President Obama and congressional Republicans have reached a tentative deal to extend the Bush tax cuts for all income levels and are presenting the proposal to congressional Democrats Monday afternoon, The Daily Caller has learned.
The deal will extend the current tax levels for two more years, preventing taxes from going up on any income levels, despite the wishes of many liberal Democrats — including Obama — that individuals making more than $200,000 a year and families with more than $250,000 a year in income see their rates go up.
In exchange, Republicans have agreed to extend unemployment insurance benefits for an additional 13 months.
Obama presented the proposal to Democratic congressional leaders at the White House Monday afternoon, seeking to obtain their approval for the deal.
[Update] Quick note on one of the reactions I have seen:
RE: Other details include a temporary two percent reduction in payroll taxes – reported by the Wall Street Journal to be one year – to replace Obama’s “Making Work Pay” tax credit from the 2009 stimulus bill, and a compromise on the estate tax, which will be set for two years at 35 percent, with a $5 million exemption amount.
The $5 million, 35% estate tax is a crime. That’s LOWER than the lowest rate under the Bush estate tax, outside of 2010, when the estate tax disappeared. So Republicans get that restored at the lowest rate in history. Even in this weekend’s aborted tax bill in the Senate, Max Baucus included what has become the default Democratic policy, a return to 2009 rates, with a $3.5 million dollar exemption and a 45% rate. (Personally, I favor just returning to Clinton levels.)
There’s no way on the planet to describe that policy as stimulative. You’re just giving more money to the heirs of the ultra-rich.......
No jagoff, that is not "giving" anyone anything. It is not stealing more from them than this proposal already steals, and letting them "keep" some of what is theirs.
Estate Tax aka Death Tax... you earn or inherit money and when you die the state steals money from your family, most of which you were already taxed on while you were alive.
WTF is wrong with people where they believe that the rich owe it to everyone else to share THEIR wealth?
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