And there was much wailing and gnashing of teeth when the current stopgap to avoid the Fiscal Curb was announced. For the life of me, I didn't realize that a difference of 200K could cause such a brouhaha. Seriously, that's all I'm seeing here.
Remember when Schumer floated raising the rates only on millionaires only during 2011 or 2010? And we went along with it?
I guess it's in terms of package size. Who knows.
So what do we get in the deal?
Marginal tax rates increasing for 400K; 450K
Capital gains rates increasing to 20% for the same (I think the same)
Estate tax going up to 40% for over 5 million
One year extension of Unemployment
Five year extensions of certain tax credits
A one year extension of the Farm Bill
That's all I can name of the top of my head.
But the thing I'M most concerned about was the 60-day hold on the sequester. THAT was what McConnell really wanted. Because it brings on the big hostage crisis.
Remember this?
Well, so far it's played out EXACTLY like the President said it would: Only the tax part has been taken care of, and Republicans are thinking they have all the leverage going into the debt ceiling negotiations. And now with the sequester added to the mix, the game starts all over again.
So let's break down how it will probably play out this time:
