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Forum Post: 1st Tax Increases on the 1% in 20 years! NOT ENOUGH

Posted 1 year ago on Jan. 2, 2013, 9:27 a.m. EST by VQkag2 (16478)
This content is user submitted and not an official statement

We can be happy that the 99% finally defeated the protectors of the 1% corp oligarchs (Norquist & republicans).

  • Cap gains/dividends increased to 20% (from 15%) Laughable but slow symbolic progress. Should be as high as earned income tax rates.

  • Top taxrate raised to 39.6% NOT ENOUGH! Should implement a top tax rate of 90% on income greater than $1Million.

  • Made permanent the Auto Min Tax and connected it to inflation to avoid hurting the 99%. Should be raised to get more taxes from the top 1%.

  • Estate tax raised to 40% for 5Mill estates. NOT ENOUGH!!! 90% for any estate over $100 Million.

But this is the slow progress that would not have happened without OWS.

We must not accept this as enough. We must build on this. We must take this small improvement as evidence that the protectors of the 1%, (Norquist, republicans, austerity right wing tea party) CAN be beaten.

Pressure all pols for economic equity through a corrected tax system that rewards work, and not passive income (cap gains, div).

We must correct the obscene destructive concentration of wealth that has held down, and squeezed the 99%.

Agitate for real tax increases on the wealthy. And tax cuts for the 99%.

More numbers.

Here’s some numbers to know about the deal (officially called the American Taxpayer Relief Act of 2012):

– 2: The number of decades since there has been a major tax increase on the wealthy.

– 39.6: The rate those earning more than $400,000 ($450,000 for a couple) will pay, the same as under President Clinton.

– 99 percent: The percentage of taxpayers who will keep Bush-era income tax rates.

– $73,633: The additional taxes to be paid by the average member of the top 1 percent.

– 77 percent: The percentage of household who will see a tax increase thanks to the expiration of the payroll tax holiday in place over the past two years. The expiration of the payroll tax cut and failure to replace it with something similar will deal a significant blow to the economy.

– $600 BILLION: The amount of new revenue raised by the deal after accounting for money saved by decreased borrowing costs. An additional approximately $130 BILLION is saved through decreased interest on the debt.

– $1.8 TRILLION: The amount of spending cuts put in place by President Obama so far, resulting in a roughly 2.5:1 ratio of programmatic spending cuts to revenue.

– 2 MILLION: The number of unemployed Americans whose extended unemployment benefits will continue.

– 20+ MILLION: The number of people who benefit from vital tax credits for students and both poor and middle class families that were extended for five years.

– 37,000: The number of jobs saved by the extension of wind energy tax credits.

– 3,730: The number of households that will be subject to the estate tax, the rate of which was increased slightly to 40 percent with a $5 million exemption. Without a deal, the rate would’ve reverted to 55 percent with a $1 million exemption. As the Atlantic’s Matt O’Brien noted, “Only 3,730 households will pay the estate tax next year if the exemption is set at $5 million, versus 47,170 if it’s set at $1 million.”

The deal also many other provisions, including help for underwater homeowners. Another element of the deal prevented a huge spike in the price of milk that would’ve occurred because House Republicans refused to pass a Farm Bill. Numerous special interest tax provisions, including for NASCAR and rum, also made it into the final package.

The deal also puts off automatic spending cuts known as a sequester for an additional two months. The president and Congress must now identify hundreds of billions of dollars in additional savings and revenues in order to cancel the remainder of these across-the-board spending cuts. While Republicans are once again likely to demand massive cuts to programs like Medicare and Social Security, the president reiterated that the next phase of deficit reduction must also be balanced.

Separately, we officially reached the nation’s borrowing limit on December 31 and extraordinary measures will only prevent the nation from defaulting on its obligations for approximately two months. Congress must do its job and raise the debt ceiling in order to make good on the cost of tax cuts, wars, and other spending Congress has already authorized. As the president noted last night, raising the debt ceiling is not up for debate and we will not repeat the debacle Republicans caused in 2011 when they nearly forced the nation into a default that would’ve triggered a global economic calamity

87 Comments

87 Comments


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[-] 1 points by bensdad (8977) 1 year ago

I like the Wall At transaction tax of 1/2%
and something like the Buffet rule:
AMT - NO DEDUCTIONS
30% on income over 1,000,000
40% on income over 10,000,000

[-] 1 points by VQkag2 (16478) 1 year ago

I can support that formula.

