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View Diary: Deal-haters, here's what I don't understand (UPDATED x3) (392 comments)

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  •  Well, I could be wrong too (0+ / 0-)

    but I was under the impression this had a yet another "kick the can" component and we get to do it all again in another couple of months.

    "Every now & then your brain gifts you with the thought, 'oh, that's right, I don't actually give a **** about this.' Treasure it" -- jbou

    by kenlac on Tue Jan 01, 2013 at 04:31:03 PM PST

    [ Parent ]

    •  Sequestration cuts (1+ / 0-)
      Recommended by:

      are pushed off for 60 days. The debt ceiling negotiations hit around the same time. We've already hit it on 12/31 but Geithner said he can fiddle with things to buy another two months.  

      The rest of the deal makes almost all of the Bush tax cuts permanent.

      "Justice is a commodity"

      by joanneleon on Tue Jan 01, 2013 at 05:01:02 PM PST

      [ Parent ]

    •  It depends on the provision (0+ / 0-)

      Some of the tax provisions in HR 8 are "permanent" in that they do not automatically sunset the way the Bush tax cuts did.  They will continue indefinately until affirmatively amended by Congress.  These are primarily the rate changes.

      Some of the tax provisions do have sunsets, however - there are a number of extenders in there that will go away, mostly by 2014.  These include some short term stimulus provisions that came in in 2010, including bonus depreciation and 179 expensing (I can explain those if anyone cares)

      There is a third set, primarily the EITC Credit and some other credits, that have a 5 year extension.

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