Dreaded and feared Fiscal cliff avoided?

Not doing too much blogging today, I am exhausted, but, I did see this at The Other McCain, where Stacy notes Obama and his fans are happy about higher taxes on the evil rich

Ace has examined the reported terms of the deal, which would raise taxes on those earning more than $400,000, if indeed it is a deal, but deal or no deal, President Obama refused to be distracted from his most important second-term priority, scapegoating Republicans:

Barack Obama held a last-minute press conference today to bash Republicans and gloat about his election victory. At one point in his speech he bragged about how he’s going to be able to raise taxes on wealthy Americans.
His supporters cheered — as if they earned it.

Of course those tax hikes will do nothing at all to address the deficit, but, Democrats love to play that class warfare game so there you are. The Democratic leadership gets to tell the suckers ah, Democratic base that they are making those rich bastards pay their “fair share” and the sheep, ah Democratic base love to see the rich punished. Amazingly the walking brain donors, ah Democratic base are convinced that other people making less money benefits them somehow. 

Here are more details on the proposed deal

Under the proposed accord being hammered out by Biden and McConnell, households earning less than $450,000 would largely escape higher income tax bills, though couples earning more than $300,000 a year and individuals earning more than $250,000 would lose part of the value of their exemptions and itemized deductions, under the terms of the emerging agreement.

Low-income households would also benefit from a five-year extension of credits for college tuition and the working poor first enacted as part of Obama’s stimulus package in 2009. And businesses would see a variety of popular tax breaks extended, including a credit for research and development.

The tax on inherited estates would rise from 35 percent to 40 percent, though Democrats agreed to keep in place the current exemption for estates worth up to $5 million. And nearly 30 million households would be protected from paying the costly alternative minimum tax for the first time — either on their 2012 tax returns or at any time in the future. The developing agreement calls for a permanent fix.

The two sides also appeared to have reached consensus on unemployment benefits, with Republicans acceding to Democratic demands to keep benefits flowing to the long-term unemployed for another year. Medicare payments would not be cut for doctors next year, and the cost of preserving those programs would not be offset with other spending cuts.

Especially galling to me is the Death Tax, or tax on inherited estates. Why should an heir pay 40% of property ALREADY taxed? This is yet another reason we need ONE, as in JUST one tax rate, for ALL income, period!

 

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