House approves ‘fiscal cliff’deal
January 1, 2013 at 4:51 pm in Grand Forks Herald
Past its own New Year’s deadline, a weary Congress sent President Barack Obama legislation to avoid a national “fiscal cliff” of middle class tax increases and spending cuts late Tuesday night in the culmination of a struggle that strained America’s divided government to the limit. Continue Reading
Perfect, great job to our leaders! To pass this on to our kids and grand kids I guess is the right thing to do. What a bunch of weak leaders!!
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John “The House Crying Man” Boehner meet the new Speaker of the House Eric Cantor. This even though Speaker Boehner did the right thing.
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Well it looks like my taxes will be going up. To make up for the difference I might cut back on the amount of money we donate to charties that feed people that don’t want to work. The money has to come from somewhere. You can’t rob Peter to pay Paul.
Hot debate. What do you think?
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If you make over $400,000 your taxes will return to a more fair rate. And besides if you do make that much, you will still be able to live a grand lifestyle while donating to more charity. I don’t feel sorry for anyone in this tax bracket. Just how much does the rich need?
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as much as their education and endless hours of working can get them.
Who are you to punish those who work their rear ends off to get where they are?
If you want the big bucks, go do something about it.
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I don’t feel sorry for them either Bob, but who get’s to decide what people earn in this country? If you work hard for it and deserve it, why does someone like the POTUS get to say that if you go over somne abitrary number you’re making too much and you need to give back some of that via higher taxes?
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Fair based on what? They already pay not only a mucher higher amount in taxes but a higher RATE. I am not only talking about the income tax rate, but when all federal taxes are considered including SS tax that is only on the first $110k. CNN had a headline that Obama can now “brag about raising taxes on the rich”. Who would brag about raising taxes? Who would be proud of this? That just shows the twisted and envious mindset that exists in America today.
A true statesman would have said, “I’d like to talk to those who are wealthy in America. I know that you pay the highest rate of taxes and you fund the majority of the government, but we have a problem. We have a large deficit problem and we need your help in solving that problem. I am asking you as Americans to contribute even more to funding our government and that is why I am requesting to raise the tax rates.” A true statesman would also talk about how they would in turn look at cutting government spending.
Instead we get this “fairness” crap that Obama has been peddling for the last 4 years and I personally find it disgusting that so many people buy into that. It makes me truly worried about the future of our country.
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Yep, $4 trillion added to the deficit but deficits don’t matter. The temporary farm bill extension is part of the package but I guess the Herald doesn’t care about farmers. No money for CRP or many other conservation programs and keeps big subsidies for peanut farmers down south. We have the best Congress that money can buy.
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Yes! NO money for Hurricane Sandy! Why should we borrow money to give away to people who should have had insurance on their property! The responsibility is with the homeowners that didn’t pay flood insurance for years! They live by an ocean! What the heck were they thinking! If we are going to do more “government handouts” then let’s trade even up! 60 billion for Sandy and cut the same amount from other programs! Cut milk subsidies and all farm subsidies. Cut out extended unemployment benefits! Cut 60 billion out of all the Socialist Welfare Programs and then give that money in handouts to the so called Sandy victims! Some of you Republican legislators just better get with the TeaPublican program! You can’t talk about bloated budgets and debt and how we must cut spending and be against more government borrowing, and then stand there with the democrats with your hand out when something happens in your own back yard! Hey, maybe if more New Yorkers would have voted Republican they now wouldn’t have the problem of getting money from Republicans! Bahahahahaha! But most of all we TeaPublicans will NEVER forget how that guy Christie praised obama and cost Romney the election! We TeaPublicans are going to make Christie sweat some of those pounds off before he gets the government handouts to rebuild his state! Sweat baby sweat! hahahaha
Hot debate. What do you think?
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1. The Tea Party will be nothing more than an afterthought in upcoming elections. For the most part your 15 min of fame are over. You will never again hold sway like you did in 2010 and 2012. I am not being mean, just bowing to the reality that in order to win the GOP has to become more centrist. As we discussed before: you need 40% of the Hispanic vote to win (Ralph Reed’s number, not mine) and you will not get it on your present course. Above all, the GOP wants to win. They will make the necessary concessions.