[-] 0 points by VQkag2 (16478) 1 year ago
[-] 1 points by bensdad (8977) 1 year ago

WOW - great resource!
most of my letters have been to senators & congressmen I have got a small number of replies - including a handwritten t hank you fro a top AFLCIO exec!

[-] 0 points by VQkag2 (16478) 1 year ago

And this is Union requested TO newspapers. I don't usually see that.

[-] 1 points by SparkyJP (1646) from Westminster, MD 1 year ago

We can agitate all we want - It's obvious which way the wind blows. They have tax-cut (and borrowed for war) us right into the poor farm. Obama has been hinting for a while now, that he intends to CUT corporate taxes. Watch that to be the next move and before long, the country won't have enough revenue to operate on. We are for true, being robbed.

http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=9429

http://www.thenation.com/blog/165635/were-not-broke-movement-helped-spark-occupy-wall-street#

[-] 1 points by VQkag2 (16478) 1 year ago

Pres Obama gave away too much, but we can't roll over. This small crack in the 1% protectors (repubs) must be built on. exploited, We must make sure All pols know this is a pittance and the country needs more if we are to correct the destructive obscene concentration of wealth.

Protests, and pressure. It's up to the people.

[-] 0 points by SparkyJP (1646) from Westminster, MD 1 year ago

In this deal, the Dems look like the protectors of the 1%. Huge permanent cuts for Wall St and the wealthy. Not only that, they played their only hand. When the debt ceiling comes up in a few months, the Rethugs hold all of the cards. The only thing the D's can bargain with is SS & medicare. Check out this progressives' thoughts on the deal:

http://current.com/shows/the-young-turks/videos/rep-pete-defazio-biden-is-out-of-touch-on-debt-deal-and-tea-party-dominance

[-] 0 points by VQkag2 (16478) 1 year ago

I saw him on young turks. I don't disagree with the notion that Pres Obama gave away too much.

Obama ain't a progressive, but my point is that repubs have finally been beaten (after 20 years) in their effort to protect the 1% taxes.

That is slow progress.

Ifthe people don't rise up to agitate for continued tax increases on the wealthy and protection of our earned benefits (SS Medicare) they WILL be cut.

So if there are no protests we should indeed expect those (SS Medicare) cuts.

It's up to the people

[-] -1 points by beautifulworld (20437) 1 year ago

The powers that be want wages low. It creates debtors on whom they make a boat load of money. Half of all Americans earn less than $26,000 per year. No wonder there is so much credit card and student loan debt. But, the .01% want it this way. This is what ensures their wealth. Exploitation to the maximum. And, no amount of increasing their taxes will make any real difference if wages are not increased. All that increasing taxes does is make it appear that "their" money is being "given" to the less fortunate. What we need are increased wages for all people. This would make "entitlement" programs far less necessary.

[Deleted]

[-] 1 points by VQkag2 (16478) 1 year ago

Write a letter for progressive change?

http://act.aflcio.org/c/18/letter/?letter_KEY=195

[-] -2 points by beautifulworld (20437) 1 year ago

There are different ways to increase wages. Increasing wages can be a direct hit on profit, which is how I would like it to be. Less profits to the owners, the capitalists, because they are paying more in labor costs. So, in the end, it is the same thing. Employers could be required to set aside x amount of profit to wages. Increasing wages would be a boon to the economy as the workers, the masses, would now have more disposable income with which to purchase goods and services.

Take Apple for example. Apple pays it's average employee $26,000 per year while earning $400,000 per year in profit per employee.

http://www.businessinsider.com/apple-profit-2012-1

It should, but won't, so should be forced by law by a government more concerned with the well being of human beings than the profits of corporations, to pay, say $46,000 per year per employee and suffer with a profit of, say, $380,000. This is not unreasonable.

See, the problem with unregulated capitalism is that greed rules the day in the name of profits. Employees on their own are powerless in the face of a wealthy corporation. So, it is the government's job, as stated in the General Welfare clause, to look after the people. This would be one way to do that.

[Deleted]

[-] -1 points by beautifulworld (20437) 1 year ago

In my scenario the market is not "free." It is regulated. Wages are a larger percent of profit than ever before. If prices go up they are increasing profit so wages go up too. The line has to be drawn somewhere and the government has to do it for the benefit and general welfare of the people.

