Senate "Cliff" Bill Unlikely To Pass House
From Streettalk Daily X-Change
January 1, 2013 - 12:36pm
At the end of November I wrote "The Definition Of Insanity: Republicans" where in I detailed a reasonable negotiation between the Democrats and Republicans on settling the "Fiscal Cliff" issue. Well, late last night, the Senate passed a bill with 89 votes that only went part of the way.
Here are the details of the bill from the Washington Post:
— Tax rates will permanently rise to Clinton-era levels for families with income above $450,000 and individuals above $400,000. All income below the threshold will permanently be taxed at Bush-era rates.
— The tax on capital gains and dividends will be permanently set at 20 percent for those with income above the $450,000/$400,000 threshold. It will remain at 15 percent for everyone else. (Clinton-era rates were 20 percent for capital gains and taxed dividends as ordinary income, with a top rate of 39.6 percent.)
— The estate tax ...
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