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Those who fail to learn the lessons of...oh, stop me if you've heard this one before!By KG One, Section News
Seriously, why do we even have two parties again?
Why keep up the pretense? I really want to know?
[Story continues after the fold}
Those of you just waking up from last night's celebrations are going to have a second headache this morning on top of the one resulting from singing endless renditions of "Auld Lang Syne", the constant noisemakers and wearing funny hats that fit too tight.
Last night Congress took a step towards addressing its self-inflicted "fiscal cliff" when the US Senate voted 89-8 on the now ill-named "American Taxpayer Relief Act of 2012" (aka HR-8). For those popping an Alka Seltzer or Excedrin here's a quick rundown: - There are NO spending cuts and sequestration has temporarily been put on hold for about two months. - The EITC, College Tax Credit and UI are untouched for at least five years. - Rate cuts to doctors who treat Medicare Patients are gone, but the taxes they'll pay under Obamacare are still there. - The rate on the AMT is on hold for the moment. - Dividends and Capitol Gains > $450,000 are now taxed at 20% (up from 15%) - The death tax for estates worth over $5-million is now 40%. (Sen. Kahn would be so proud!) - $400,000 for individuals and $450,000 for couples is now the new "rich" since they are stuck with a higher tax rate of 39.5%. Uncontrolled spending and even more taxes. Yeah, that'll fix things. Great plan. So which Republican Senators actually stood by their values on this one? Those Senators are:
Sen. Chuck Grassley (R-Iowa) Democrats voting no:
Sen. Mike Bennet (D-Colo.) And in case you're wondering how those numbers add up in this deal? According to the CBO the Senate deal contains in the neighborhood of $620 billion in new tax hikes (spread out over several years, of course) and only $15 billion in spending cuts.
It should also be mentioned that the Federal reached its debt ceiling (again) on December 31st. It's amazing how quickly you can run into a $ $16.394 trillion wall. Will Speaker Boehner spike this bill with something along the lines of a Hastert rule? Or, will Speaker Boehner down the kool aid like Sen. Mc Connell obviously has done and risk an insurrection by his own caucus? Or even worse yet, will his caucus take their marching order instead from Grover Norquist and claim that the tax hikes contained in HR-8, really aren't tax hikes at all and therefore not a violation of their pledge? Even worse yet still, have Republicans failed to heed the lessons of Kemp-Roth? Yes, I'm dating myself again. Shudder! Hold on to your wallets and your paychecks. Well, those of us still working, anyway!
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Those who fail to learn the lessons of...oh, stop me if you've heard this one before! | 3 comments (3 topical, 0 hidden)
Those who fail to learn the lessons of...oh, stop me if you've heard this one before! | 3 comments (3 topical, 0 hidden)
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 Related Links+ (Sen. Kahn would be so proud!)+ in the neighborhood of $620 billion in new tax hikes (spread out over several years, of course) and only $15 billion in spending cuts. + It's amazing how quickly you can run into a $ $16.394 trillion wall. + will Speaker Boehner down the kool aid + and claim that the tax hikes contained in HR-8, really aren't tax hikes at all and therefore not a violation of their pledge? + Also by KG One |
