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Fiscal Cliff Deal Reached

Monday, December 31, 2012 20:07

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Here are the known details of the deal:

Tax rates: current tax rates will be extended for all wage earners making below $400,000 and couples making below $450,000.

This was a key concession for both Republicans and Democrats. Democrats wanted the threshold for tax increases to rest at $250,000 and Republicans didn’t want marginal tax rates to increase for anyone.

The automatic spending cuts under the sequester will be delayed for two months. The cost of continuing current federal spending levels will be offset by revenue increases and some spending cuts. The spending cuts will come half from defense and half non-defense accounts.

The two-month window is to allow Congress and the White House to come up with a larger deal on spending cuts, leading to another (though smaller) “fiscal cliff.” Democrats see this deal as a victory because Republicans had objected to using any new tax revenue to offset the loss of sequester spending cuts, reports Garrett.

The estate tax: it was set to increase from rom 35 percent to 55 percent in 2013. Instead, the compromise sets the new rate at 40 percent with the first $5 million worth of property exempt from being taxed.

Capital gains tax: Capital gains and dividend tax rates will increase from 15 to 20 percent.

Alternative Minimum Tax: a permanent fix to the tax that would hit middle class families

“Doc Fix”: doctors will be shielded from a massive reimbursement gap for treating Medicare patients.

Unemployment benefits: unemployed workers will receive their benefits which expired over the weekend.

Renewable energy tax credit: the tax credit for renewable energy companies will be extended for another year.

Read More Here

A deal has been reached. WOW. While it doesnt fix much, it does give us some more time. ~Ophelia

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Comments

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Total 5 comments

Banderman

What a freaking sham, freak deal these politicians are; dog and pony show, political theater crap. The last minute? They take us for IDIOTS.

Dec 31, 2012, 10:13 pm 0 Reply
Saber

They do this crap EVERY YEAR!!!! oh a cliff… look out, it horrible!!! We’re ALL going to DIE!!!!
ahh
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splat

Its a friggin dog and pony show… a bunch of worthless actors. They’ve had this planned for months, just like all the previous years.

They did such a GREAT JOB… I say we give ALL the federal workers an 18% raise while everyone else forfeits their savings to inflation.

I

Jan 1, 2013, 8:18 am 0 Reply
Article Hunter

When you see these guys in chongress (pardon the weed pun) I’m sure they are either completely off their faces stoned or just completely flat out stupid. This was a no-brainer, the fiscal cliff was never gonna be reached.

As you two above state, it’s all a stunt, paid for by lobbyists possibly.

http://articlechase.com/beyondnews

Jan 1, 2013, 10:35 am 0 Reply
Anonymous

The Rottenchild & Co owned IRS, will be busy in 2013!

Jan 1, 2013, 2:51 pm 0 Reply
DaveB

The USA went of the fiscal cliff ages ago, and has been free falling ever since. The real problem will be when you finally hit the ground. Good luck with that.

Jan 1, 2013, 3:07 pm 0 Reply

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