[Deleted]

[-] -2 points by beautifulworld (20437) 1 year ago

I disagree. We do not need to cap profit or control how wealthy anyone becomes. What we can and most definitely should do is make damn sure every American has enough to live a decent life.

[Deleted]

[-] -2 points by beautifulworld (20437) 1 year ago

My idea of a regulated market is one in which the market works within an economic system that exists for the benefit of all people. Said economic system is run by a moral and just government that seeks to ensure the general welfare of all citizens, every single one of them, not just mere profits for the wealthy and corporations.

[-] 1 points by Ache4Change (3280) 1 year ago

Real Democracy is the answer and cure and precisely what 'Problem' is this 'PS' trying to be a 'Solver' of? You occupy reason - PS seeks problems! It doesn't seem bona fide to me, are you sure you're not dealing with a corporate troll? Never Give Up! Occupy The Issues! People should really reflect on all of your comments on this thread. Solidarity.

[-] 1 points by VQkag2 (16478) 1 year ago

Would you agitate your local paper w/ a letter?

http://act.aflcio.org/c/18/letter/?letter_KEY=195

[-] -3 points by beautifulworld (20437) 1 year ago

I do believe I know who he is, lol. He has had several monikers over the past year. He sought me out and sometimes these discussions allow the laying down of important points and information, and I am always willing to defend my position.

Thanks for all you do here A4C. The forum is really benefiting from your participation.

[-] 1 points by Ache4Change (3280) 1 year ago

Is he one of your group of dedicated stinklers? In any case, you know what you are doing here better than most so...Never Give Up Occupying! Thank you for your kind words and good work. Solidarity!

[-] 1 points by VQkag2 (16478) 1 year ago

Time to Stop Paying Co's to Ship Jobs Overseas

The presidential election served as a useful opportunity to educate the American people about some of the worst elements of our tax code. Mitt Romney personally demonstrated how the tax code is rigged in favor of the wealthy and his career at Bain Capital demonstrated how corporations can reap massive financial rewards, even if it means leaving closed factories and devastated communities in their wake.

As we look for ways to raise more revenue to further reduce the deficit, protect vital programs like Medicare and Social Security, and make investments in the middle class, one obvious place to start is cracking down on the tax loopholes and giveaways that incentivize companies to ship jobs overseas and subsidize investing abroad instead of here at home.

Ending these perverse incentives would bring in at least $168 BILLION over the next ten years. Just to put that into perspective, it’s about as much as you’d save by reducing future Social Security benefits ($175 BILLION) and far more savings than is achieved from the GOP’s pet proposal: raising the Medicare retirement age (which saves the government $125 BILLION, but costs the rest of us twice as much).

(For a very detailed explanation of these and other giveaways in the tax code, check out this paper from our colleagues at the Center for American Progress.)

Closing these tax loopholes will also help make sure that corporations aren’t gaming the system in order to avoid paying their fair share in taxes. It will also encourage companies to invest and create jobs here at home, rather than stashing money abroad.

BOTTOM LINE: Instead of cutting vital programs, it’s time to stop corporations rewarding corporations for shipping jobs overseas and gaming the system in order to avoid taxes.

[-] -3 points by beautifulworld (20437) 1 year ago

LOL. Actually, I don't think so, I think my group of dedicated stinklers are people who are too chicken shit to post here. I think there are a number of people who log on only to vote. I think they work for organizations that have a lot to lose from Occupy's message. There have been times that I have watched myself and others go from being up several points to down in a matter of seconds and the only people on recent comments at that moment were good friendly occupiers.

I will never give up. They will never keep me quiet, or you, or any of our dedicated comrades. What do we say and demand that is so insane anyway? Economic fairness for all, just wages, workers' rights, peace on earth, environmental conservation? Gee, really way out there! LOLOL!

[-] 1 points by Ache4Change (3280) 1 year ago

It is funny and sad but kudos to you because obviously you are clearly doing something right if such simple truths are so threatening. It speaks volumes that the things you advocate are so threatening to the Corporate Banker Interests who own and run our country. I think it was George Orwell who said - 'In times of deceit, speaking the truth is a revolutionary act'! Never Give Up! Keep Occupying The Issues! - http://www.nationofchange.org/cut-corporate-welfare-not-safety-net-1357655126 - Solidarity.

