…………The Personal Exemption Phaseout and Pease provisions kick in for those making over $250K ($300K married/$275K single head of household), effectively kicking up those rates…….

Steve Eggleston on January 1, 2013 at 7:57 AM

steve – is there some plac we can see the mechanics of the item ded phase-out? do you have a reference? is this simply the bringing back from the dead IRC section 68? with higher AGIs? or are the mechanics all new?

BUT if the bush rates do not expire then I think this is a lot more than I expected. The rest can be hammered out later. Look… trying to do damage control on the republican partys name. You look at other sites there are tons of people placing blame on the republicans for this already.

watertown on January 1, 2013 at 1:36 AM

The basic Bush rates, assuming final passage, return for those making under $400K ($450K married/$425K head of household). The Personal Exemption Phaseout and Pease provisions kick in for those making over $250K ($300K married/$275K single head of household), effectively kicking up those rates.

The nut-kicker is the 40% death tax now kicks in at $1 million, not $5 million. That’s how they got Reid’s support.

The Republicans got to keep most of the tax cuts in this bill…but I wonder if it will pass the House without additional spending cuts. We shall see. I wonder..if two months passes and here we are with the sequestration fight again..we will also have the debt ceiling fight…so do they become the same fight?

This is all so screwed up.

Steve Eggleston

BUT if the bush rates do not expire then I think this is a lot more than I expected. The rest can be hammered out later. Look… trying to do damage control on the republican partys name. You look at other sites there are tons of people placing blame on the republicans for this already.

- Fox News is reporting the 10-year CBO score is $620B in new taxes, $15B in spending cuts (presumably versus continuing 2012 policy – i.e. no Bush rate expirations or sequesters).

Fscking brilliant, McConnell.

I don’t drink milk, and I prefer bagels to cereal. I also use non-dairy creamer in my coffee. Honestly, not a huge dairy person in general. But whatever, why not treat milk like anything else and let supply and demand dictate the price, no matter what it is? (pretty sure it will be much less than $7/gallon)

Timin203 on December 31, 2012 at 11:27 PM

The problem is that the expiration of the current milk subsidies doesn’t mean the end of milk subsidies. Rather, it means far more milk subsidies as an older version returns.

Steve Eggleston on December 31, 2012 at 11:23 PM

I’ll put it this way, I’d much rather have $7 / gallon milk then continue paying $7 / pack for cigarettes.

How about a gallon of milk at $7?

Steve Eggleston on December 31, 2012 at 11:23 PM

I don’t drink milk, and I prefer bagels to cereal. I also use non-dairy creamer in my coffee. Honestly, not a huge dairy person in general. But whatever, why not treat milk like anything else and let supply and demand dictate the price, no matter what it is? (pretty sure it will be much less than $7/gallon)

Oh, thank god. Because I don’t know what I would have done if a pint of ben and jerrys hit $8.

/sarc

Timin203 on December 31, 2012 at 11:22 PM

How about a gallon of milk at $7?

- Those of you looking to switch from traditional IRAs to Roth IRAs will be paying half the cost ($12 billion) of delaying sequester for two months.

Make it a third update:

- It also includes a 9-month delay of the Dairy Cliff.

Steve Eggleston on December 31, 2012 at 11:17 PM

Oh, thank god. Because I don’t know what I would have done if a pint of ben and jerrys hit $8.

/sarc

- It also includes a 9-month delay of the Dairy Cliff.

- Supposedly a provision to block Congressional pay raises is in this thing.
- Dingy Harry’s looking to get a vote in before midnight so to maximize Bo(eh)ner’s boning.

As Teh SCOAMF said this afternoon, ALL that’s not enough for him.

Steve Eggleston on December 31, 2012 at 10:33 PM

Ah, and did you catch the part where any FUTURE spending cuts (ahem, yeah right) will only be entertained by his majesty if they come as a “balanced” package, including fewer DEDUCTIONS for the rich.

So those who said Boehner and Romney were idiots for bringing out “closing loopholes and deductions” as a way to “begin closing the deficit” were absolutely right. Obama is going to get higher rates and fewer deductions before this is all over. People will be paying literally 40% in income tax alone(state + federal) by the time this is all over.

thurman on December 31, 2012 at 9:54 PM

Via the QOTD replacement thread (specifically canopfor), the Personal Exemption Phaseout and Pease provision (which limits itemized deductions) are also back. That’s another percentage point or two of tax.

As Teh SCOAMF said this afternoon, ALL that’s not enough for him.

From what I’ve seen, the FICA/SECA tax holiday is over at the stroke of midnight whether or not Le Petite Compromise passes.

Steve Eggleston on December 31, 2012 at 9:46 PM

Fine by me. In fact, I say we raise the FICA deduction to cover the full cost of social security, medicare and even medicaid going forward. Lets see how much low information voters love their entitlements when THEY have to pay for them.

Let’s not forget these aren’t just the “Clinton rates”

– there’s an additional 0.9% medicare surtax for the “rich” on earned income

– cap gains/dividend rates are apparently going from 15 to 20%

– there’s also a 3.8% surtax on “unearned” income with cap gains/dividends

But that’s not enough of my hard earned money for these liberal bastards?

Attn liberals: GO FRACK YOURSELVES