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Monday, December 31, 2012

AP: Congress Won't Meet Midnight "Fiscal Cliff" Deadline

Posted by on Mon, Dec 31, 2012 at 1:50 PM

Or so says the AP news alert.

Not surprising, really. If they vote before the Bush-era tax cuts expire at midnight, then Republicans would be voting to raise taxes on two percent of Americans. If they vote after the Bush-era tax cuts expire, they'd be voting to cut taxes on 98 percent Americans.

FYI, markets closed strongly up today, so the people with money appear confident of something.

 

Comments (18) RSS

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Will in Seattle 1
Technically, these are just automatic expirations of unfunded, unwise, and un-American tax preferences for Rich People and the Corporations that love them.

So, if you didn't plan for that, I've got an unfunded deep bore tunnel to sell you.
Posted by Will in Seattle http://www.facebook.com/WillSeattle on December 31, 2012 at 1:56 PM · Report this
2
The markets closed up because their was an announcement that a deal was eminent. The truth emerged only after the market closed for the day. Smart money quietly took profits today and are waiting for a bloodbath on Wed. The next round of debt ceiling talks will cripple any growth we have seen and will be the next blow. Get ready to buy come wed and Thursday. That's supposing you have a brain in your head and didn't believe Obama today and got out today.
Posted by Goldy = the only Jew who doesn't know how to make money on December 31, 2012 at 2:19 PM · Report this
Max Solomon 3
the preference of the "sane" part of the GOP to let the Bust Tax Cuts finally expire has been in the news for several months. all this Fiscal Cliff argy-bargy is a lot about naught.
Posted by Max Solomon on December 31, 2012 at 2:22 PM · Report this
Sargon Bighorn 4
"Argy-bargy"? That sounds so sexually dirty filthy perverted I can hardly contain my disgust.
Posted by Sargon Bighorn on December 31, 2012 at 2:29 PM · Report this
Matt from Denver 5
If we don't take the markets seriously when right wing pundits point to them as evidence of bad Democratic policies or good Republican ones, I don't think we should take them seriously now.
Posted by Matt from Denver on December 31, 2012 at 2:43 PM · Report this
Will in Seattle 6
I like to take the markets out for drinks. Champagne for everyone!
Posted by Will in Seattle http://www.facebook.com/WillSeattle on December 31, 2012 at 2:46 PM · Report this
Westlake, son! 7
> FYI, markets closed strongly up today, so the people with money appear confident of something.

AAPL up 4.43% today, Goldy.
Posted by Westlake, son! on December 31, 2012 at 3:04 PM · Report this
fletc3her 8
The deadline to pass legislation through normal channels was a week ago. Anything that happens now will be an agreement to pass legislation real soon now. Hopefully, they won't just set up another deadline for them to miss, but they will.
Posted by fletc3her on December 31, 2012 at 3:23 PM · Report this
Will in Seattle 9
Watch for last minute additions to continue the unpaid for mercenary contingents ... oh, sorry, Military Contracting ... beyond budget.

Which, since it is the largest CONTROLLABLE expense, means any deal without massive cuts in that is in no way Fiscal Prudence.

Time to start paying the piper, and put China on notice we're not going to protect their overseas businesses or shipping lanes with US naval, air, or land forces like we do today.

Cause it ain't free.
Posted by Will in Seattle http://www.facebook.com/WillSeattle on December 31, 2012 at 3:35 PM · Report this
Supreme Ruler Of The Universe 10

Let’s Give Up on the Constitution

AS the nation teeters at the edge of fiscal chaos, observers are reaching the conclusion that the American system of government is broken. But almost no one blames the culprit: our insistence on obedience to the Constitution, with all its archaic, idiosyncratic and downright evil provisions.


http://www.nytimes.com/2012/12/31/opinio…
Posted by Supreme Ruler Of The Universe http://www.you-read-it-here-first.com on December 31, 2012 at 4:17 PM · Report this
seandr 11
Don't you people get it?? Our economy is about to run off a cliff! This is a catastrophe of Y2K proportions!!
Posted by seandr on December 31, 2012 at 4:17 PM · Report this
Will in Seattle 12
Actually, there was a lot of real work recoding for Y2K. That it mostly didn't happen is because the work was done.

The fiscal cliff, however, is more like panic over snow. Sure, it could be bad and everyone could freeze to death, but most likely, a few kids will use cardboard boxes to slide around on, some snow men will be made, and we'll all have fun.
Posted by Will in Seattle http://www.facebook.com/WillSeattle on December 31, 2012 at 4:42 PM · Report this
OOF POOF 13
Too late. Damn democrats.
Posted by OOF POOF on December 31, 2012 at 6:01 PM · Report this
lauramae 14
They all suck. A pox upon them.
Posted by lauramae on December 31, 2012 at 6:14 PM · Report this
Free Lunch 15
I love that Grover Norquist's pledge is what caused taxes to go up.
Posted by Free Lunch on December 31, 2012 at 6:46 PM · Report this
Banna 16
If they vote today, they've raised taxes. If they vote tomorrow after the tax cuts have expired, they can say the voted for tax cuts for 99% of Americans. It's all semantics.
Posted by Banna http://www.ucp.org on December 31, 2012 at 7:37 PM · Report this
In2ishn 17
@11 FTW
Posted by In2ishn on December 31, 2012 at 8:41 PM · Report this
yucca flower 18
They made a deal early new years day.

http://www.cbsnews.com/8301-250_162-5756…

* Tax rates: Current tax rates will be extended for all wage earners making below $400,000 and couples making below $450,000.

* This was a key concession for both Republicans and Democrats. Democrats wanted the threshold for tax increases to rest at $250,000 and Republicans didn't want marginal tax rates to increase for anyone.

* The estate tax: It was set to increase from rom 35 percent to 55 percent in 2013. Instead, the compromise sets the new rate at 40 percent with the first $5 million worth of property exempt from being taxed.

* Capital gains tax: Capital gains and dividend tax rates will increase from 15 to 20 percent.

* Alternative Minimum Tax: A permanent fix to the tax that would hit middle class families

* "Doc Fix": Doctors will be shielded from a massive reimbursement gap for treating Medicare patients.

* Unemployment benefits: Unemployed workers will receive their benefits which expired over the weekend.

* Renewable energy tax credit: The tax credit for renewable energy companies will be extended for another year.
Posted by yucca flower on December 31, 2012 at 11:38 PM · Report this

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