[-] 1 points by VQkag2 (16478) 1 year ago

[Removed]

[-] 1 points by VQkag2 (16478) 1 year ago

OWS forced NYS to create millionaires tax!

We can do it on the national level. We MUST do it on a national level in an effort to correct the obscene destructive concentration of wealth amongst the 1%.

"Despite the fact that New York Governor Andrew Cuomo campaigned on the promise that he would not enact a “millionaire’s tax,” protesters hounded him at every single stop in NYC, and set up an encampment across from the capitol in Albany. New York State now has a millionaire’s tax. You’re welcome" Occupy Wall Street website..

[-] 1 points by VQkag2 (16478) 1 year ago

1% corp puppets CAN be beaten.!

The small success last night of increasing the taxes on the 1% is only a crack in the armor. We must agitate all pols for real tax increases on the wealthy.

[-] 0 points by Shayneh (-482) 1 year ago

From what I understand the additional tax will only run the government for around 6 or 7 days. Wow - that really is going to help the debt isn't it.

So, what do we do about the other 16 3 trillion?

[-] 1 points by VQkag2 (16478) 1 year ago

Who cares about the debt? Only right wing wackos who ran it up to then try to cut pgms for the poor & middleclass.

I just want the wealthy to pay their fair share this brings in $60B a year.

so we need to increase their rates to about 57% which will come to $300B per year.

That'll do it.

[-] 0 points by Shayneh (-482) 1 year ago

Well if you are not concerned about debt then why be concerned about wanting 300 Billion a year from the wealthy?

Hell, if that's the case, the government doesn't need to be concerned about how much is owed and can give everyone a free handout.

So it shouldn't be an issue as to how much the wealthy make should it based on your perspective.

[-] 1 points by VQkag2 (16478) 1 year ago

My concern is for the 99%.

Are you confused about where you have landed? You advocate for the 1% because they got you brainwashed like an ignorant little child.

LOL

How can you advocate against you own class? You know the wealthy have armies of accountants, lobbyists, and lawyers working for them, even still they gotta convince half of the 99% to vote against their own interests in order to keep the con going.

You and the rest of republican voters are the morons who advocate against your own families.

You have no honor!

[-] 0 points by Shayneh (-482) 1 year ago

No, I am not confused about where I have landed and my feet are planted firmly on the ground.

Why is it so hard for a person or anyone for that matter to figure out how to become wealthy? Are you saying that 99% of the people in this country are morons because they don't have what the wealthy have or don't know how to acheive success?

You must be because by your claim - 1% are wealthy and the rest of society 99% are in need because they are not wealthy.

You analogy couldn't be further from the truth. You need to change the way you define the 99%ers because 20% of that group are wealthy.

Maybe that's the reason Occupy never really got more then 45% to agree with them. I guess those are the ones who are receiving benefits from the government. What about the rest?

[-] 1 points by VQkag2 (16478) 1 year ago

More tax incr. on the wealthy we must fight for

We succeeded in raising tax rates on the wealthy in the most recent stage of deficit reduction, which was a very significant step in the right direction. But we still need more revenue in order to make the total deficit reduction package more balanced so we reduce the deficit, protect vital programs, and still leave room for important investments. Here’s where we can find that needed revenue — $1 TRILLION worth:

  • $523 BILLION: Limit extra deductions enjoyed by top-bracket taxpayers
  • $168 BILLION: Close international tax loopholes and incentives to move jobs overseas
  • $140 BILLION: Eliminate write-offs for corporate meals and entertainment
  • $70 BILLION: End special tax breaks for inventory
  • $25 BILLION: End special oil, coal, and gas tax breaks
  • $21 BILLION: Close the “carried interest” loophole for hedge fund and private equity managers
  • $11 BILLION: Eliminate the John Edwards-Newt Gingrich “S Corporation” loophole
  • $10 BILLION: Deny mortgage deduction for vacation homes and yachts
  • $3 BILLION: Eliminate corporate jet loophole
  • $3 BILLION: Close tax loophole for derivatives traders
  • $126 MILLION: Eliminate special write-offs for horse breeders (the Bluegrass Boondoggle)

TOTAL: $1 TRILLION over ten years

[-] 0 points by Shayneh (-482) 1 year ago

Isn't this what Romney was talking about? Oh by the way have you noticed your paycheck last week had a little less money in it?

