President Barack Obama pauses while he speaks to reporters after meeting with congressional leaders regarding the automatic spending cuts at the White House in Washington, Friday, March 1, 2013. (AP Photo/Charles Dharapak)
Assessing the economic and political damage from the tax and spending impasse: The price to be paid and who pays it.
Source: thedianerehmshow.org
The Daily Show with Jon Stewart
Crafty Republican negotiating tactics force President Obama to move from his initial Fiscal Cliff offer to the exact same thing.
Because Congress waited until January 1, 2013 to sign the bill, they technically voted for a tax cut (no coincidence) – as the Bush era tax cuts had expired earlier that day.
For individuals earning less than $400,000 and married filing jointly less than $450,000, your marginal tax rates will stay the same as they have been over the last few years (Bush-level).
For individuals earning more than $400,000 and married filing jointly more than $450,000, your marginal tax rates will return to Clinton-era rates. That is, they will increase from 35% to 39.6% on income above those levels. The income threshold for that level in the Clinton-era was $250,000.
These new tax rates will not need to be extended. They are the new level – until voted otherwise.
Ending a climactic fiscal showdown in the final hours of the 112th Congress, the House late Tuesday passed and sent to President Obama legislation to avert tax increases on most Americans and prevent large cuts in spending for the Pentagon and other government programs.The measure, brought to the House floor less than 24 hours after its passage in the Senate, passed 257 to 167, with 85 Republicans joining 172 Democrats in voting to allow incomes taxes to rise for the first time in two decades. The bill is expected to be signed quickly by Mr. Obama.
http://www.nytimes.com/2013/01/02/us/politics/house-takes-on-fiscal-cliff.html?hp&emc=na
Source: The New York Times
The Senate easily passed the measure, which also put off cuts in spending, early on Tuesday after the deadline on the so-called fiscal cliff had passed. Republican House aides said a vote Tuesday was possible.
Source: The New York Times
The carbon tax is a market-based approach to account for the external/social costs of carbon pollution. Though it has ‘tax’ in its name, it’s actually supported and even championed by a number of Republicans as well as Democrats. (Look at that—a policy solution with bipartisan support!) And it could make a big dent in the budget deficit.
As political leaders engage in negotiations to avoid the so-called “fiscal cliff,” we need them to preserve programs that reduce poverty and keep our families healthy. Unfortunately, House Speaker John Boehner and others in Congress are pushing to cut programs for the poor and vulnerable, while protecting tax breaks for the wealthiest Americans.
So go out and buy a Santa snow globe if you like, but tell our leaders that Christmas is not a time to put partisan bickering before the needs of our neighbors. We have apetition telling Speaker Boehner and Congress to find common ground to address our economic challenges, while making sure that their decisions this Christmas season reflect our true values.
Take action here to share your support!
Janelle Tupper is Campaigns Assistant for Sojourners.
