Thread: Economics The Fiscal Cliff Approacheth
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Old 11-29-2012, 11:30 PM   #294
Direckshun Direckshun is offline
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And Obama has publicly revealed what deal he's looking for. It's 1.6T in tax increases, almost certain to resemble exactly what's in the OP:

Quote:
Allow the Bush tax cuts on high earners to expire. $849 billion
Limit itemized deductions to 28 percent, close some loopholes and deductions on high earners, eliminate tax breaks for oil and gas companies, eliminate the carried interest loophole, plus a few other items. $584 billion
Create a special "Buffett Rule" tax rate for millionaires. $47 billion
Restore the estate tax to 2009 levels. $143 billion
Limit corporate income shifting to low-tax countries. $148 billion
Other miscellaneous tax increases and reductions. About -$200 billion
Total: $1.6 trillion
Now, the actual details of what adds up to 1.6T are not revealed, but it's almost certainly set up like this. And this was posited a couple weeks ago. So this isn't new news.

What is new news (but not if you've been following this thread) is that Obama is throwing in $50 billion in stimulus spending, raising the debt ceiling for another year and including a national mortgage restructuring plan.

To pay for this (and again, not new news if you've been following this thread) is that Obama has included $400 billion in entitlement cuts, primarily in Medicare. But those cuts would be agreed to by the end of 2013, and despite his specifics on revenue, he didn't specify much of anything on those cuts.

Republicans have been using some really heated rhetoric the past couple hours in response to it.

Understandable. They really don't like raising revenue, but they haven't offered a plan. They haven't even offered what they want to cut -- they've told Obama they want him to come up with that. With everything that's been discussed in this thread -- I must have posted 15 to 20 articles -- not a single thing has included a proposition made by Boehner and the Republicans.

The only Republican that's offered anything was Tom Cole, who was quickly smacked down by Boehner.

I'm now predicting with near certainty we're going over the cliff. We're taking this thing to the 11th hour in early February, and even then that might not do the trick. This has been the most unproductive Congress is modern history, I'm not really sure why I expected them to successfully negotiate anything.
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