There is so much to write about every day; I just can't get around to everything.
I was going to note this some time ago, but I forgot all about it.
Lost in all the talk and hand-wringing about the "fiscal cliff" deal were two huge story lines:
- the deal was done with very little hysteria; it was done within hours of the deadline
- the Bush tax cuts were made permanent for 98% of all Americans
Another look from the LA Times.
But, wow, think about that: President Obama and Senator Harry Reid agreed to make the Bush tax cuts permanent for 98% of Americans. I honestly don't think "we" could have gotten this done so quickly and so smoothly with Mr Romney. Counterintuitive. Very, very interesting. It is a given that had Mr Romney won, Congress would have waited to solve the "fiscal cliff" until after President Romney was sworn in. Can you imagine a month of CNBC "fiscal cliff" hysteria?
But the Bush tax cuts permanent; at best I had expected simply an extension. Even the wind energy tax credit was given just a one-year extension.
Permanent is a oxymoorn when it come to taxes and the Federal goverment.. Kinda Like Senate Intelligence..
ReplyDeleteYes, I agree. But the tea leaves:
Deletea) a liberal president who would be expected to raise taxes, wins in a landslide for a second term, and doesn't just "extend" Bush tax cuts, makes them permanent;
b) several stories earlier this week of states looking to cut business taxes, suggesting that states, if not the federal government, are starting to see that increased taxes are not the answer;
c) whether or not these tax cuts are permanent, the issue will be taken off the table for quite some time.
My hunch is that I won't see any "rational" Congressman/woman introduce a bill to raise income taxes on folks earning less than $500,000 in my lifetime. (Of course, fees, health care "taxes," regulatory "taxes," etc. will continue to go up, but income taxes on folks earning less than $500,000 won't go up in my lifetime. That seems absolutely impossible but the tea leaves certainly suggest it.
A Congressional move to "renege" on these "permanent" tax breaks won't occur in this administration, and I assume the next president will not be any more liberal than President Obama.
you're missing the important stuff, American Samoa, and Walt Disney. Two worthy causes if I ever saw one.
ReplyDeleteI don't get the "point," so either you are posting on the wrong blog, or I'm a bit more confused than usual. And only because it is so quiet today, am I taking the time to post the comment.
DeleteBecause I can say it again: President Obama and Senator Harry Reid extended the BUSH TAX CUTS PERMANENTLY, except for the top 2%. I doubt Romney could have gotten such a good deal in a Democrat-controlled Senate.
I do agree with Don, above, when he says (above) that "permanent" is an oxymoron in Washington. But having said that, anyone who does not see how huge this was -- making the BUSH TAX CUTS PERMANENT for 98% of all Americans -- is missing a huge, huge story. Unless you are in that unlucky 2%, you can now plan how to invest this year, next year, and the year following, now that you know the BUSH TAX CUTS ARE PERMANENT for all, except the top 2% of earners. And even they are probably not complaining: fast action by President Obama and Senator Harry Reid prevented the market from imploding, a stock market where the top 2% are probably heavily invested.
I assume you missed the pieces of pork tucked in the "deal".
ReplyDeleteFiscal Cliff Bill Loaded With Pork
Hollywood, rum, and racetracks all got big breaks in the New Year's Day bill
http://www.usnews.com/news/articles/2013/01/02/fiscal-cliff-pork-asparagus-nascar-rum
No, in fact I posted those pieces of pork. And that's exactly what I meant about the two huge story lines that were lost in all the "noise."
DeleteAdd up the pork: probably adds up to a day's waste in Medicare.
Add up the pork: probably adds up to a day's waste in Afghanistan. We can't get out of that country fast enough.
Again: President Obama and Senator Harry Reid agreed to make the Bush tax cuts "permanent" for 98% of Americans.