Fiscal Cliff

[antbanks81]

SMH....I'm done voting. I understand the sacrifices that were made, but it is no longer necessary for me to spend my time voting for ego maniacs that care only for their own bank accounts. It seems as though even if you vote for the lesser evil, that one still screws you.

I can't believe Obama chose to give raises out in light of what's going on. That is straight foolishness!

 

[girlslovewaffles]

If you can summarize this scenario in one sentence, what would it be?

 

[al audi]

If you can summarize this scenario in one sentence, what would it be?

The economy will be getting worse, not better.

 

[justforsneaks]

Happy New Year, I guess

 

[al audi]

Happy New Year, I guess

damn

 

[wawawowee]

A deal was never in the works.

This will have minimal impact (as in it won't make things much worse on its own) because everybody who mattered surmised that no deal would be reached.

Sorting the budget deficit out is a long and painful process and neither party wants to be knows as the party which started it.

A lot of Americans are either in denial or ignorant about the country's finances. They don't realize the amount of pain that needs to be absorbed by everyone (not just the wealthy) in order to rectify the situation.

 

[bawsesauce]

THERE IS NO FISCAL CLIFF... ITS ALL AN ILLUSION.... POLITICAL SATIRE TO KEEP THE PUBLIC TALKING ABOUT SOMETHING... THE INEVITABLE COLLAPSE OF THE STOCK MARKET IS COMING SOON....

please explain your "projection".. what makes you think they will allow a "collapse", everything that is going on right now is to stabilize the markets, im really curious to hear your reasoning,  

 

[rko2004]

I can't believe Obama chose to give raises out in light of what's going on. That is straight foolishness!

In my opinion. Making that much money. A better thing to do would have been to take pay decreases. That's what I'd do at least. 100K territory would be too easy for me an family to live on. These guys are getting double that

I was worried about this cliff some time back but now I just don't care. I wish everyone the best but these dudes are playing games and have been.

 

[weekz]

This is a made up crisis. Yes, would go up. But those being "hurt" the most are in the top brackets and it's not like their standard of living will decrease anyway. It's only a crisis to the conservatives who bow and scrape to their rich benefactors.

 

[al audi]

were good.

carry on

 

[TYE_The Time Traveler]

Thankfully the bit of money that was gonna be taken extra from my paycheck is still gonna be there, thankfull that i have a job although it is paycheck to paycheck its getting me by and that bit of money will go a long way.

 

[ooiron manoo]

THERE IS NO FISCAL CLIFF... ITS ALL AN ILLUSION.... POLITICAL SATIRE TO KEEP THE PUBLIC TALKING ABOUT SOMETHING... THE INEVITABLE COLLAPSE OF THE STOCK MARKET IS COMING SOON....

The source of Capitalism's ills, the cancer has spread... we'll see what happens.

 

[ricky409]

i see this as a come up for people just getting into the financial game...

interest rates are so low, and if you're qualified, you can get some great things at a great price....

qualified people for homes, real estate, and loans can get things at a damn near floor rate and watch it grow over the next few years...

cop some bonds at a stupid low rate and wait for them things to grow....

 

[nazdrowie]

i swear they pull this theatrical type bull **** on purpose. they are all full of ****. 

 

[ninjahood]

gotta pay our bill eventually b.

 

[6 Rings G.O.A.T.]

Patiently waiting to see what happens..

 

[stringer bell 32]

simple, once america goes over the cliff

you just down look down.

something the coyote never could learn

 

[jjs07]

From CNN's twitter feed:

House approves bill averting fiscal cliff.

 

[franklucas]

gotta pay our bill eventually b.

or pass it off to future generations

 

[al audi]

^yep

 

[nazdrowie]

how long you think it takes before the 600 billi in revenue is offset by new spending initiatives?

id give it 4 years. 

 

[dajoka004]

Added $3.9T to the deficit over 10 years. Good job Washington.

 

[itshlittt]

great news to start the year

 

[sundoobie]

FYI

Tax changes included in Congress’ fiscal cliff legislation (01-01-2013)

Here is a summary of the provisions included in the bill, which the President is expected to sign.

Tax rates beginning January 1, 2013
A top rate of 39.6% (up from 35%) will be imposed on individuals making more than $400,000 a year, $425,000 for head of household, and $450,000 for married filing joint.

2% Social Security reduction gone


^ @ Obama agreeing to this!!!!!!!!!

View media item 196678
AMT permanently patched
A permanent AMT patch, adjusted for inflation, will be made retroactive to 2012.

Dividends and capital gains
The maximum capital gains tax will rise from 15% to 20% for individuals taxed at the 39.6% rates (those making $400,000, $425,000, or $450,000 depending on filing status, as noted above).

Itemized deduction and personal exemption phase-outs
The Pease itemized deduction phase-out is reinstated, and personal exemption phase-out will be reinstated, but with different AGI starting thresholds (adjusted for inflation): $300,000 for married filing joint, $275,000 for head of household, and $250,000 for single.

Estate tax
The estate tax regime will continue to provide an inflation-adjusted $5 million exemption (effectively $10 million for married couples) but will be applied at a higher 40% rate (up from 35% in 2012).

Personal tax credits
The $1,000 Child Tax Credit, the enhanced Earned Income Tax Credit, and the enhanced American Opportunity Tax Credit will all be extended through 2017.

Other personal deductions and exclusions

The following deductions and exclusions are extended through 2013:
• Discharge of qualified principal residence exclusion;
• $250 above-the-line teacher deduction;
• Mortgage insurance premiums treated as residence interest;
• Deduction for state and local taxes;
• Above-the-line deduction for tuition; and
• IRA-to-charity exclusion (plus special provisions allowing transfers made in January 2013 to be treated as made in 2012).

Business provisions
• The Research Credit and the production tax credits, among others, will be extended through 2013;
• 15-year depreciation and §179 expensing allowed on qualified real property through 2013;
• Work Opportunity Credit extended through 2013;
• Bonus depreciation extended through 2013; and
• The §179 deduction limitation is $500,000 for 2012 and 2013

 

[liltank0206]

i dont know what any of this means anyone care to enlighten me......