Average tax cut for the top 1%: $70,000 - More than 85% of American men make in 1 year.

[Hannah Bell]

And more than about 60% of american families make in one year.

http://journals.democraticunderground.com/Hannah%20Bell/150

The tax package contains the following benefits to high earners & the super-rich, per the NYT:

- 1/4 of benefit goes to the top 1%

- Patch for Alternative Minimum Tax which is currently paid by 4 million payers with income in the "mid to high 6-figures." Without the patch about 20 million more would have been subject to it.

- Keeping top tax on dividend income & capital gains at 15% (currently taxed at 0%-5%-15%, scheduled to rise to 20% for capital gains & regular income tax rates for dividends)

- Keeping top rate on hedge fund/private equity income taxation at 15%

- Estates over $5 million taxed at 35% (v. 55% -- or this year, 0%)

- Keeping top marginal rates at 33 & 35% (v. 36 & 39.6%)

Under Mr. Obama’s failed proposal, which would have raised the rates on income over $250,000 for families and $200,000 for individuals, the taxpayers at the top 1 percent of the income scale — those with incomes above $564,000 — would have received an average tax break of $28,000.

Under the agreement reached with Republicans, the top 1 percent will receive breaks of about $70,000.

http://www.nytimes.com/2010/12/08/us/politics/08impact.html?partner=rss&emc=rss


There's also this:

A 100% write off of all business investment over the next year, the vast bulk of which will go to investment that would have been made anyway, adding nothing to the economy.

(And worse, a significant percentage in investments that move jobs abroad, not build new plants at home).

http://www.ourfuture.org/blog-entry/2010124907/bad-deal-wrong-direction

[SpiralHawk]

1. "Hot Damn!" - RepubliCronies (R)

[SpiralHawk]

2. "You'll take what we give and you better like it. Sneer." - RepubliCronies (R)

[a la izquierda]

5. that would pay nearly all of my student loans...

see, i'm liking my idea more and more. once i finish in may, i'm planning on writing a letter to obama and asking him to get the Department of Education off my back regarding my loans. he can ask his rich republican buddies for the amount. sounds good, right? because those rich idiots are supposed to create jobs, and if i can't get one, i should be entitled to something, i think.

[Hannah Bell]

3. k

[exboyfil]

4. A management coworker of mine was complaining

that families making more than $250K are not rich (his family's combined income is probably in the $300K range). I told him that to the other 98% of the country they are rich. He did not believe me that $250K+ represented 2% of the families in the country so I showed him the census statistics.

Our family income is a 1/3 of his, and I think I need to pay more taxes for what we as a nation are spending - that or dramatically cut back on our spending. You can't have it both ways.

I am very disapointed by this deal from both sides. After 100 weeks of unemployment something else needs to be done. I am not being heartless, but realistically what is happening is individuals have shifted their lives to accomodate these payments. Some are taking over the childcare duties for the household. Others are working under the table. I would be in favor of some type of work - any type of work instead of just receiving checks - even if it is just 20 hours a week (leaving another 20 hour a week for job search activities). A place to start is to work at minimum wage+$2/hr for the amount you receive in benefits. The longer you go the closer these jobs move towards minimum wage. Anything to get individuals moving again.

As for the jobs to be done. I am open for suggestions. I personally would target imported goods. I got to think we could compete with effectively with zero cost labor. I don't want this to be a permanent situation,

[Poboy]

6. Thank you for taking care of the rich, Obama. -nt

[Starry Messenger]

7. recommend.