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Bill to avert fiscal cliff heads to House

Senate passes measure after 2 a.m.

January 1, 2013

WASHINGTON (AP) — Legislation to negate a fiscal cliff of across-the-board tax increases and sweeping spending cuts to the Pentagon and other government agencies is headed to the GOP-dominated House......

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(23)

boxerboy

Jan-01-13 10:43 AM

Now what we need to do is work to throw Tim Huelskamp and the rest of the Tea Party slimeballs out in the cold.

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TrollSlayer

Jan-01-13 11:32 AM

He's putting a damper on your liberal tax-and-spend style, eh boxer? Huelskamp for President in 2016! LOL

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EllisWyatt

Jan-01-13 12:06 PM

Why do liberals and RINOs always believe that higher tax rates will result in guaranteed tax revenue levels?

According to our "leaders", $1 trillion in income, taxed at 20%, brings in $200 billion in revenue. Then, if we just raise that rate to 40%, tax receipts should automatically double to $400 billion.

What they fail to account for is the human factor. If $400,000 in income raises my overall tax burden to 25%, and $399,999 keeps me at 22%, guess what? I will earn just enough to stay at 22% OR I will just stop working altogether.

Money will flow overseas and beyond the reach of the tax man and foreign capital will dry up, causing another recession.

Why did the JFK, Reagan and George W. Bush RATE cuts bring in MORE revenue? Shouldn't a lower RATE mean less MONEY?

If I have to explain that to you, you truly are a clueless liberal/RINO.

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justmytake

Jan-01-13 12:50 PM

WOW, we went off the cliff. The sun still came up this morning and the earth is still spinning. Maybe it was all a good thing? If it is a good thing congress will surely "fix" it.

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daWraith

Jan-01-13 2:06 PM

So the Dems RENEWED the EVIL BUSH TAX CUTS for a SECOND TIME while complaining they were the whole cause of the recession.

And now they are getting $60 Billion in New Tax Revenue.

uuuuuuh But they are BORROWING $6 BILLION a DAY!!!! So by Jan 10 the MONEY they raised is already spent!!!!

DUH!

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Thebudman

Jan-01-13 2:18 PM

by Matthew Boyle 31 Dec 2012 807post a comment "According to the Congressional Budget Office, the last-minute fiscal cliff deal reached by congressional leaders and President Barack Obama cuts only $15 billion in spending while increasing tax revenues by $620 billion—a 41:1 ratio of tax increases to spending cuts."

All this drama, for what!!

Congress should be a new reality show. Come on after Duck Dynasty, you will find Uncle Si makes more sense than the elected officials!

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Thebudman

Jan-01-13 2:23 PM

“In 1982, President Reagan was promised $3 in spending cuts for every $1 in tax hikes,” Americans for Tax Reform says of those two incidents. “The tax hikes went through, but the spending cuts did not materialize. President Reagan later said that signing onto this deal was the biggest mistake of his presidency.

"In 1990, President George H.W. Bush agreed to $2 in spending cuts for every $1 in tax hikes. The tax hikes went through, and we are still paying them today. Not a single penny of the promised spending cuts actually happened.”

History repeating itself, again....

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WVEXPAT

Jan-01-13 3:31 PM

41:1!! I guess that's the "balanced" approach Obama was talking about during his campaign!!

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dyingov

Jan-01-13 4:22 PM

620 billion tax increase over a 10 year period! 2013 budget 3,700 billion! So with no budget spending increase (fYI 2017 4,500 billion projected). Just using 2013 numbers for 10 years that is 37,000 billion in spending. 620 billion in tax increases does not even pay half of the deficit for 2013! SHEEPLE!!

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ShempH

Jan-01-13 5:00 PM

No spending cuts, no deal. The President was correct, people do want higher taxes on the rich. Also, the people want the deficit reduced.

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boxerboy

Jan-01-13 5:55 PM

It appears Eric Cantor and Jeff Flake intend to continue the pattern of obstructionism that has characterized this House.

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daWraith

Jan-01-13 6:43 PM

MASSIVE SPENDING CUTS are the ONLY PATH to fixing the mess.

Without an agreement on that, who CARES about the fiscal cliff.

The US ECONOMY is already OVER the cliff in wreckage. Obama and the Dems wants to throw more GASOLINE on the fire and see how high it burns.

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daWraith

Jan-01-13 6:48 PM

The Senate passed legislation meant to end the "fiscal cliff" crisis in the wee hours of the morning. And it seems Hollywood's rigorous backing of President Barack Obama and his Democrat peers in the waning months of 2012 paid off.

Section 317 of the freshly approved legislation includes an extension for "special expensing rules for certain film and television productions." Congress first enacted production tax incentives favorable to the domestic entertainment industry in 2004, and extended them in 2008, but the deal was meant to expire in 2011. The fiscal cliff deal extends the tax incentives through 2013--even as payroll taxes rise on ordinary Americans. The original tax incentive applied to productions costing less than $15 million to make ($20 million in low-income areas). The 2008 extension applies to all films, up to a deduction of $15 million (or $20 million in low-income areas). The incentive is especially generous to television series; it applies to ea

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daWraith

Jan-01-13 6:49 PM

Of course, "Hollywood players routinely beg the government to raise their taxes so they can pay their "fair share."

Just like the lying hypocrite liberals HERE!!! EVERYONE ELSE should pay, the elite get a pass.

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florida

Jan-01-13 8:00 PM

We are all missing the big picture here. The end game is to cut entitlements as a Custer's Last Stand measure to "save" America. It's coming. Get ready.

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EllisWyatt

Jan-01-13 8:33 PM

FACT

In 1986, the top 1% of taxpayers earned 11% of total income and paid 26% of total income taxes.

In 2011, the top 1% of taxpayers earned 19% of total income and paid 37% of total taxes.

From 1986-2011, the top 1% share of total income increased 8% while their share of total income taxes increased 11%.

For 2009, those with an AGI over $343,937 (the top 1%) had total AGI of $1.325 trillion and paid $318 billion in income taxes.

Raising their taxes to 100% would generate an additional $1 trillion per year-assuming they continued to work and invest as before.

Of course, this would not even cover the annual budget deficit!

Barry Hussein Soetero Kool-Aid drinkers don't know or want to know these facts, however!

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walksabout

Jan-02-13 1:37 PM

build a stone wall at the cliff and demand any politician that touches it sign their name and leave a journal describing reason of their visit ant what they accomplished.

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walksabout

Jan-02-13 1:43 PM

FACT

If I am allowed to take unrestricted big game without bothering to get tag or follow regulations I don't mind giving 26% of my harvest to the local charity soup kitchen.Taking 100% of my harvest would feed more people and might encourage me to follow the same rules as the rest of the hunters.

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walksabout

Jan-02-13 1:44 PM

especially when thos not allowed to hun are forced to pay the entire cost of my safari.

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walksabout

Jan-02-13 1:45 PM

keys stuck.

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walksabout

Jan-02-13 1:48 PM

In 1982, President Reagan swore amnesty would end the illegal problem. don't look to history for fact check.

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walksabout

Jan-02-13 1:50 PM

MASSIVE SPENDING CUTS are the ONLY PATH to fixing the mess. absolutely.

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walksabout

Jan-02-13 1:51 PM

future spending cuts effective jan 3.

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