Nothing is certain except more debt and taxes
The deal that emerged from the Senate early Tuesday morning is being sold as a tax cut for the middle class, but the expiration of the two-percentage-point payroll tax holiday means that working Americans’ take-home pay will drop. The bill reduces the value of tax deductions for upper incomes and, with the new open-ended 3.8% Medicare tax that was enacted under ObamaCare, income-tax rates on families and small business owners earning over $450,000 have been pushed above 44%.
The Senate bill makes the tax code more complex, provides for no spending cuts and creates four deadlines—for the debt-limit increase within weeks, the March 1 automatic spending cuts known as the sequester, a second sequester on March 27 (to make up for overspending since the first sequester) and the March 30 expiration of government spending authority. These deadlines will keep Washington negotiations on the front page for months but with little likelihood that government will cut programs, sell assets or downsize the 1,300 federal agencies and commissions.
No wonder many House Republicans balked at what was presented. The New Year’s Day legislation is breathtaking in its largess.
Blowback
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Tax cut = no change in tax rates, but less take home pay.
Gotta love how politicians redefine everything.
The Rogue Tomato on January 2, 2013 at 11:22 AM
My New Years resolution is LIB.
Living4Him5534 on January 2, 2013 at 11:24 AM
I wish I could be as optimistic as Nick Gillespie:
Fiscal Cliff Deal Raises Taxes, Delays Sequestration…And Will Cut Spending!
Drained Brain on January 2, 2013 at 11:26 AM
And, that everybody will say all members of Congress should be replaced.
While, they re-elect their own reps because they are good ones.
Moesart on January 2, 2013 at 11:27 AM
%77 of all households just got hit with higher taxes – Payroll taxes rise to 6.2% –
http://www.clickorlando.com/news/money/Bosses-Don-t-blame-us-for-smaller-checks/-/1637116/17980832/-/ndrpmy/-/index.html
Pork-Chop on January 2, 2013 at 11:28 AM
Mmmm, with the tens of trillions owed to the Chinese, Americans will no longer be permitted to die. No time for death – there’s taxes to be paid!
Jeddite on January 2, 2013 at 11:28 AM
Everyone patting themselves on the back for selling our children and grandchildren into slavery. The stupidity of the American electorate never ceases to amaze me.
ButterflyDragon on January 2, 2013 at 11:33 AM
Nothing is certain except more debt and taxes AND OBAMACARE.
sydneyjane on January 2, 2013 at 11:34 AM
Why liberals don’t understand that we can’t keep borrowing like this is baffling.
We have so many expensive social programs that we spend virtually all the taxes we take in on them. It is literally unsustainable.
It will stop when the entire economy collapses. Then we won’t have any social programs.
darwin on January 2, 2013 at 11:35 AM
Federalism is the only answer. The federal government must be downsized and only aggressive, 10th Amendent supporting states can make it happen. They must seize back the usurped powers the DC pols of both parties refuse to willingly give up.
Charlemagne on January 2, 2013 at 11:36 AM
Too many people believe what the media tells them and they’re too lazy to spend five minutes researching information for themselves. The media, in my opinion, is treasonous.
darwin on January 2, 2013 at 11:37 AM
Yup. HHS unveiled a new round of Obamacare regulations on December 28th (while we were distracted by the fiscal cliff circus). The new regulations will further delineate what a ‘full time employee’ is and the penalty on employers for ‘non compliance.
Can we bend over any farther (or is it further?).
Fallon on January 2, 2013 at 11:41 AM
Death is more certain too now that BarkyCare is law.
60,000 British citizens murdered by their own healthcare system every year, cancer patients denied treatments, children left to die without pain relief.
But don’t worry, it can never happen here because the designers and implementers of our new healthcare system are smarter than those Brits.
Bishop on January 2, 2013 at 11:41 AM
I agree 1000%
ButterflyDragon on January 2, 2013 at 11:42 AM
Go back and look at the votes. It wasn’t only liberals, there were plenty of Republicans that voted this way as well.
MoreLiberty on January 2, 2013 at 11:42 AM
There are lots of Republicans that lean Leftward. Just look at Bush and Medicare Part D, for example. That was a bi-partisan, Leftist program to the core. It’s hilarious when Lefties attack Bush for being too much of a Leftist. It makes no sense.
Forget the “D” and the “R” next to the names. Judge politicians by whether they practice Progressivism or American conservatism and things will make a lot more sense.
visions on January 2, 2013 at 11:54 AM