So-Called Deal on the So-Called "Fiscal Cliff"
By louisehartmann
The House of Representatives needed overtime – but late Tuesday night, they agreed with the Senate and passed legislation to avert half of the so-called “fiscal cliff.” And despite President Obama and some Democrats declaring victory after Republicans were forced to sign on to a small tax increase for the wealthiest Americans, this fiscal cliff deal is actually a dream come true for billionaires and banksters. Not only does it keep in place most of the Bush tax cuts FOREVER – it also gives massive tax breaks to the wealthiest Americans and transnational corporations – while giving Americans who earn less than $100,000 a year a tax increase.
Since the payroll tax cut wasn't extended – most working Americans will see their taxes go up by as much as $2200 a year, but corporations like Goldman Sachs, GE, and big Japanese-owned Hollywood movie studios will get hundreds of billions of dollars in tax loopholes thanks to the Republicans they own. On top of that, taxes paid by millionaires and billionaires - like estate taxes, capital gains, and dividend taxes - were all drastically and permanently cut – meaning the Mitt Romneys and Koch Brothers will pay much lower taxes thanks to this deal.
Forget the sales pitch – this deal is a tax hike on working people – and a tax cut for the top 1%. And it’s a last parting "screw you" to the middle class, courtesy of the billionaires who elected the 112th Congress in 2010 – the first election after Citizens United.
Comments
#2
I heard one computation of the cost of the debt ceiling fight was $18 billion.
The estate tax was raised compared to the temporary tax rates in force, but lowered relative to the permanent tax rates that were to be in effect.
#3
That's right, there are NO CARS in France. Everybody just "tours" it on their bike.
I hitch hiked across France several times and those musta been super billionaires in disguise that gave me a lift. Actually, I've known relatively poor people in France to have cars, although in Paris or other bigger cities you don't need a car and might not want one as they are congested. Especially now as economic refugees from more "austere" countries have poured on in.
#4
We, the collective, the society OR democratically controlled government are much better at choosing what to do with your money in excess of your first million or so.
#5
We, the collective, the society OR democratically controlled government are much better at choosing what to do with your money in excess of your first million or so.
#6
All you want to do is work, work, work? You can do that. Very many people HAVE TO work, work, work and are compensated barely enough to survive - and I mean SURVIVE, do not mean "survive" as in "maintain a middle class lifestyle".
You're crying that you have to give up 70% of your second or third million. I don't think you are conscious of what privilege you have.
No, I think maybe I don't really think people have a right to be unequal.
#7
Thank you MARK SAULYS...I agree.
Wealth inequality, Healthcare inequality, and Education inequality, is NOT exceptable.
Don't get me wrong I certainly know and understand that from one person to the next there are big differences that define our self independence, but as a social collective everyone should have the same opportunities regardless of name, race, sex, religion, or finacle status.
Unregulated Capitalism, allows fraudulant buisness practice, encourages people to lie cheat and steal in order to prosper, and creates a hostle and chaotic attack on the "equal right" to Life, Liberty, and the Pursuit of Happiness.
For whatever reason KEND sides with Daffy Duck, Ebineser Scrooge and the 1% mentality; MINE MINE MINE...IT'S ALLLLL MINE!!! No feelings of empathy for those struggleing to make ends meet; at least not enough to change unethical and inhumain practices, nor obligation towards recognition though a healthy and liveable compansation for those who do ALLLLLL the work work work.
I personally do not care how much money a person has...But no one on their own "EARNS" thoudsands of dollars per hour.
70% tax on a persons second one million dollars leaves 300,000.00 in their pocket...That's still alot of money.
#8
Every time I try and sign one of these things, they want a friggin' password. If I went along with this and created a new password for every petition, I'd have passwords by the thousands by the end of 2013. Isn't there a better way?
#9
Anyone who would accuse Thom Hartmann of "ignorance" is out of touch themselves. Pull your head out of the sand, lady.
#10
Global, Global... What is it about our idle class of freeloadin' welfare queens that has you so under their spell? If you're not one of them, they're not doing you any favors either. Besides, they don't need small fry like us to defend them; the Supreme Court and the House of Representatives are always ready & eager to go to bat for their pampered little fannies. Get over it. - Aliceinwonderland
#11
"Estate tax. Taxing dead people- come on, how low can you get."
Wrong again, Kend. An estate tax is for those who inherit the spoils. One has to inherit several million dollars' worth of assets to even be affected by it. Just breaks mah heart, all these poor trust fund babies, forced into doing things that grown-ups do... like paying taxes!
-Aliceinwonderland
#12
Thank you, DAnneMarc. I appreciate the clarification. But I hope you don't mind being reminded that many of us lack the technical savvy that folks like you and Palindromedary happen to possess. What is of no consequence to you is an obstruction to me, until or unless someone can point the way when my efforts don't pan out... which happens all the time.
#13
DAnneMarc- I must first apologize to you- I accidently hit the "Flag as offensive" button! In case you are ever confronted by the gatekeepers, be assured, you have not offended me.
However I continue to run into technical difficulties signing that petition. I give them my online address and fill in the contact info they request, then hit the "Create an account" button, and get no response, until the screen goes blank and says "Safari can't open the page".
I just don't have the temperament to invest all this time trying to trouble shoot my way through these kinds of obstacles. To those of you who do- CONGRATULATIONS. End of rant... - Aliceinwonderland
#14
Hi Alice, Have you tried using another browser than Safari, like Explorer or Firefox? I used Google Chrome and didn't have any problems. I'd suggest trying another browser; if you haven't already. Good Luck!
Thom's Blog Is On the Move
By webmaster
Hello All
Thom's blog in this space and moving to a new home.
Please follow us across to hartmannreport.com - this will be the only place going forward to read Thom's blog posts and articles.
Images of Thom
At Mondragon - both the mountain and the cooperative city - in Spain (written about in "Threshold" book)
From Screwed:
"If we are going to live in a Democracy, we need to have a healthy middle class. Thom Hartmann shows us how the ‘cons’ have wronged this country, and tells us what needs to be done to reclaim what it is to be American."
From The Thom Hartmann Reader:
"Right through the worst of the Bush years and into the present, Thom Hartmann has been one of the very few voices constantly willing to tell the truth. Rank him up there with Jon Stewart, Bill Moyers, and Paul Krugman for having the sheer persistent courage of his convictions."
From Unequal Protection, 2nd Edition:
"Beneath the success and rise of American enterprise is an untold history that is antithetical to every value Americans hold dear. This is a seminal work, a godsend really, a clear message to every citizen about the need to reform our country, laws, and companies."
the real crisis is that we continually elect rich a-holes who get laws passed to benefit themselves. i am not surprized obama did this. he has shown his stripes in the past. just because i am not surprized doesnt mean i am not PISSED OFF!