The Deal

Here's what it looks like as of late last night:

Officials in both parties said the agreement would prevent tax increases at incomes below $400,000 for individuals and $450,000 for couples.

At higher levels, the rate would rise to a maximum of 39.6 percent from the current 35 percent. Capital gains and dividends in excess of those amounts would be taxed at 20 percent, up from 15 percent.

The deal also would also raise taxes on the portion of estates exceeding $5 million to 40 percent. At the

insistence of Republicans, the $5 million threshold would rise each year with inflation.

Much or all of the revenue to be raised through higher taxes on the wealthy would help hold down the amount paid to the Internal Revenue Service by the middle class.

I did a lot of ranting on Twitter last night about the liberal reaction. Honestly, this appears to be good news for Democrats in spite of the knee-jerk "caving" talk from the usual suspects.

  • Brutlyhonest

    DID O BLOW IT?… ‘Disastrous Strategic Consequences’… Negotiating Style Is ‘Worst Of All Worlds’… ‘Bargained Incompetently’… Krugman: If Obama ‘Says He Won’t Give Ground, You Can Count On Him Giving Way’

    That’s the under-the-picture headlines group on HuffPo.

    Don’t they ever get tired of screaming, “GAME OVER! GAME OVER, MAN!”

  • missliberties

    I won’t be satisfied until the House votes. Let’s get this torture over with.’

    Whole heartedly agree about the knee jerk childish librul over reaction. Dude they freaking raised taxes on the rich. That is like moving Mt. Everest. It is huge.

  • KABoink_after_wingnut_hacker

    I’m wondering if the house will pass it.
    Those teabaggers are pretty batshit crazy with their narrow ideology and DO NOT give a damn about governing or what’s best for the nation.

    • JWheels

      I don’t know for sure but with this type of deal I would imagine the Senate might not have acted on it without knowing that the house had the votes to pass it. I could be completely wrong though… but in reading the actual deal… it looks great to me, an increase in capital gains? That’s awesome if it goes through.

  • drsquid

    No raising of the Medicare age, no chained CPI, a sunset of the payroll tax holiday that they claimed before was going to undermine SS, nothing that was causing the hyperventilation over the last month was in there. so they had to make up a new reason because the reality for them? Any deal for them was worse than no deal.`

    Fucking greedheads. They’re seriously going to set their hair on fire because not enough rich people were punished while all of there own were spared? All it tells me is they were going to set their hair on fire no matter what happened.

  • villemar

    Fuck those firebagger ratfuckers. 400 million is perfect, and (proof that the firebags don’t give two shits about the actual poor and working poor), unemployment benefits get extended for another year. But but but drones! serial caver! not a magic negro! broke all promises I hallucinated he personally made to me!

    • nicole

      “Fuck those firebagger ratfuckers.”

      Seconded emphatically!

      • villemar

        What’s great is that for the next four years they will be as politically impotent as their teabag brethren. I will poke them continuously with the sharp stick of mockery and schadenfreude every time they whine and cry and express butthurt. What are they gonna do, not vote the Obama/Biden ticket in 2014? LOL

        • nicole

          indeed. :)

  • ElayneB

    LOL, It’s worth a trip to Redstate this morning to watch the heads explode.

  • ranger11

    Different day, same goddamn batchannel. It seems like its gonna be another four years of hyperventilating over every decision. Predictable; at least.