By The Right Scoop


Earlier this evening Obama announced a deal reached with the GOP over taxes. Here are the details:

  1. Extends unemployment insurance for 13 months. Two million workers in December, and 7 million over the next year, would have lost benefits otherwise.
  2. Provides a one-year, 2 percentage point reduction in employees’ Social Security payroll taxes, lowering the rate from 6.2% to 4.2%, at a cost of $120 billion.
  3. Keeps the Earned Income Tax Credit and American Opportunity Tax Credit increases from last year’s economic stimulus law, for another $40 billion in tax cuts for families and students.
  4. Allows business to write off 100% of their capital purchases next year.
  5. Sets the estate tax at 35% for two years, with a $5 million exemption on assets that’s higher than last year’s $3.5 million. The rate came down under Bush’s policy from 55% before 2001 to 45% in 2009 before expiring this year. It was set to return at 55% next year.
  6. Protects millions of taxpayers from seeing their taxes raised in 2010 and 2011 under the Alternative Minimum Tax.

Levin has poured over the numbers and believes the GOP let themselves get stuck with nothing but the status quo and the Democrats got more taxes and tax credits. So basically it’s a bad deal all the way around:

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  • http://pulse.yahoo.com/_Y4PMMR6HIRY7OIPQ2UJBVBM6LI Steven Kerr

    NO DEALS
    WITH THE MARXIST COMMUNITY ORGANIZER AS PRESIDENT OF THE UNITED STATES
    NO DEALS ,NO DEALS ,NO DEALS WHATSOEVER LET MAOBAMA EAT HIS

    CAKE HE BAKED . (period)

  • Anonymous

    compromise |ˈkämprəˌmīz|
    noun
    an agreement or a settlement of a dispute that is reached by each side making concessions : an ability to listen to two sides in a dispute, and devise a compromise acceptable to both | the secret of a happy marriage is compromise.
    • a middle state between conflicting opinions or actions reached by mutual concession or modification : a compromise between communism and private enterprise.
    • the acceptance of standards that are lower than is desirable : sexism should be tackled without compromise.
    verb
    1 [ intrans. ] settle a dispute by mutual concession : in the end we compromised and deferred the issue.
    • [ trans. ] archaic settle (a dispute) by mutual concession : I should compromise the matter with my father.
    2 [ trans. ] weaken (a reputation or principle) by accepting standards that are lower than is desirable : commercial pressures could compromise safety.
    • [ intrans. ] accept standards that are lower than is desirable : we were not prepared to compromise on safety.
    • bring into disrepute or danger by indiscreet, foolish, or reckless behavior : situations in which his troops could be compromised.
    DERIVATIVES
    compromiser noun
    ORIGIN late Middle English (denoting mutual consent to arbitration): from Old French compromis, from late Latin compromissum ‘a consent to arbitration,’ neuter past participle of compromittere, from com- ‘together’ + promittere (see promise ).

    • Anonymous

      Thank you for definition of compromise . Until you posted that, I had no clue what it meant. Compromise is the one big thing Obama wasn’t willing to do until Nov 2 elections, when Obama got his butt kicked. Thanks again for explaining compromise. Not certain what we would do around here without you educated people.

      • AnnColt

        LOL! Remember “I won.” He don’t say that too much anymore, eh?

  • Bill589

    I think compromising with socialism is what got us in this mess.

    Besides financially bankrupting us, socialism does not go well with individual liberty.

    I think we have to stay on our Republicans in office to help motivate them to work hard for us. And the TPM has to do even better in 2012.

  • Anonymous

    I don’t know what people realistically expect a Republican Congress to be able to do, really. I mean, as long as Obama is in office they really can’t do much of anything except get as many crumbs as they can get.

    Some people seem to think that the GOP had Obama over some kind of barrel or something. But they didn’t. Think Obama and the Democrats give a crap about the economy and how bad tax increases would have been if the rates expired? Of course they didn’t care. It’s the Republicans who wanted them extended, so Obama really had the GOP over the barrel. He used their desire to his advantage.

    Republicans will always be at a disadvantage when it comes to “compromising” with Obama. They want to do what’s right for the country, so are more willing to take what they can get. Obama doesn’t care what’s right for the country, so is more willing to hold their agenda hostage to his own.

    We’ll see what happens when they take over the House. But I’m not holding my breath expecting them to do much more than minimize the damage Obama would have otherwise done. Which is pretty much what they did here.

    In other words, I don’t want any more sweeping bills like healthcare. I think that’s the best we can expect until 2012.

  • Publius

    I love Levin, but unlike him, it didn’t take me an hour to figure out this deal is bad, and the Republicans got fleeced. They agreed to an across-the-board tax rate hike in two years. So, that is all the landslide election of 2010 gets us? A two-year delay in across-the-baord tax hikes? The so-called party of low taxes and small government are just Democrat Lite. Pathetic!

    • AnnColt

      Pretty darned impressive for the minority during the lame duck session. They bought the time needed for us to rally up the senate votes and a new president so the tax rates and spending can actually start being cut.

  • Msbtch2you2003

    Nothing has or is going to change in Washington. There is not one bit of difference in a Republican or Democrat. Power is the word in Washington. The Tea Party Members will be overrun, or fall in line.

  • AnnColt

    Come on; they’re just getting him housebroken. It’s a pretty good deal just seeing Paul Krugman froth and Obama melt down on television.

  • http://twitter.com/astroterf Cheryl Bowman

    A guest on Cavuto today (former Chamber wig), said he supported the tax extension agreement, despite all the pork that’s been piled into it – making the comparison to a cart traveling through the mud. The wheels get a little mud on them, he said, but you still want the cart to make it through. Sorry, I see the cart STUCK in the mud! It’s infuriating that a mere 5 weeks ago the citizens of these United States made a loud & clear statement to Washington, which they have already chosen to ignore.

  • Zampani88

    Many Americans thought that Obama will never raise taxes and he will cut spending. They did not think that he will increase his spending and asking hardworking Americans to cut their spending and pay more taxes so that he and his party can spend some more . I wonder how much tax he & his wife are paying in taxes?
    People like me working three jobs earn more than70K to support our families and going to school, we did not get any credit for any tuition but we paid more money in taxes. It seems like whatever we make extra all that is going in taxes.
    May be we have to stop working/ stop paying bills then we may get money from Uncle Sam.