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Thread: Fiscal Cliff - Democrats Complete Failure

  1. #1
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    Default Fiscal Cliff - Democrats Complete Failure

    I can't understand how anyone can believe Obama scored a win with the deal that was made. What happened was that the wealthy scored 'permanently' lower wealth taxes while being taxed slightly higher on ordinary income. That's a huge net win for the wealthy and a huge net loss in tax revenue to offset the budget. Republicans can pretend they're upset, but who's gonna believe it?

    Who needs Republicans [catering to 'conservatives'] when you've got Democrats like Obama [catering to wealthy conservatives]?

    When the piper comes for his payment, the wealthy will have retired to parts unknown.
    Last edited by salmoned; January 2nd, 2013 at 02:16 PM.
    May I always be found beneath your contempt.

  2. #2

    Default Re: Fiscal Cliff - Democrats Complete Failure

    Obama had plenty to answer and make up for already, and now this choke when he held all the cards.

  3. #3
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    Default Re: Fiscal Cliff - Democrats Complete Failure

    I agree. Obama got rolled. He should have held out for his previous demand that Congress give up negotiating over raising the debt limit. (Obama now says he won't negotiate this again, but I have no idea how he can avoid it.)
    Greg

  4. #4
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    Default Re: Fiscal Cliff - Democrats Complete Failure

    I am disappointed with Obama too. Going over the Cliff would have been a better deal than what we got. Obama is a Nelson Rockefeller or Teddy Roosevelt type of Republican.
    Peace, Love, and Local Grindz

    People who form FIRM opinions with so little knowledge only pretend to be open-minded. They select their facts like food from a buffet. David R. Dow

  5. #5

    Default Re: Fiscal Cliff - Democrats Complete Failure

    They're not going to vote higher tax rates on themselves.

  6. #6
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    Post Re: Fiscal Cliff - Democrats Complete Failure

    Adam Davidson: What we learned from teetering on the fiscal cliff
    Talk about [the economy] like what it is: not an existential crisis, not some battle between two fundamentally different religious views, but a math problem, a really solvable math problem.

    http://www.ted.com/talks/adam_davids...cal_cliff.html
    Life is either an adventure... or you're not doing it right!!!

  7. #7
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    Post Re: Fiscal Cliff - Democrats Complete Failure

    Update: Tax Changes Affecting 2013 Payrolls Signed into Law
    On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (ATRA), which includes several changes to tax laws affecting payroll and employment tax administration in 2013.

    Income Tax Rates
    The American Taxpayer Relief Act effectively maintains the reduced income tax rates adopted in 2001 and 2003 for individuals with incomes up to $400,000 and families with incomes up to $450,000. Income above those levels will be taxed at 39.6%, up from 35%. The expanded 15% bracket for joint filers, commonly referred to as the marriage penalty relief, has also been extended.

    For payroll withholding purposes, these tax rates have been extended permanently for wages paid after December 31, 2012.

    Employee Social Security Tax Rate Returns to 6.2%
    The reduced 4.2% rate for employee Social Security taxes that was in effect for 2011 and 2012 has expired. The employee Social Security tax rate will return to 6.2% for 2013 wages up to the taxable wage limit of $113,700. Consequently, employees’ net pay under the taxable wage limit will decrease accordingly. The maximum Social Security tax that an employee would pay will be $7,049.40 for 2013.

    The Employer Social Security tax rate is unaffected, and remains 6.2% of Social Security taxable wages paid. The maximum that an employer would pay for an employee will be $7,049.40 for 2013.

    And more info... http://www.adp.com/tools-and-resourc...-into-law.aspx
    Life is either an adventure... or you're not doing it right!!!

  8. #8
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    Default The Platinum Coin Cliff

    Obama can redeem himself by using the platinum coin trick to outmaneuver the Republicans who are determined to use the threat of default in the forthcoming debt ceiling debate. http://www.bloomberg.com/news/2013-0...oin-cliff.html
    Greg

  9. #9

    Default Re: Fiscal Cliff - Democrats Complete Failure

    http://news.yahoo.com/republican-par...-election.html

    I thought they won. Is this fake outrage?

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