The days when they worked for us are loooong gone. They are the unaccountable elite.
The Financial Cliff
- Thread starter Paycheck
- Start date
Everybody would take a long term plan when it benefits their ideology.
:25 in...
[video=youtube;qSKIuJWRMaI]http://www.youtube.com/watch?v=qSKIuJWRMaI&feature=player_detailpage#t=25 s[/video]
SignificantOwner
A Package Center Manager
I hope they build another cliff into this deal. At least it makes them do something. It does make me suspicious of the deal though when they're working on it when the American public is partying and not paying attention. I think this is by design.
anonymous4
Well-Known Member
Watches like a soap opera. The drama and build up behind this all for that list minute "we did it" in the last hour. Hurray for us, more face time. I don't know.
P
pickup
Guest
Just think : You folks have something to toast on at midnight ! "To the fical cliff" as you pour your bubbly, and the tiny bubbles represents the people as they poor off the "cliff" (bottle), into the glass.
Don't you have a full keg you plan on sucking dry?
Ms.PacMan
Well-Known Member
They came to an agreement. Details of the deal to avert the 'fiscal cliff'
Jackburton
Gone Fish'n
And the one thing that effects all of us was let to expire, the 2% payroll cuts.
Believe me, we won't get out that easy... First it has to pass all branches, then if it does, there are more cliffs coming up right around the corner. It's going to be the year of the Cliff.
Brownslave688
You want a toe? I can get you a toe.
It's already built in. It's called the debt limit. We r going to go thru all this again in just a few months.
I don't know. I think you might see alot of pressure from Wall Street not to play with that this time.
UpstateNYUPSer(Ret)
Well-Known Member
This works out to roughly one hours pay per week---money I would rather have in my pocket but that I will not worry about.
Ms.PacMan
Well-Known Member
The estate tax would revert back to a Clinton Era tax for estates over 1 million. Dems want a 3 million exemption and Rep want a 5 million exemption. To clarify this means zero tax on the first 1, 3, or 5 million that the estate is worth. I haven't looked at what the tax rate would be for amounts over these exemptions because it's unlikely my estate will ever be worth 3 or 5 million.
The estate tax doesn't effect most people.
UpstateNYUPSer(Ret)
Well-Known Member
Quick question---does the higher tax rate on those making $450K or more apply to all of their income or just the taxable income which exceeds $450K?
Help I fallen (off a cliff) amd I cant get back up!!!!
I understand it to be just the money above $450k.
Ms.PacMan
Well-Known Member
All income tax is "stepped up" meaning we all pay the same tax rate for the same brackets.
2012 tax rates
| Tax rate | Single filers | Married filing jointly or qualifying widow/widower | Married filing separately | Head of household |
| 10% | Up to $8,700 | Up to $17,400 | Up to $8,700 | Up to $12,400 |
| 15% | $8,701 - $35,350 | $17,401 - $70,700 | $8,701- $35,350 | $12,401 - $47,350 |
| 25% | $35,351 - $85,650 | $70,701 - $142,700 | $35,351 - $71,350 | $47,351 - $122,300 |
| 28% | $85,651 - $178,650 | $142,701 - $217,450 | $71,351 - $108,725 | $122,301 - $198,050 |
| 33% | $178,651 - $388,350 | $217,451 - $388,350 | $108,726 - $194,175 | $198,051 - $388,350 |
| 35% | $388,351 or more | $388,351 or more | $194,176 or more | $388,351 or more |
Read more: 2012 Tax Bracket Rates | Bankrate.com
However the GOP plan originally negotiated a flat rate increase up to (?). That mistake went viral on financial blogs and I'm sure was corrected in the final offering.
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