Taxes did go up on the middle class didn't - Obama lied again.

[-] 1 points by VQkag2 (16478) 1 year ago

No Romney wasn't talking about taxing the wealthy. but that don't matter cause we beat his sorry 1%, vulture capitalist, ass.

[-] 1 points by Shayneh (-482) 1 year ago

Yah, and look whats going on now - same ol, same ol - grid lock just like the past 4 years.

Don't expect unemployment to come down during the Obimination term. He doesn't think this country has a spending problem and he states he solved it with his Obamacare program.

What a moron.

[Deleted]

[-] -2 points by Shayneh (-482) 1 year ago

According to Obama we only have 2 million people on unemployment. So if that's the case then the rate should be around 2% according to him.

[Deleted]

[-] 1 points by Shayneh (-482) 1 year ago

Well then tell me what it correlates to? Enlighten me.

[-] -2 points by aville (-678) 1 year ago

every time stinky opens his mouth and speaks, he's lying.

[-] -1 points by Shayneh (-482) 1 year ago

Hey, I'm catching up to you on popularity posts - you are at -231 and I'm at -138. Won't be long though - I guess we are popular but in a different sense.

[-] -2 points by aville (-678) 1 year ago

when you dont agree with the ows far left wing point of view, you are not tolerated,............no loss,....... their jr high stinkel/twinkle shows their mentality. left wingers want to tell you what you can and cant do,and what to think. . they intend to run/ruin your life.

[-] 0 points by VQkag2 (16478) 1 year ago

Stop whining you spoiled little brat. Can't take a little debate?. Can't handle a challenge to your ignorant one sided, greedy selfish ideology.?

Then stay off the fuckin forum. Stay in your room and under your bed.

[-] 2 points by Builder (4202) 1 year ago

VQkag got busted using several aliases to boost his ego score on this board.

Hit "like" if you think this is funny.

[-] 0 points by VQkag2 (16478) 1 year ago

You gotta resort to childish lies cause you can't engage me on the issues in a fair honest debate.

You are weak, and immature. And as such you lose.

LOSER!!!

[-] 1 points by Builder (4202) 1 year ago

You got your arse handed to you on a plate.

Where is you denial, loser?

[-] 1 points by Builder (4202) 1 year ago

You consider creating accounts to vote for yourself to be mature, kag?

[-] 1 points by Builder (4202) 1 year ago

As an aside, you lost in our last debate, kag.

[-] 0 points by Builder (4202) 1 year ago

VQkag got busted using several aliases to boost his ego score on this board.

Hit "like" if you think this is funny.

[-] 0 points by aville (-678) 1 year ago

wut waz dat you say , boy?

[Deleted]

[Removed]

[-] -1 points by Shayneh (-482) 1 year ago

Hey I thought they were supposed to be about "equality for everyone". i guess it only applies only when you are in agreement with them otherwise you won't get "equality".

.

[+] -4 points by aville (-678) 1 year ago

they dont want equality, they require group think. herd mentality.

[-] 2 points by VQkag2 (16478) 1 year ago

Who are you talkin about.? I welcome different opinions.

Bring it on wingnut!

[-] -1 points by aville (-678) 1 year ago

what you talkin 'bout, boy?

[-] -2 points by aville (-678) 1 year ago

go back to your playpen

[-] 1 points by VQkag2 (16478) 1 year ago

What no racist slurs?

[-] 1 points by VQkag2 (16478) 1 year ago

What ARE you babbling about. 1%, 99%, Are slogans you ignorant right wing class traitor!

There are many wealthy who support OWS. Total support for Occupy is unknown to me, certainly it is not related to the false right wing talking point of 45% receiving govt benefits.

Most govt benefits of course go to corp welfare, is that who you are referring to with your 45% stat

[-] 0 points by Zophim99 (12) 1 year ago

I'm sure you must have seen this ("Americans earning $30,000 a year will take home $50 less per month. Those earning $113,700 will lose $189.50 a month.") but "forgot" to include it your post.

[-] -1 points by VQkag2 (16478) 1 year ago

Minor problems.

Would've been better if we allowed cap gains/div tax rate to go to 39.6 (not 20%)

And estate should've been allowed to go back to 55% not 40%.