2. Being Libertarian I mostly agree with your rant. My problem is you stopped. What about the wasteful defense spending I have mentioned 100 times before? What about the various forms of corporate welfare? What about tax loopholes so large that Romney pays half of what I do (as a percentage of income) in taxes.
You were on the right track, you just stopped short.
Hot debate. What do you think?
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Flyingnurse, your comments regarding Romney are disingenuous and/or intentionally misleading. You use of Romney is intended to imply that “the rich” pay less in taxes as a percentage of income, which is simply false. Romney, Buffett and very few other individuals are unique individuals who derive a majority of their income from capital gains which are taxed at lower rate than income tax. They are not representative of most wealthy individuals. Also, keep in mind that a majority of the tax you pay is Social Security and Medicare, both of which you will receive back in an amount equal to or greater than you paid in. As it stands today, approximately one-half of this country pays no income tax (a fair portion actually receive money from the income tax system) and pay only Social Security and Medicare taxes. That means that one half of this country pays nothing toward every other Federal program including the Defense Department, the Department of Health and Human Services, the Department of Education etc. . . . What you are really asking for is that the people who are paying income tax pay a portion of your Social Security and Medicare in addition to every other part of the Federal Budget. Those who are paying income tax are already paying the lion’s share of Medicare and as of last year they are projected to receive less than they paid into Social Security. The United States has the most progressive income tax system in the world. Taking from others satisfies those who are envious and believe that someone else’s success is wrong. The increase in income tax rates will not have a significant impact on those that are already rich but will instead simply keep those who desire to achieve that goal from ever reaching that goal. Increased income taxes hurt those who want to be rich by preventing them from accumulating assets while it does nothing to those that have already reached that goal.
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“who derive a majority of their income from capital gains which are taxed at lower rate than income tax”.
Taxing capital gains differently than “income” is another reason why this nations tax system is so screwed up. Income is income whether capital gains, payroll, or other transactions where you personally have a “gain” of funds. – tax it the same!
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Flat tax and ZERO exemptions.
If you had income of $1000 or $1 million dollars, everyone should contribute 10% (adjusted as needed)
That alone would fix the tax system.
47% of this nation gets every single dime they contribute to income taxes back at the end of the year and a lot of them actually receive a check for more than they even paid in. (Earned Income Credit)
The tax code should not be a welfare system and it currently is.
All Americans are equal and we all have the same access to the same govt programs. roads etc… why should 47% not contribute to the pot?
Lets fix THAT problem before you start asking more from those who already contribute.
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Capt: Agree 1,000% on the flat tax. Years ago it was some Dems pushing a flat tax ; more recently some Repubs. But guess what Capt?- the flat tax will never happen because the Dem and Repub parties are infested and crippled ($$$$) by special interest groups. You see, one special interest side wants hand outs for all. The other side of the special interest spectrum pushes things like reduced rates on capital gains, loopholes and deductions that even include benefits to off-shore investments that are nothing more than tax-avoidance programs. A 10% flat tax would INCREASE what those highest brackets are paying-that’s why that this issue doesn’t get very far.
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The first flaw is that there is no deduction for the loss of the value of money. If have an investment that earns the average inflation rate for 10 years I don’t have any more “value” or any gains, but I am required to pay “tax” on it. Solve that problem and I’ll consider your single rate for income/gains.
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No more living on the dole- it’s responsibility time, Mike! If you invest somewhere and do well- great- that was your risk and you pay your 10%. If you lose money-too bad; no one held a gun to your head and ordered you to invest your funds in specific places. WE HAVE TO GET OUT OF THIS VICTIM MENTALITY!
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Scooter,
I’ll take responsibility for my investment decisions, but I don’t think I should have to pay taxes on the portion of the gains that have been eliminated by inflation. I’ll meet you half way. I’ll pay at the same rate as regular income, but only on the gain that is above and beyond the inflation rate.
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FN,
I have to call BS on your statement that ” Romney pays half of what I do (as a percentage of income) in taxes”. Romney’s effective rate was 14.1%. Are you claiming your effective rate is over 28%? You must do everything possible to pay the highest tax rate possible or you must be making some really good money.
