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Peter1469
12-31-2012, 04:46 PM
A senior Republican Senate aide passes along the tax terms of the deal being worked out by Democrats and Republicans on Capitol Hill and the White House to avert the "fiscal cliff." These terms are "locked," says the source, between Senate Republicans and the White House:


Permanent extension of current rates on income below $400k (singles) and $450k (married).
Permanent 15% rate on cap gains and dividends for income below $400k (single), $450k (married).
Permanent 20% capital gains & dividends for those above $400k (single), $450k (married).
Permanent death tax at $5M exemption but a 40% Rate (as of tomorrow, exemption would be on estates valued at $1m at a 55% rate)
Permanent AMT patch

One year extension of 50% Bonus Depreciation
No changes to the already scheduled sequestration cuts have been "locked," I'm told.

http://www.weeklystandard.com/blogs/source-tax-terms-locked_692469.html

Not a horrible deal. At least millions of small business owners won't get caught up in the tax raising fetish as they would under Obama's plan ($200/250K).

But it doesn't do anything to cut spending, which is the real problem.

Trinnity
12-31-2012, 06:22 PM
Politics.....he's gonna get more later. He's gonna push and push til he gets as much as possible. Potentially, there's no end to it. Then there's regs. They cost money too. Don't forget the executive order...he's giving his buddies pay raises now. Who needs Congress with this guy around?

Peter1469
12-31-2012, 06:52 PM
Politics.....he's gonna get more later. He's gonna push and push til he gets as much as possible. Potentially, there's no end to it. Then there's regs. They cost money too. Don't forget the executive order...he's giving his buddies pay raises now. Who needs Congress with this guy around?

Elections have consequences. It seems a majority enjoy Obama ramming things through.