Tax Deal Finalized

Discussion in 'Economics' started by Mercor, Dec 31, 2012.

  1. Tax Deal Finalized

    December 31, 2012 2:13 P.M.

    Senior Senate Republican aides tell NRO that the tax side of the fiscal-cliff deal has been finalized. Here’s a sketch of the framework:

    — Current tax rates would be permanently extended for singles making $400,000 or below, and permanently extended for couples making $450,000 or below

    — For singles, capital gains and dividends of $400,000 or below would be permanently taxed at 15 percent; capital gains and dividends above $400,000 would be permanently taxed at 20 percent

    — For couples, capital gains and dividends of $450,000 or below would be permanently taxed at 15 percent; capital gains and dividends above $450,000 would be taxed at 20 percent

    — The Alternative Minimum Tax would be permanently patched

    — Estates over $5 million would be taxed at 40 percent, and that tax rate would be permanently extended

    Not to bad for traders
  2. the whole estate tax thing boggles my mind. I wonder if there has ever been a study to show if the estate tax was say only 10 or 15% would that deter people from setting up trusts to avoid the tax because it would then not be worth the hassle and expense to set up the trust? But anything over 20% seems so harsh I think I would have a stroke if I had to pay that.

    That amount collected doesn't seem like it justifies the damage done to families. I can see if it were only a tax on liquid assets but the whole estate is just insanity.
  3. I hear ya, half of my family started out there in Iowa with nothing more than a 120 acre homestead (thanks to the United States Federal Government.)

    They have paid taxes on that land, how they ever survivied I will never know. All I ever heard during the "Depression" was "There is no way we can hang on to this farm"

    Thank G-d for WWII. They got an allowance for fuel when it was rationed to everyone else

    And never got drafted because they needed them to work the fields
  4. Humpy


    I really don't see what you guys are griping about. UK taxes are about double those above !! But then the PM will insist on the UK being more generous than any other country in hand-outs for the 3rd world !! Why the sob doesn't go and live there I don't know !
  5. Humpy


    The pundits say the agreement is no more than a fudge and no use to the USA or anyone else.

    Toughen up you wimps and bite the bullet, cos it won't go-away !!

    They should have taken their medicine. Sooner started sooner over.
  6. because Humpy, you have no idea what it is to be an American. We like our guns, we like our freedom. When we get weak, we look to England. No matter how bad it gets over here, we never want to end up like England.

    We beat you in 1776

    and again in 1812

    and will do it again if you ever give us one ounce of shit

    all of this could have been your's if you didn't make such bad decisions
  7. BSAM


    Estate tax, my ass.
    Nobody works and builds wealth wanting it to go to the D.C. whores.
    The money should go where you want it to go; like maybe your children.
  8. BSAM


  9. CET


    An agreement has been reached in the Senate. It will be interesting to see what happens in the House. This PR stunt just buys a little time. There is no way the middle class gets spared in the long run, buy it could be several years before the real pain comes.
  10. Humpy


    Never was any good at paying taxes I suppose.
    I think we can call the 1812 war a draw. You may not know it but the USA declared the war and invaded Canada. Britain sent over a fleet which burnt only the public buildings in Washington not civilian ones. and sailed away again.
    I was amused to see that if the US is serious about defending Taiwan against China it would have to borrow another mountain of money. And yes you may have guessed from who ?
    So don't forget who your new paymasters are. Your politicians blew it. From number 1 to a begging bowl. Hopeless really.
    #10     Jan 1, 2013