scarykitties on 3/1/2013 at 17:12
Quote Posted by karmaKGB
Ridiculous. :wot::joke:
I'm not sure how that works, either. I've heard that the measure increased spending in some way and didn't cut spending at all, but I'm not sure in what ways.
CCCToad on 3/1/2013 at 22:06
Quote Posted by scarykitties
I'm not sure how that works, either. I've heard that the measure increased spending in some way and didn't cut spending at all, but I'm not sure in what ways.
It was pretty much business as usual.
For example : (
http://washingtonexaminer.com/tim-carney-how-corporate-tax-credits-got-in-the-cliff-deal/article/2517397#.UOX_X29X3RW)
emphasis added.
Quote:
The "fiscal cliff" legislation passed this week included $76 billion in special-interest tax credits for the likes of General Electric, Hollywood and even Captain Morgan. But these subsidies weren't the fruit of eleventh-hour lobbying conducted on the cliff's edge -- they were crafted back in August in a Senate committee, and they sat dormant until
the White House reportedly insisted on them this week. Again, the real Obama agenda is identical to the Republican's. He wants to hike taxes for the productive rich and the working class to transfer that wealth to the non-productive rich. The bill raises taxes on the middle class and the "working rich" (those rich enough to be wealthy, but not rich enough to be part of the oligarchy) but cuts taxes on the super rich.
scarykitties on 3/1/2013 at 23:11
Quote Posted by CCCToad
It was pretty much business as usual.
Again, the real Obama agenda is identical to the Republican's. He wants to hike taxes for the productive rich and the working class to transfer that wealth to the non-productive rich. The bill raises taxes on the middle class and the "working rich" (those rich enough to be wealthy, but not rich enough to be part of the oligarchy) but cuts taxes on the super rich.
What does the bill do to raise taxes on the middle class? I think the drop-off of middle class to upper class is 100,000 or maybe even less, isn't it?
nickie on 4/1/2013 at 20:46
I would just like to point out that the Daily Mail is considered (by normal people) to be a rabid, right-wing newspaper responsible for disseminating all sorts of nasty opinions. Not even my right-wing mother would read it.
Al_B on 4/1/2013 at 21:16
If I understand the article an existing "payroll tax" cut which is different to income tax is ending. Were the Republican party fighting to keep the tax or was this one of the items neither party wanted to maintain.
(and yes - what nickie said :D)
june gloom on 4/1/2013 at 21:21
why else would CCCToad post it
CCCToad on 5/1/2013 at 00:39
Ack, nm, it also doesn't make much sense....even considering that the whole thing is deliberately confusing.
Here's a better and more informed opinion (From a columnist who's credentials are superior to anyone on this forum (including RBJ).
(
http://armstrongeconomics.com/2013/01/03/what-was-in-the-fiscal-cliff-bill/)
Quote:
Despite the news pretending taxes went up on the rich, sorry, they got everyone. The Payroll Tax Cut was allowed to Expire. While technically not part of the new law, Congress has let the temporary reduction in payroll taxes expire. Wage earners in all brackets will feel the pain of this expiration in their take-home pay starting now. The will see about a 2% increase in taxation. Even if some get a refund, they are lending government interest free.
......
Hence, this phaseout, reduced itemized deductions, and the payroll tax increase, will increase the income taxes of persons below the $400,000/$450,000. Then we have the new 3.8% Obamacare taxes that will also now apply as well as increase in SS taxes.
Phatose on 5/1/2013 at 02:15
It's an interesting read....though, you might want to mention that his credentials include several dead on economic predictions - and a conviction for fraud.
