America Jumps Off Fiscal Cliff, Then Rescues Itself Mid-Air
This story will probably be reversed and updated a few more times, but as of this exact moment there IS a fiscal cliff deal. [yawn] I was pretty much hoping we’d take the plunge off the fiscal cliff, then start from scratch with a new tax cut for everyone EXCEPT those earning over $250,000.
But this deal — if it even still exists by the time you read this post — is better than nothing. There’ll be higher taxes on individuals earning more than $400,000 and households earning more than $450,000. And there will be new limits on the exemptions and deductions currently being used by the wealthiest Americans. (The linked article doesn’t give any specifics.)
The estate tax — if you’re a Republican, it’s that there death tax — will go up from 35% to 40% on estates worth over $5 million. Unemployment benefits will be extended for one more year. And doctors who treat Medicare patients will NOT have their payments reduced.
This deal was reached only because moderate House Republicans — I thought they’d all gone the way of running boards and hip flasks — outvoted the teabaggers. Or as Democratic Representative Alcee Hastings put it:
“They’re crazy, but they’re not that batshit crazy.”
Moderate and teatard Republicans were tearing each other apart. As the linked article said:
“In a sign of deep GOP unease over the legislation, Republican leaders Boehner, Cantor, and McCarthy did not speak during the debate. Democratic leaders Nancy Pelosi, Steny Hoyer, and James Clyburn all did.”
Will John Boehner still be Speaker of the House after showing himself to be a weak-kneed RINO? If not, who do you think will take his place?