000 per year and couples making less than $450,000 and by putting off the automatic spending cuts (sequestration) from last year’s debt ceiling deal until March.

Technically, those Bush tax rates had expired at midnight on Dec. 31, 2012 and the spending cuts were scheduled to take place when the government reopened following the New Year’s Day holiday.

Senators Got 154-Page 'Fiscal Cliff' Bill 3 Minutes Before Voting on It | CNS News

See also:

Failed coup effort against Boehner highlights House GOP divisions
1/03/13 - A group of dissident Republicans failed on Thursday to push Rep. John Boehner (R-Ohio) to a second ballot in his election as Speaker and potentially replace him as leader of the House.

Twelve House Republicans broke from Boehner in a tense public roll-call vote, either by voting for someone else or deliberately not voting at all — five short of what would have been needed to force a second ballot. The defections came at a tumultuous moment for Boehner, who faced sharp criticism from some within his conference and conservatives outside Congress both for his handling of the final "fiscal cliff" legislation and for scrapping a vote on a Hurricane Sandy relief bill.

One of the 12 Republican defectors, Rep. Walter Jones (R-N.C.), said it was Rep. Justin Amash, a Michigan Republican just elected to his second term, who tried in recent days to organize what amounted to an attempted coup. Amash and Jones were among the four Republicans kicked off their committees by GOP leaders after the November elections. At one point, both Jones and Amash said, the group had amassed enough Republicans to deny Boehner the gavel on the first ballot. Boehner ended up receiving 220 votes out of 426 votes cast on the floor, or 51.6 percent. The Speaker must receive a clear majority of votes cast, meaning he needed at least 214. “We thought we had 20,” Jones said. “In fairness to those, two or three of those just decided they couldn’t go through with it.”

Jones said Amash came to see him on Tuesday and was holding one-on-one talks with other members to persuade them to defect. “Justin deserves a lot of credit,” Jones said. Other conservatives who supported Boehner denounced the coup attempt as misguided and poorly organized. Rep. Trent Franks (R-Ariz.) told reporters that a member — whom he would not name — came up to him on the House floor about 15 minutes before the vote and said “there might be some effort to dissent.” “I said that’s exactly what the Democrats would like to see us do,” Franks said he told the member.

Asked by a reporter if the effort to depose Boehner was “chaotic and disorganized,” Franks replied: “I think that’s being charitable.” Another conservative who voted for Boehner, Rep. Lynn Westmoreland (R-Ga.), said: “There’s a time for everything, and I didn’t feel like now was the time.” The vote came less than two full days after Boehner lost nearly two-thirds of his conference in the climactic fiscal-cliff vote on a Senate compromise. “I think the Senate bill passing the other night galvanized many of us who were frustrated,” Jones said.

Read more: http://thehill.com/homenews/house/2...ghts-divisions-within-house-gop#ixzz2H9untZ1K

 

[NYcarbineer]

Can you cite the text in the bill that raises the payroll tax?

 

[NYcarbineer]

So, if you happen to be correct, that Obama broke a tax promise by signing this bill,

what about the 40 Republican Senators who voted for it?

Do any of them have any tax promises on the record?

 

[regent]

Oh, the inhumanity of it all.

 

[healthmyths]

Can you cite the text in the bill that raises the payroll tax?

HE LIED and that is the perception 77% of Americans have now when they hear Obama's OWN Words "I can make a firm pledge: Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes.”

Today 77% of americans are seeing less money in their paycheck because payroll taxes have increased!
Obama was LYING and Americans are NOW catching him regardless of how you parse it... in a bold face breaking of his pledge.. his word!
"I pledge... NO form of tax increase"!

 

[LilOlLady]

Bush tax cuts were to expire in 2010 and Obama exteded them two years after Congress held the middle class hostage and taxes would have gone back and not up on every one to were there were before the cuts. Obama's tax plan lowered taxes for some and not for others. Radical Right want NO taxes at all. He should have just let Bush tax cuts expire and start all over giving the middle class a break. Bush tax cuts would have cost tax payers $1 trillion over the next decade. Bush never intended them to be permanent but to fix teh economy and that was a failure. Business took tax cut and went overseas for more tax breaks.