Intermarkets' Privacy Policy
Support


Donate to Ace of Spades HQ!





Recent Entries
« Fiscal Cliff Watch Open Thread | Main | Celebrities Who Demand Gun Bans Sure Seem To Celebrate Gun Violence In Their Movies A Whole Heck of a Lot »
December 31, 2012

Deal Struck?

Here is the outline, as I understand it.

Rates on the rich will increase, but only above the $400,000 threshold, rather than the $250,000 threshold so beloved by Obama. But the tax cut for those making less than $400,000 would be permanent -- no sunsetting, no expiration date.

However, some exceptions and deductions will be lost for those making more than $300,000 (jointly) or $250,000 (singly):

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.

The estate tax rises from 35 to 40%, but the $5 million exclusion (the first five million isn't subject to tax) remains.

You'll be happy to know we've agreed to keep spending an awful lot of money. Republicans spin this, saying they've gotten a permanent good in exchange for a temporary bad, but we never get around to spending, do we?

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 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

There are no damn cuts in the agreement. The agreement isn't quite struck yet, as the sides are hung up on what to do about the automatic sequester -- Republicans want to delay that for three months, in order to revisit spending issues later without, I guess, the supercharged atmosphere of the current negotiations. Democrats want the cuts delayed until after the 2014 election (to 2015).

Sabotage? The liberals apparently hate this deal, so Obama larded his 1:30 speech with attacks against them, possibly to provoke them into walking away from a deal he's finding politically tough. (The liberals are incensed that the $250,000 threshold was moved.)

Obama: "If Republicans think I will finish the job of deficit reduction through spending cuts alone … then they've got another thing coming"

Others call the "speech" a "political rally" and "tone-deaf."

Republicans are apparently reacting angrily, but who knows if they'll walk away.

ATM Fix Permanent? The current plan is to fix the ATM -- permanently.

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."

Is There Any Hope? Soothsayerwing Plover has an idea:

emember that ROBERT PALMER video with all those hot looking CLONE MODELS behind him?

that's what Boehner should do


Florence + the Machine did a cover, I just learned.

digg this
posted by Ace at 02:28 PM

| Access Comments




Recent Comments
Bones McCoy: "[i]Thread . . . is . . . dead!   Posted by: ..."

JackStraw: ">>Seriously? Pittsburgh is hundreds of miles from ..."

Krebs v Carnot: Epic Battle of the Cycling Stars(TM) [/i] [/s] [/u]: " [i]Posted by: backhoe at July 31, 2014 11:51 AM ..."

Esau's Message: "My vote is going to SMoD. ..."

Pixies: "Thread . . . is . . . dead! ..."

BCochran1981 - Credible Hulk: "[i]383 I can remember driving I-95 North into Phil ..."

blaster: "@386 it's a joke. Sharknado 3 hits Florida. ..."

steveegg: "[i]Shit lackey to Cardinals   Posted by: Ne ..."

Alison Lundgren Grimes, Phd, BBE, OBE, AEIOU: "I sincerely hope the UN can get lights down in tho ..."

Citizen X: "Creepy life mask of the Marquis de Lafayette (also ..."

logprof: "357 Browns, Bengals, Ravens fans rejoice.. Sha ..."

maddogg: "382A popular nickname for the P-47 was "The Jug".P ..."

Recent Entries
Search


MuNuvians
Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
News/Chat
Archives
Powered by
Movable Type 2.64