Show me the money!

So the “fix” includes $620B in “revenue.” The left is braying that they finally put the screws to those who really deserve it for having the temerity to be successful, and the right is crowing that they only sacrificed the few for the good of the many. I haven’t seen a breakdown yet of where that $620B actually comes from. The problem is that everyone who works got a tax increase today. Yes, the payroll tax holiday was an idiotic scheme, but so is having three separate taxes paying into the sam…

  1. KC Mulville
    Aaron Miller

    The King Prawn: …. and the right is crowing that they only sacrificed the few for the good of the many.  ….

    The saddest part is that they make that sacrifice over and over, and talk each time as if it’s thefirsttime.

    That’s a brilliant way to phrase it, Aaron & KP. Nicely done.

  2. The King Prawn
    KC Mulville

    Aaron Miller

    The King Prawn: …. and the right is crowing that they only sacrificed the few for the good of the many.  ….

    The saddest part is that they make that sacrifice over and over, and talk each time as if it’s thefirsttime.

    That’s a brilliant way to phrase it, Aaron & KP. Nicely done. · 2 minutes ago

    It’s the Star Trek mentality again. The only difference is that Spock chose to sacrifice himself (a noble act) vice the majority picking who to throw in the volcano.

  3. Lord Humungus
    The King Prawn

    KC Mulville

    Aaron Miller

    The King Prawn: …. and the right is crowing that they only sacrificed the few for the good of the many.  ….

    The saddest part is that they make that sacrifice over and over, and talk each time as if it’s thefirsttime.

    That’s a brilliant way to phrase it, Aaron & KP. Nicely done. · 2 minutes ago

    It’s the Star Trek mentality again. The only difference is that Spock chose to sacrifice himself (a noble act) vice the majority picking who to throw in the volcano. · 3 minutes ago

    Actually Spock didn’t sacrifice himself, but he did make it look that way.

  4. MLH
    DocJay: I wanna puke. · 7 hours ago

    I’m close. 

    Joseph, Aaron. When are you running for office? 

  5. Lord Humungus

    Let’s look at the positives: 1) Tax rates are now permanent 2) Obama was tested and found weak on the $250K number (he repeatedly stated that he would not budge) 3) Surprisingly, cap gains and dividends rates were held at Bush levels for <$450 and at Clinton levels for >$450. 4) Very surprisingly, Obamacare 3.8% tax on cap gains got moved from >$250 to >$450k. 5) Obama got less in revenue than Boehner had proposed through loopholes (way to go Joe). 6) Vile and pernicious AMT is now pegged to inflation. 7) Uncertainty is mitigated.

    Anybody with money in the stock market will make more today than he will lose in taxes this year, so that’s good. But better still, Obama blinked. GOP must now make him blink again. And again and again. And no, sadly, the debt ceiling showdown is not the place to do it. Sequestration is still out there – use it. GOP controls the House – put a budget with spending cuts out there, let the dems break their teeth on it.

  6. Aaron Miller
    MLH

    Edgar, Aaron. When are you running for office?

    I’ve lived a pathetic life and would be quickly destroyed in a campaign. But I would jump at the chance to be a speechwriter for a truly principled candidate. Joseph could correct all my numeric errors.

    I like the way you’re thinking, though. We need to start conscripting people for office, instead of waiting to see who actually wants the office or who the Beltway insiders select for us.

  7. R. Craigen

    Penalize the successful!

    Reward the unproductive!

    Thought I’d get a headstart in the new American vibe.

  8. kesbar

    when both sides are unhappy with what they got, the system worked.  at least that is what i’ve been told.

    we’re still spending like we’re printing money … overtime shifts at the Mint, you say?

    Seems like your best investment last year was ammo and assault rifles.  That makes even the gun maker a bit queasy.

  9. Joseph Eagar

    The payroll tax cut was a temporary Keynesian stimulus; I’m glad to see it gone.  Right now, Obama is testing his political capital, and so far, it’s working out quite well for him. I still think Boehner’s Plan B would have given us a lot more leverage, but it’s too late for that sort of thing now.

    The key thing to watch is the polls.  If Americans continue to give Obama high approval ratings, he may not feel obliged to make any deals for raising the debt limit by cutting spending.  Regardless, it would be electoral disaster if Republicans fold a second time on taxes, and I don’t think it will happen.  Obama will have to learn to love the tax hike he got today; he’s not getting another one.

  10. DocJay

    I wanna puke.

  11. Aaron Miller
    The King Prawn: …. and the right is crowing that they only sacrificed the few for the good of the many.  ….

    The saddest part is that they make that sacrifice over and over, and talk each time as if it’s the first time.

  12. Joseph Eagar
    Central Scrutinizer: Let’s look at the positives: 1) Tax rates are now permanent 2) Obama was tested and found weak on the $250K number (he repeatedly stated that he would not budge) 3) Surprisingly, cap gains and dividends rates were held at Bush levels for <$450 and at Clinton levels for >$450. <snip>

    Anybody with money in the stock market will make more today than he will lose in taxes this year, so that’s good. But better still, Obama blinked.

    I’m not sure I agree.  Obama ran on hiking taxes on the rich, and while we may have foiled his attempt to catch some of the middle class too, the man still accomplished a huge political victory.  It’s a major loss for us.  The MSM is already spinning this as a sign that our tax philosophy is totally dead, as if Republicans are ever going to raise taxes of their own volition (I’m not sure I count this time as “our own volition”).

    We got almost nothing in return.

  13. Lord Humungus

    Joseph,

    Taxes were up, across the board, as of 2013. As a byproduct of the sunsetting of the “Bush tax cuts” a single man held all the cards – President Obama. So, he got backed off that $250K mark and it cost the good guys nothing. The good guys got income taxes lowered on 99% of taxpayers.

    Let the MSM spin; it’s what they do.

    Now, if GOP has the will, they can cut spending. Sequestration looms and BHO does not want those cuts – including DoD so now GOP holds the cards. GOP was smart to separate the spending cuts issue from the taxpayer hostage situation. But I ask you, what, if anything would the GOP really like to cut? I don’t know the answer and neither do they.

  14. Joseph Eagar
    Central Scrutinizer: Joseph,

    Now, if GOP has the will, they can cut spending. Sequestration looms and BHO does not want those cuts – including DoD so now GOP holds the cards. GOP was smart to separate the spending cuts issue from the taxpayer hostage situation. But I ask you, what, if anything would the GOP really like to cut? I don’t know the answer and neither do they. · 8 minutes ago

    Entitlement reform?  We have to do something.

  15. Lord Humungus
    Joseph Eagar

    Central Scrutinizer: Joseph,

    Now, if GOP has the will, they can cut spending. Sequestration looms and BHO does not want those cuts – including DoD so now GOP holds the cards. GOP was smart to separate the spending cuts issue from the taxpayer hostage situation. But I ask you, what, if anything would the GOP really like to cut? I don’t know the answer and neither do they. · 8 minutes ago

    Entitlement reform?  We have to do something. · 0 minutes ago

    Entitlement reform in the GOP? Show me the money.

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