Boehner's "Plan B" fails

[BroncoInferno]

Another embarrassment for the House Speaker. He thought he could take away some of Obama's leverage on the tax issue by forcing Senate Democrats to shelve legislation that would make permanent the Bush tax cuts on all making under $1 million, but it blew up in his face. I almost feel sorry for the guy. The lunatics in his party are willing to fall on their swords for millionaires (and Grover Norquist).

http://money.msn.com/business-news/article.aspx?feed=OBR&date=20121221&id=15777069

[peacepipe]

Eric Cantor threw him under the bus on that one. Cantor & Boehner spent the day saying they had the votes. Boehners' days as leader of house are numbered.

[Rohirrim]

Meanwhile, the incomes of the rich just went up a few more notches, a few more billions got added to offshore accounts, and the fury of the American people continues to build.

Washington is so out of touch, it would be comical if the results weren't so horrible.

[Requiem]

Pullin' a boner, eh Boehner?

[Traveler]

I still can't get get my head around the logic of those who vote for republican ideals knowingly or unknowingly, and not understand they voting against own interests.

It's like they don't understand they are fighting the battle for and are the firewall between the top 1-2% and everyone else.

They are fighting for principals and priorities many of them will never get to benefit from.


As for the Boehner "fiscal cliff" fiasco, looks like he'll have to sway even further to the left in these negotiations since he'll now need the Democrats help to get something passed.

As they take the country over this cliff, does it really matter to Republicans they can now say they aren't negotiating a "tax reduction" since the rates will return the Clinton level if no deal reached before the new year.

Whatever happened to serving the will of the people? Elections have consequences and they are still looking out for only their self preservation.

Republicans are dooming themselves to becoming a minority party for the foreseeable future if they don't somehow shake loose from this fantasy world in which they currently preside.

[Pony Boy]

If you are going to raise taxes on millionaires and billionaires then do it but if you are going to tax 250K and over, then don't call it a tax on the rich. I think most of us would be ok with a compromise around 500K but either way shiat or get off the pot we are sitting and waiting to see what bullet we need to dodge next.......

[BroncoInferno]

If you are going to raise taxes on millionaires and billionaires then do it but if you are going to tax 250K and over, then don't call it a tax on the rich. I think most of us would be ok with a compromise around 500K but either way shiat or get off the pot we are sitting and waiting to see what bullet we need to dodge next.......

Tell that to Congressional Republicans, who won't even compromise on raising taxes for those making $1 million or more. Before Boehner made his "Plan B" threat, Obama had already agreed to raise the ceiling from $250,000 to $400,000:

The White House has moved off of its initial and second revenue demands of $1.6 trillion and $1.4 trillion respectively. As of now, the president would be fine raising $1.2 trillion in revenue. He also is no longer insisting that taxes increase on families with income above $250,000. Instead, he is calling for a permanent extension of the Bush tax cuts for incomes of less than $400,000.

http://www.huffingtonpost.com/2012/12/17/obama-fiscal-cliff-offer_n_2319075.html

[elsid13]

This is not that hard and Congress did it themselves. Increase tax rates all incomes over $500K or so, gradually reinstate the payroll taxes back to their previous levels, close out tax loopholes (mortgage onsecond homes, off shoring of jobs), increase fees on companies using federal lands, step increase age limits on SS and Medicare over the next ten years ,reduce funding by 1% on non-defense spending over the 5 years and reduce defense spending by 3% annually for the next 5 years (or baseline it on 2010 numbers).

[peacepipe]

This is not that hard and Congress did it themselves. Increase tax rates all incomes over $500K or so, gradually reinstate the payroll taxes back to their previous levels, close out tax loopholes (mortgage onsecond homes, off shoring of jobs), increase fees on companies using federal lands, step increase age limits on SS and Medicare over the next ten years ,reduce funding by 1% on non-defense spending over the 5 years and reduce defense spending by 3% annually for the next 5 years (or baseline it on 2010 numbers).

SS has no need to be in the conversation,if they were to save any money in SS,the money goes into the SS trust fund not into the deficit. Changing SS does nothing with regards to the deficit.

[Rohirrim]

This is not that hard and Congress did it themselves. Increase tax rates all incomes over $500K or so, gradually reinstate the payroll taxes back to their previous levels, close out tax loopholes (mortgage onsecond homes, off shoring of jobs), increase fees on companies using federal lands, step increase age limits on SS and Medicare over the next ten years ,reduce funding by 1% on non-defense spending over the 5 years and reduce defense spending by 3% annually for the next 5 years (or baseline it on 2010 numbers).

Now, Boehner says "God only knows" how a deal will get done. I guess he wants somebody else to blame it on. ;D

BTW, anybody making over $500K a year is probably only getting income from capital gains, so unless you raise the capital gains rate, it doesn't mean a thing.

[DenverBrit]

Now, Boehner says "God only knows" how a deal will get done. I guess he wants somebody else to blame it on. ;D

BTW, anybody making over $500K a year is probably only getting income from capital gains, so unless you raise the capital gains rate, it doesn't mean a thing.

Unless cap gains applies for these investors too. Or is the tax increase being proposed only for ordinary income?

And why not, if they are making $500k from investments, then they have at least $10-$12 million invested and will be fine.

[cutthemdown]

Because investments sometimes go bad Capital gains should be less tax then income tax % wise. People realize an investment can go south and the person loses money right?

[Rohirrim]

Did you know that nearly 4,000 years ago, Hammurabi, the king of Babylon, put a progressive tax in his famous Code? At the dawn of civilization, they had better sense than we do. At least some of us.

[DenverBrit]

Because investments sometimes go bad Capital gains should be less tax then income tax % wise. People realize an investment can go south and the person loses money right?

Everything has risk and if one doesn't know what they are doing, they should find safer havens for money. But 'high net worth' investors typically have managed portfolios that ride out the downside, even the recent crash didn't harm that group of investors.

It was the 'small' investors that panicked and sold and suffered the most losses. Hiking cap gains won't deter the high net worth group, they got a huge windfall when Bush lowered their cap gains rates. Then of course took us to war at the same time creating the mess we have now.

We are still digging out of that stupidity, the Repubs are fighting tooth and nail to keep us there.

But I agree, cap gains should be at a lower rate than income taxes, and they are, even with a hike in the rate.

[Requiem]

^ Homerun, Brit.