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Not making “really good money.” I will bring in 80-90 this year with massive amounts of OT. I was extremely stupid when I got divorced. I told my ex to keep the kids as far as taxes go. I went from 4 kids and a house to nothing. Uncle Sam loves me.
I am the primary support for two families (my choice – I make them I take care of them), so even though my gross is nice, my take home after taxes and insurance is pathetic.
My effective tax rate is 23%
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So those “loopholes” you are talking about are being able to file joint married, home interest deductions, exemptions for kids, etc. And 23% isn’t half of 14%.
Yep, I’d agree Uncle Sam likes you. Not divorced so don’t know that intricacies of the tax impact of that. Hope to never find out.
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The Tea Party costs us seats and I can assure you that we will not let that happen again. The national Republican party has rightfully marginalized people like Sarah Palin and avoids her as much as possible. She didn’t help herself by appearing in a reality show with the Octomom. Also being avoided like the plaque is Grover Norquist, who is on a big slide to irrelevance . Senator Hoeven was right to not sign on to Norquist’s “tax pledge”. All of them should avoid those special interest groups.
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Only one problem: they control the GOP agenda and are still in a powerful position to run against more moderate Republicans in primaries. The GOP gave up control to the radical right wing and they will not relinquist that control easily. When Rove married a variety of single issue voting blocks he basically introduced a poison pill into GOP politics for years to come.
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I think that the Republicans losing 5 of the 6 races involving “Tea Party” Republicans (and losing the Presidency) is a loud wake-up call. Independents decide elections and only moderate candidates will have a chance.
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They’re not going to go quietly. They will take their 20% of the Republican vote with them whereever they do end up.
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end up where? The Dems?
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Could be, maybe a new party?
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If you want to get rid of them then something has to be done about the re-districting that has allowed them to have power pockets….The kind that keeps Bachmann in office even though she does nothing for her district other than be a talking head on fox. As long as those power pockets exist and they can run fox party candidates against GOP candidates they will keep making the GOP into a very weak party
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What party or group is going to step up to address the real problem: SPENDING!! Neither the dems not the repubs are willing to address it! Yes, it is nearly impossible to win elections when you are taking away goodies but we are in major trouble when we are borrowing 40 cents of every dollar we spend year after year. How long could a family or business do this before it blew up?
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It does seem odd that no one can figure out that spending is out of control.
Yet for some odd reason Defense is the only thing that is ever on the chopping block.
How about endless unemployment benefits? Maybe a person will actually go get a job when they dont have the Govt handing them cash every payday.
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The last thirty days demonstrate how masterful a politician President Obama truly is. He was able to define the fiscal cliff debate almost exclusively around the idea of “taxing the rich” despite the fact that the tax increases he proposed represented approximately 8% of the budget deficit; as passed it represents less than 6%. The remaining 92% of the budget deficit was ignored as President Obama continually preached “tax the rich”. Sadly many Americans failed to look beyond rhetoric of “tax the rich” and acknowledge that real spending cuts are necessary if the budget deficits and national debt are going to be reduced. The concept of “tax the rich” is undoubtedly popular. The grand irony is that six months ago these pages were filled with posts exclaiming that the “Bush tax cuts” were the root of all of the economic woes of this country and must be eliminated, but somehow the tables have turned and the vast majority of those cuts were apparently okay and are now still in place. We have prgressed from all of the “Bush tax cuts” being bad to leaving the majority of those cuts in place in a successful effort to “buy” support from those who wish to “tax the rich”.
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Actually, Obama has said repeatedly that more needs to be done with limiting spending.
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That is laughable! On his watch the debt is up $6,000,000,000,000. That is $100,000 of debt for a family of five plus interest…but he said he would cut the deficit in half. We need term limits for congress and leaders.
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Realist, if President Obama were sincere about spending cuts they would have been included in the deal.
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Smarmy, arrogant Eric Cantor sabotaged Boehner because he wants to be Speaker of the House. Watch out if he gets in.
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First things first, as soon as we get this whole Assault weapons ban and 30 round clip problem solved then we can go after the lesser important things like the economy.
Got to have priorities.
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