U.S. Fiscal Cliff

[kuronosan]

Thanks for that, I stand corrected.

[Qalbert]

seeing this a lot on FB
http://cnsnews.com/news/article/sena...utes-voting-it

[Acevalefor]

seeing this a lot on FB
http://cnsnews.com/news/article/sena...utes-voting-it

A little bit of research reveals that this article is not carried by any major news sources. The websites that are carrying it are just copy and pasting it directly from a single source. Needs some fact checking and substance to the article from a site that doesn't have ads about liberal censorship ruining the media.

[Niiro]

Open link, see add about how to stop the liberal media, close link.

[Churchill]

Just like OBOZOCare, you have to pass it to see what's in it. Just plain theft!!!

[Qalbert]

A little bit of research reveals that this article is not carried by any major news sources. The websites that are carrying it are just copy and pasting it directly from a single source. Needs some fact checking and substance to the article from a site that doesn't have ads about liberal censorship ruining the media.

Oh I didn't mean to imply it was reputable or legit, just a thing I've seen around FB lately, lol.

[Acevalefor]

Oh I didn't mean to imply it was reputable or legit, just a thing I've seen around FB lately, lol.

Good rule that I follow: If it's shared on FB, it's bullshit and/or trolling.

[Tyche]

It could have been a different version of the bill with few modest changes. They don't have to read the full 150 pages if the only changes made were minimal and discussed beforehand. This same argument came when people were complaining about comgress not reading the ACA. It was stupid then, it's stupid now.

[Qalbert]

Good rule that I follow: If it's shared on FB, it's bullshit and/or trolling.

yes I know, that was my point. like all the chain shit after the shooting etc, just sharing something that's going around that I found humorous because people are getting worked up over it.

[Tyche]

Well tell your FB friends that they're morons.

[archibaldcrane]

Regarding the tax breaks in the bill - basically there are these breaks that "sunset" every year, and instead of working to make any of them permanent or extend them, they pass them through as riders on other bills when their year span is coming up. It's just the way shit works now, especially since the ban on "earmarks". There was a good segment on NPR yesterday about the random stuff that rode through on the bill, and a good interview with a house member from Oklahoma about the bill and upcoming "cliffs".

At some point they may go after these little tax breaks and make some permanent and others eliminated, but until then this is how government works.

[Ksandra]

yes I know, that was my point. like all the chain shit after the shooting etc, just sharing something that's going around that I found humorous because people are getting worked up over it.

ya but qbert it's not legit.

Spoiler: show

<3

[Tyche]

There was an article on deadspin, yesterday I think, that discussed some of the riders. One being something like 70million for NASCAR race tracks lol. Deadspin has had some oddly intriguing political articles this cycle.

[archibaldcrane]

Also, Boehner was just re-elected as House speaker, despite allowing a vote on the fiscal cliff that didn't have a majority of republican votes.

[archibaldcrane]

Here's the breakdown for capital gains tax increases:

THE COMING TAX INCREASES - A COMPARISON

Current January 2013
Conventional Short-Term 35.0% 43.4%
Conventional Long-Term 15.0% 23.8%
AMT Short-Term 28.0% 31.8%
AMT Long-Term 15.0% 23.8%

So for your Mitt Romney types, who achieve a ton of their income from long term capital gains/carried interest, they're looking at major increases - 15% to 23.8% means over a 50% increase in their tax bills.

Which is pretty cool.

[Bregor]

Here's the breakdown for capital gains tax increases:

So for your Mitt Romney types, who achieve a ton of their income from long term capital gains/carried interest, they're looking at major increases - 15% to 23.8% means over a 50% increase in their tax bills.

Which is pretty cool.

I have to have cable news on at work, and I overheard someone saying, "Now the top 1% of the country will be paying about 40% of our taxes. This is unsustainable." Uh... why is it unsustainable, exactly? If he means that the super-rich can't keep consolidating wealth, then I'm all for it. But I think he means taxing the richest people will hurt the overall economy, which has absolutely no evidence to back it up.

[chazzyphizzle]

because job creators

[shaggnix]

doesn't the top 1% hold ..... more than 40% of the wealth?

[Bregor]

doesn't the top 1% hold ..... more than 40% of the wealth?

Yes, although it's income tax and not wealth tax. Just thought the quote was suspect. And the "job creators" schtick should be dead since that was Romney's calling card and he got beat pretty badly.

[archibaldcrane]

I have to have cable news on at work, and I overheard someone saying, "Now the top 1% of the country will be paying about 40% of our taxes. This is unsustainable." Uh... why is it unsustainable, exactly? If he means that the super-rich can't keep consolidating wealth, then I'm all for it. But I think he means taxing the richest people will hurt the overall economy, which has absolutely no evidence to back it up.

There is something to be said for more people being "stakeholders" - being affected by fiscal policy because they too are paying taxes (the bottom 50% or whatever not paying any federal income tax argument). However, the way to make that happen is to stop having CEOs and corporate raiders destroying companies for profit, slashing wages and benefits so they can buy another yacht, systematically destroying unions that provide for a strong middle class, etc.

I'm all for listening to "the rich are bearing too large a burden of the tax bill" arguments if their solution is to implement policies to raise the median income of the "bottom 98%" or especially the "bottom 50%" so more of those people actually earn income in ranges so that it's taxable.

Otherwise it's just more rich complaining.