Who foots the "grand deal (no capitalization on purpose)" costs.
Who foots the “grand deal (no capitalization on purpose)” costs.
Everything You Need to Know about the Fiscal Cliff Deal “Wonkblog” Zachary Goldfarb
This was the model to describe what would happen if the Grand Deal increase in taxes fell upon those Household Taxpayers making greater than $200,000 (individual) and $250,000 (family) (Tax Policy Center) . Slight error in the chart also, the 20-60% should be 20-40% of Household Taxpayers. The impact should be similar.
The Bill Itself: ‘‘American Taxpayer Relief Act of 2012’’ I have not had time to go through this bill with a fine tooth comb yet. Amazing how they can write 157 pages of strike this and insert this in a matter of days. While it does not look that alarming, Obama has again displayed his feet are made of sand which wash away with the tides of adversity. An abbreviated cheat sheet can be found here: “Your fiscal cliff deal cheat sheet” Wonkblog Suzy Khimm
The big winner of the day? Milk subsidies will continue.
I didn’t read any reference to “carried interest” in either summary referenced in run’s post. Anyone know if that gaping loop hole has been addressed?
nothing on carried interest in any of the dozen or so summaries ive seen, Jack…
& nothing about renewing the Mortgage Forgiveness Debt Relief Act, either…
that means mortgage debt forgiven in short sales will be treated as income and be taxable in 2013…
If you read section 202 of HR8, I believe you will find it has been extended 1 more year. It took me a while to find it in the attached bill I included above.
Page 25 “SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS. http://www.scribd.com/doc/118551686/Mat-12564
thanks bill. earlier in the year there were some conservative noises against bailing out underwater homeowners, so that’s one i was watching…
i see on the cheat sheet that the package of special interest business tax breaks survived too, wouldnt want to have NASCAR tracks or puerto rican rum producers try to survive without their subsidies…
It is an ok plan Barack maneuvered for us and not the most he could have achieved such as “breaking the backs of Boehner, the Repubs, and the Teabaggers if and when we did go off the fiscal staircase riser. Such drama and I was certainly nervous.
Pray tell, what Repub or Teabagger desirous of being in office would have voted “no” to tax cuts for the 47 percenters or the other 50% of Household taxpayer? Barack had them in the corner and could have toyed with them punishing them for the last 4 years of Norquist no-votes. I am nervous he will again offer up SS, Medicare, Medicaid, and SCHPS cuts. Part of the cuts was $7 billion in aid to establish state insurance brokerages.