With hours left in 2012, it's still uncertain whether an agreement will be reached between Republicans and Democrats that would avoid having the country go over the dreaded "fiscal cliff" tax increases for just about everyone.
An impasse between congressional Republicans and the White House centers over just whose taxes will go up — with the president indicating those who make $400,000 or more should see their tax rates go up, while Republicans are pushing for no increases at all, or hikes for just those making more than $1 million. Spending cuts have also remained a sticking point between the two parties.
The hike will come at midnight as tax cuts from the Bush administration set in 2001 and 2003 will expire, increasing everyone's income tax rates. Another $110 billion in automatic cuts to domestic and military spending — the result of the 2011 standoff over raising the federal debt ceiling — will start to kick in, according to a report from CNN.
According to the nonpartisan Tax Policy Center, those in Wisconsin making between $20,000 and $40,000 could pay more than $1,200 in additional taxes if the national falls off the "fiscal cliff." Those making between $40,000 and $65,000 will pay almost $2,000 more. Upper-middle-class workers taking in almost $110,000 will see $3,500 less per year.
Patch's media partners at FOX6 News talked with Mordecai Lee, UW-Milwaukee Professor of Governmental Affairs, who said: “This is the total breakdown of what is the essence of politics. The essence of politics is solving problems — making it from ‘A’ to ‘B’ no matter what the obstacles are."
In addition if a deal is not reached by Tuesday, almost 40,000 unemployed in Wisconsin will see no income, as unemployment benefits will end for those who have received checks for more than 26 weeks.
Just what kind of affect would falling off the "fiscal cliff" have on your pocketbook? To find out, check out this tax calculator from the Tax Policy Center.
http://www.huffingtonpost.com/2012/12/28/obama-pay-raise-congress_n_2377714.html?utm_hp_ref=politics
I wish I could get a raise for two weeks working - one week off, constant bickering with my co-workers and not actually getting anything accomplished. Then leaving for a Christmas Vacation while my "company" is going bankrupt statinig it's someone else's problem when one of the first lines in my job description state it is not John Boehner. Worst. Speaker. Ever.
I understand that wage freezes and increased work loads do little for morale, but the morale of the larger citizenry has to take precedence. For the work Congress has done, they should be turning in their paychecks, not getting a raise.
TheNewDeal @TheNewDeal 2m Republicans Hate Obama More Than They Love America. They Will Screw Us All to Spite Him.... They Just Did. #FiscalCliff #p2
Breaking: The House is not scheduled to vote on any fiscal cliff package on New Year’s Eve.
House won't vote before midnight on 'cliff' deal Dec. 31 4:19 PM EST House won't vote before midnight on 'cliff' deal WASHINGTONCopyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.38.8951-77.0364 WASHINGTON (AP) — The House will miss the midnight Monday deadline lawmakers set for voting to avoid the "fiscal cliff." House Republicans notified lawmakers that the chamber will vote Monday evening on other bills. They say that will be their only votes of the day. President Barack Obama and Senate Republican leader Mitch McConnell said Monday they are near a deal to avoid wide-ranging tax increases and spending cuts — the fiscal cliff — that take effect with the new year..... Both men said they were still bargaining over whether — and how — to avoid $109 billion in cuts to defense and domestic programs that take effect on Wednesday. It remained unclear whether the Senate would vote Monday.
The Raw Story @RawStory 1h News outlets are reporting that a Biden and McConnell agreed to a deal averting the #fiscalcliff: goo.gl/XBAMl
So why does he need more money from those that earn it? Why can he not budget with what he is receiving, or try and generate more with growth?
You voted for it, now pay up
REVOLT! HOUSE GOP BACKLASH AT OBAMA Republicans Furious – At Obama's Words!... 'Sounded Like A Slap In The Face'... CLIFF: No Vote In House Tonight... http://www.huffingtonpost.com/
Read more: http://www.foxnews.com/politics/2012/12/31/lawmakers-struggle-to-produce-fiscal-deal-as-ball-drop-set-to-ring-in-tax-hikes/#ixzz2Gfo9RPsa How exactly is that a Republican thing? Sounds like both sides need to smacked around by the citizens of this country.
If they stop filling Quest Cards and paying unemployment, then we may have the American equivalent of an Arab Spring. Just remember if people start to riot and kill each other- those in Washington DC are responsible, and please don't claim it is Bush's fault.
Food is the most important thing to placate the populace, followed by TV, booze, drugs. That is what the whole food stamp set of programs is about, right? I'd appreciate a heads-up before our government decides to let the cities burn. I'm curious though, does Arab Spring resemble Irish Spring, or does it smell like teen spirit?
According to that, if they pass measures to avoid the fiscal cliff, they block a pay hike for Congress. However, Obama's signed off on them and Crazy Joe and some other low-productivity employees getting the raises anyways. Even if you take the first sentence to be correct in light of what Obama has signed off on, it appears only Congress won't get the raise. I'll wait until something with a little more detail pops up before deciding that all those folks, from the top banana on down, won't take care of their own concerns first and foremost.
But my understanding of the pay raise for Congress was that it was part of a pay raise for all federal employees. Why penalize the grunts while Congress was/is sitting on its collective behind? Should the President have vetoed the pay raise for everyone?