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Campus Question – December 31, 2012

December 31, 2012

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Campus Question – December 31, 2012

Tonight’s question, greetings, and banter here. (More)

As of 3pm ET, the Senate appear to be near a budget deal that includes: permanent 39.6% marginal rates for incomes over $400,000, a permanent fix of the Alternative Minimum Tax, permanent increase of the estate tax, a 5-year extension for tax credits for the working poor, and 1-year extensions of unemployment insurance benefits, wind energy tax credits, and the Medicare doc fix. The deal reportedly does not address the mandatory spending cuts in the August 2011 debt ceiling deal. Is this a good deal for hardworking families?

10 Responses to “Campus Question – December 31, 2012”

  1. NCrissieB Says:

    Today on Campus

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  2. Norbrook Says:

    I think it’s not a bad deal. It definitely doesn’t raise taxes on the middle class and working poor, keeps in place some of the tax deductions that most benefits them, and keeps the unemployment benefits going. I’d like to see the spending cuts addressed, and a number of other things, but given the deadline, it’s probably as good as it’s going to get at the moment. It’s definitely much better than what the Republicans want. :lol:

    • NCrissieB Says:

      Deniac at The People’s View agrees with you, Norbrook. He thinks President Obama played the GOP on this, and I agree … despite the howls from some on the Professional Left.

      My main concern, all along, has been protecting hardworking families and those still struggling to find jobs. This deal – if it passes – will protect those who would have been hurt first … and worst.

  3. NCrissieB Says:

    If this deal passes – and it’s by no means guaranteed yet – it’s a far better agreement than I thought possible. It makes no changes to Social Security, Medicare (except the doc fix), or Medicaid. It makes no cuts to programs that working families and the still unemployed need. It extends wind energy tax credits, which have spurred a huge growth in sustainable energy over the past four years. And those are paid for with tax hikes on those earning over $400,000 ($450,000 family income) and a big increase on inheritance taxes for estates over $5 million.

    Greg Sargent talked to a senior House aide who said the House would vote on the bill once it came from the Senate, though that House vote will not happen tonight. However, if the House passes the bill tomorrow or Wednesday, it won’t matter. Income earned in 2012 is taxed at 2012 rates, even if you get paid for it in January 2013, so no working family should see a difference in their next paycheck. By the paycheck after that, the withholding can be updated for the rates passed in the deal.

    The Washington Post‘s Jonathan Bernstein calls this “A deal liberals can live with – pending part two,” referring to negotiations on the mandatory spending cuts from the August 2011 debt ceiling deal. Those will be worked out in January, with a more progressive Senate and slightly more progressive House.

    All in all – if this deal holds – congratulations are in order for President Obama, Vice President Biden, Senate Majority Leader Reid, Senate Minority Leader McConnell … and most of all, the hardworking families who would have been hurt first and worst by no deal at all.

  4. addisnana Says:

    I think it is a good deal. I really hope it gets passed. I hope it holds. There are still lots of procedural hoops to jump through. I’m not celebrating yet but I’m not holding my breath anymore. :smile:

    • NCrissieB Says:

      You summarized my feelings exactly, addsnana: not celebrating yet, but more hopeful than this morning. :smile:

  5. sjterrid Says:

    I’ll wait to hear from the president, and not pay attention to whatever the pundits have to say. I know that whatever happens most American people know if there’s no deal it’s not the President’s fault, but the Republicans and he’s on the side of 98% of people. I also note, it’s alway the people that don’t have to worry about how they are going to pay their bills that says we should go over the cliff.

    Happy New Year, Crissie, and all the rest of you here on BPI! I wish for you and your families a peaceful and healthy new year. I’m definitely looking forward to 2013. My son graduates RIT in May, and he got engaged to someone he met there. She’s really nice and very smart. We will meet her folks probably the weekend of their graduation. No wedding plans yet, as they will both need to find jobs that aren’t too far apart. My sons major is game design, and his fiancee’s is graphic design.