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(CBS News)   Fiscal cliff is more of a large hummock that levels out into a quagmire   (cbsnews.com ) divider line
    More: Obvious, Real GDP, investment strategist, debt limit  
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723 clicks; posted to Politics » on 27 Nov 2012 at 10:16 AM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-11-27 10:21:43 AM  
You mean to tell me that the press has sensationalized the current political climate!? I won't - nay! I CAN'T believe it. Fetch me my fainting couch. I have a touch of The Vapors.
 
2012-11-27 10:21:58 AM  
It is a soundbite that was created by the GOP/Fox News in an attempt to oust Obama. With the election over the 24/7 news channels are desperate to keep the controversy alive and will continue to preach political and economic doom & gloom to keep people tuned in. This increased spotlight will prompt GOP legislators to attempt to catch some of the attention in hopes that they will emerge as a leader within a party that is currently in disarray. This will mean that once again right wing grandstanding will thwart any rational compromise to solve the problem and petty politician partisanship will harm the economy. The American public will dismiss this as Washington is full of crooks because they are too ignorant and placated by watching the next Honey Boo Boo episode.

/All is going according to plan
 
2012-11-27 10:29:51 AM  

BeesNuts: You mean to tell me that the press has sensationalized the current political climate!? I won't - nay! I CAN'T believe it. Fetch me my fainting couch. I have a touch of The Vapors.


News media sensationalism that coincidentally benefits Republicans? I refuse to believe it.
 
2012-11-27 10:31:07 AM  
How can it be a quagmire? They can fix it any time they want.
 
2012-11-27 10:40:00 AM  

TofuTheAlmighty: BeesNuts: You mean to tell me that the press has sensationalized the current political climate!? I won't - nay! I CAN'T believe it. Fetch me my fainting couch. I have a touch of The Vapors.

News media sensationalism that coincidentally benefits Republicans? I refuse to believe it.


This revelation shakes the very foundation of my worldview. My ethos is collapsing in on my id. It's all very invigorating, if not also confusing.
 
2012-11-27 10:49:25 AM  
Giggity!
 
2012-11-27 11:00:51 AM  
I'd rather it be a hammock instead.
 
2012-11-27 11:18:39 AM  
It's become my reflex every time the media says EVERYBODY PANIC to not panic, and wait for the details.
 
2012-11-27 11:31:32 AM  
The horror!
 
2012-11-27 11:56:26 AM  
Many economists, as well as the nonpartisan Congressional Budget Office, say the combination of spending cuts and tax hikes that are set to take effect would tip the economy into a new recession.

I'm glad you're all okay with that.
 
2012-11-27 12:24:58 PM  
I wonder if anyone besides me sees the obvious message in the fiscal cliff.

The only reason we aren't in a recession is because of artificially low tax rates and deficit spending.

We couldn't balance the budget in any way without going into a massive recession - no matter if it is all spending cuts or all tax hikes. The solution is not found in cutting spending or raising taxes. The solution involves ending free the trade which allows so much money to leave our nation as we buy more and more crap from Asia and energy from Canada, Africa, and the Middle East. As long as money circulates HERE it generates tax revenue and jobs.
 
2012-11-27 12:26:30 PM  
The estate tax changes will be devastating. Estate taxes should be eliminated and replaced with gift taxes, but that is another debate. As it stands, the estate tax will change to 55% on people valued at $1 million in estate or more- which is a lot of people, especially farmers. The fundamental problem is that a lot of estates are assessed on what the value of the property is potentially worth, not what they gain from it (rent, sales, etc.). It's an idiotic way to raise revenues and it disincentivizes savings and developing long term equity. 

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2012-11-27 01:59:26 PM  

NINDroog: The estate tax changes will be devastating. Estate taxes should be eliminated and replaced with gift taxes, but that is another debate. As it stands, the estate tax will change to 55% on people valued at $1 million in estate or more- which is a lot of people, especially farmers. The fundamental problem is that a lot of estates are assessed on what the value of the property is potentially worth, not what they gain from it (rent, sales, etc.). It's an idiotic way to raise revenues and it disincentivizes savings and developing long term equity. 

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Or it discourages the formation of wealthy aristocratic families - like in Europe.

Personally, I think that estate taxes should kick-in at $5M and mimic the top income tax rate (currently 35%).
 
2012-11-27 02:54:24 PM  

NINDroog: The estate tax changes will be devastating. Estate taxes should be eliminated and replaced with gift taxes, but that is another debate. As it stands, the estate tax will change to 55% on people valued at $1 million in estate or more- which is a lot of people, especially farmers. The fundamental problem is that a lot of estates are assessed on what the value of the property is potentially worth, not what they gain from it (rent, sales, etc.). It's an idiotic way to raise revenues and it disincentivizes savings and developing long term equity. 

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Why exactly should I have to pay more taxes to establish a landed aristocracy? people inherit money, that's income, should be taxed as such. Anyway, there are basically ZERO so-called family farms that would be lost if this were implemented.
 
2012-11-27 03:55:39 PM  

NINDroog: The estate tax changes will be devastating. Estate taxes should be eliminated and replaced with gift taxes, but that is another debate. As it stands, the estate tax will change to 55% on people valued at $1 million in estate or more- which is a lot of people, especially farmers. The fundamental problem is that a lot of estates are assessed on what the value of the property is potentially worth, not what they gain from it (rent, sales, etc.). It's an idiotic way to raise revenues and it disincentivizes savings and developing long term equity. 

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OH NOES! Won't someone think of the government subsidized farmers!
 
2012-11-27 08:27:51 PM  

NINDroog: The estate tax changes will be devastating. Estate taxes should be eliminated and replaced with gift taxes, but that is another debate. As it stands, the estate tax will change to 55% on people valued at $1 million in estate or more- which is a lot of people, especially farmers. The fundamental problem is that a lot of estates are assessed on what the value of the property is potentially worth, not what they gain from it (rent, sales, etc.). It's an idiotic way to raise revenues and it disincentivizes savings and developing long term equity.


Farmers with estates of that size should incorporate as a privately held corporation, which holds many benefits, among them avoiding the estate tax by avoiding direct personal ownership of the property. Incorporation has many side advantages in terms of inheritance, especially when there are multiple heirs but only a subset are interested in operating the farm themselves.
 
2012-11-27 11:12:51 PM  

NINDroog: As it stands, the estate tax will change to 55% on people valued at $1 million in estate or more- which is a lot of people, especially farmers.


Really? That old argument again?

There are more WoW players in this country than there are farmers, at this point.
 
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