But Pres Obama gave away too much to the repub protectors ofthe 1% corp oligarchs.

[-] -1 points by beautifulworld (20437) 1 year ago

I think what would be more effective then tax increases would be to value labor in a more humane way. If we took the labor theory of value and put a human face to it, and considered that, okay, the labor piece is a person and this person needs to be able to provide for himself/herself and his/her family, we would raise wages. Overall, raising wages would be a more effective way to redistribute wealth because it would put the money in the hands of the people from the get go. They would not have to wait for the mercy of the wealthy or the government. It would be rightfully theirs.

[-] 4 points by VQkag2 (16478) 1 year ago

I support large wage increases! I support making it illegal for execs to make 400x the average workers salary. So transferring that money to average workers would be good for redistribution.

I also support valuing labor by cutting earned incometax and increasing the passive taxes on cap gains/div, royalties, rents.

So I think you have great ideas.

Thx

[-] -1 points by beautifulworld (20437) 1 year ago

This is very important because by increasing wages we would eliminate the hubris of the .01% who claim they are funding the poor. That is utter b.s. The poor are funding the wealthy. It is the workers who create the wealth even more so in a service economy where capital is at a minimum.

Pay workers a living wage and the entitlement programs would fall away. There is nothing difficult to understand here, just out and out greed that keeps the masses down in order to buoy the few.

[-] 2 points by Ache4Change (3280) 1 year ago

Whilst not paying workers a living wage, here's how the out of control corporations continue to behave - http://www.nationofchange.org/tax-avoidance-rise-it-s-twice-amount-social-security-and-medicare-1357569601 ! Yes, it is the poor and workers who are funding the wealthy and the sooner americans wake up to the truth of that, the better. Never Give Up Exposing The Greed & Hypocrisy! Occupy The Real Issues!

[-] -1 points by beautifulworld (20437) 1 year ago

Who are the entitled ones? The wealthy and corporations.

Who supports who? The poor and workers support the wealthy and corporations.

Great post A4C. Never give up! Occupy Wall Street!

[-] 2 points by Ache4Change (3280) 1 year ago

We need to connect the dots and think more holistically - http://www.nationofchange.org/new-year-s-revolution-connecting-dots-coming-together-and-fighting-hell-1356706171 . The workers who actually create the wealth and support society's services need a fairer share and economic and environmental justice requires that we reject 'The 1%'s Greed and Be Attentive To The 99%'s Need'! That way, ALL of us in society would be better off! Thanks bw and occupy a twinkle. NGU! OWS!

[-] -1 points by beautifulworld (20437) 1 year ago

Good point you make there. Everyone, every single human, even the .01% greediest would benefit from a society in which everyone has enough and which preserves the natural resources of our good earth. Choose love, not fear, and generosity, not greed!

[-] 2 points by Ache4Change (3280) 1 year ago

'Cut Corporate Welfare, Not The Safety Net' - http://www.nationofchange.org/cut-corporate-welfare-not-safety-net-1357655126 - Come On Citizens - Give Up Fear and Greed! Occupy Love and Generosity!

[-] 1 points by beautifulworld (20437) 1 year ago

Exactly. Common sense!!!

[-] -1 points by Coyote88 (-24) 1 year ago

Why do you pretend that taxing the 1% is going to make any difference to this country?

[-] 1 points by VQkag2 (16478) 1 year ago

If we shouldn't tax the 1% why should we tax anyone.?

Why do you advocate against your own class?

[-] -1 points by VQkag2 (16478) 1 year ago

Here’s some numbers to know about the deal (officially called the American Taxpayer Relief Act of 2012):

– 2: The number of decades since there has been a major tax increase on the wealthy.

– 39.6: The rate those earning more than $400,000 ($450,000 for a couple) will pay, the same as under President Clinton.

– 99 percent: The percentage of taxpayers who will keep Bush-era income tax rates.

– $73,633: The additional taxes to be paid by the average member of the top 1 percent.

– 77 percent: The percentage of household who will see a tax increase thanks to the expiration of the payroll tax holiday in place over the past two years. The expiration of the payroll tax cut and failure to replace it with something similar will deal a significant blow to the economy.

– $600 BILLION: The amount of new revenue raised by the deal after accounting for money saved by decreased borrowing costs. An additional approximately $130 BILLION is saved through decreased interest on the debt.

