and pull us all down with it
Buddy can you spare a dime?
which means the following Bush tax cuts will expire:
* Payroll tax cut expires = On average, families with incomes of about $50,000 would lose about $1,000 (£619) per year as a result of the change.
* Long-term unemployment benefits expire = About 2 million people would be cut off from benefits immediately if the scheme is not renewed, and a further 1 million people could see their benefits dry up by April.
* The price of milk could double = This could drive milk prices up to $6-$8 per gallon, from a current price of about $3.65.
* Cutting federal compensation for doctors = the amount of compensation doctors get from the government for treating patients on government programmes could drop by 27%.
* Widening the inheritance tax net = Current rules state that inheritance below $5m per deceased benefactor is exempt from taxation, and the top rate is 35%. But rates could go up to as much as 60% as the taxable threshold drops to $1m.
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Although to be fair there would be nothing to prevent them from rescinding laws after the first if they reached agreement then.
Well, it looks like there is one Democrat who still knows how to negotiate and compromise and its not Obama. Thanks Joe.
There's something wrong when the biggest threat to America's fiscal future is American politicians.
Well by golly they averted the fiscal cliff. Now do you want to know what they are going to do with all the money they take in from those taxpayers
making over $450,000.00? Are they going to use it to benefit the poor? How about health care? Assistance for the elderly? Reduce the deficit?
Well if you picked any of the above or anything else that might make sense guess again. Obama got his money and he is spending it in any way he sees fit.
Fiscal cliff bill
Some of the pork
Full bill if you want
America hasn't been solvent for a long, long time. Being the World's Policeman is expensive.