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View Diary: The Madmen Win Again? (257 comments)

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  •  Politico stirring it up as usual (2+ / 0-)
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    mrkvica, blueoasis
    The emerging fiscal cliff deal is enough to leave Republicans with a major New Year’s hangover.

    The package being negotiated by Senate Republican Leader Mitch McConnell and Vice President Joe Biden amounts to a defeat for the GOP on multiple fronts.

    It not only raises tax rates, but also extends stimulus-era tax policy, prolongs emergency unemployment benefits, maintains targeted tax breaks derided by the party as corporate handouts and revives limits on deductions for the wealthy that have been dormant for almost a decade — all policies that the GOP has fought. It’s expected to raise $600 billion over 10 years.

    Democrats are making concessions of their own, especially on the threshold at which tax rate hikes should kick in. After a campaign that centered on raising taxes for those making more than $250,000, the deal would instead raise the bar to $400,000 for individuals and $450,000 for married couples. Democrats also failed in their bid to subject more inheritances to a steeper estate tax and increase the debt ceiling as part of a fiscal cliff package.

    Move Single Payer Forward? Join 18,000 Doctors of PNHP and 185,000 member National Nurses United

    by divineorder on Mon Dec 31, 2012 at 01:35:02 PM PST

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