– $1.8 TRILLION: The amount of spending cuts put in place by President Obama so far, resulting in a roughly 2.5:1 ratio of programmatic spending cuts to revenue.

– 2 MILLION: The number of unemployed Americans whose extended unemployment benefits will continue.

– 20+ MILLION: The number of people who benefit from vital tax credits for students and both poor and middle class families that were extended for five years.

– 37,000: The number of jobs saved by the extension of wind energy tax credits.

– 3,730: The number of households that will be subject to the estate tax, the rate of which was increased slightly to 40 percent with a $5 million exemption. Without a deal, the rate would’ve reverted to 55 percent with a $1 million exemption. As the Atlantic’s Matt O’Brien noted, “Only 3,730 households will pay the estate tax next year if the exemption is set at $5 million, versus 47,170 if it’s set at $1 million.”

The deal also many other provisions, including help for underwater homeowners. Another element of the deal prevented a huge spike in the price of milk that would’ve occurred because House Republicans refused to pass a Farm Bill. Numerous special interest tax provisions, including for NASCAR and rum, also made it into the final package.

The deal also puts off automatic spending cuts known as a sequester for an additional two months. The president and Congress must now identify hundreds of billions of dollars in additional savings and revenues in order to cancel the remainder of these across-the-board spending cuts. While Republicans are once again likely to demand massive cuts to programs like Medicare and Social Security, the president reiterated that the next phase of deficit reduction must also be balanced.

Separately, we officially reached the nation’s borrowing limit on December 31 and extraordinary measures will only prevent the nation from defaulting on its obligations for approximately two months. Congress must do its job and raise the debt ceiling in order to make good on the cost of tax cuts, wars, and other spending Congress has already authorized. As the president noted last night, raising the debt ceiling is not up for debate and we will not repeat the debacle Republicans caused in 2011 when they nearly forced the nation into a default that would’ve triggered a global economic calamity

[-] -1 points by highlander (-163) 1 year ago

No it is not enough, where are the cuts? I have an idea, for every 1 part of tax expenditure increase, lets see a 3 parts portion of budget cuts

[-] 0 points by highlander (-163) 1 year ago

That fits with the idea of the 1 page tax code. Now, lets see some budget cuts.

[-] -1 points by aville (-678) 1 year ago

the dems under obama have not had a budget in 4yrs. the last one they voted on all the senate dems voted against it.

[-] 0 points by VQkag2 (16478) 1 year ago

Do you hate white democrats as much as you hate non white people racist?

[-] -1 points by aville (-678) 1 year ago

what i dislike about certain people has nothing to with their skin color, its about their ideology.

[-] 0 points by VQkag2 (16478) 1 year ago

Do you hate white democrats as much as you hate non white people, racist?

[-] -2 points by aville (-678) 1 year ago

read this slowly so you can comprehend ( you can look up any words you dont understand). my dislike ( and lack of respect) for people is based on their ideology, NOT their skin color. I like allan west,......because of his ideology, ( if you didnt know, he's black)

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[-] -1 points by aville (-678) 1 year ago

unlike you i understand multi sylabic words. for me ideology trumps everything else.

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[-] 0 points by aville (-678) 1 year ago

go read the latest post sent to you by me. by the way,.....i'm a woman.

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[-] 0 points by aville (-678) 1 year ago

keep your rant going, you're the energizer bunny of feigned outrage.

[-] 0 points by VQkag2 (16478) 1 year ago

Cap gains/dev should've went to 39.6%, & estate should've went to 55%.

Obama gave too much.

Cuts? from defense budget ok. corp welfare yes, any waste/fraud/abuse, but nothing else.

[-] -3 points by proverbs23and7 (-3) 1 year ago

It doesnt matter how much revenue the Gubment receives, it will never be enough. Cut spending. Cut corporate welfare, cut domestic welfare (leaches), and cut all the dumb ass energy subsidization., its all a waste. Cut any and all waste. Problem solved.

Now if you lazy goons on this site will put down your laptop and Iphone and grow some balls and make your own way then maybe you can contribute to our economy.

[-] -1 points by aville (-678) 1 year ago

you're right about what to cut, but the entitlement minded dems will never do it, it would effect their low info voting base and their money laundering machine ( greenenergy co. that go bust after they get taxpayer money).

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