** Details of the Deal **

[Clio the Leo]

* 2-year extension of all rates ( income, dividends and capital gains.)

* 13-month unemployment insurance extension, "which is large" (Ed Henry says)

* extension on estate tax -- 2 years at 35 pct with a $5 million exemption.

* temporary 2-percent cut in payroll tax (would replace the Obama "making work pay" tax credit from 2009.)

Per...
http://twitter.com/#!/edhenrycnn


This is NOT final .... has to be approved by House Dems.

[Beetwasher]

1. The 2% payroll Tax Is Interesting And 13 Month UE Is Phenomenal

What were the tax credits again from 2009 and how did they work?

2% cut in payroll tax will be real money in a shitload of people's pockets.

[thereismore]

15. The 13 months is so that it won't expire on Christmas next year. This way, who will care

in January? It's already prepared for termination.

[Beetwasher]

17. So You Just Make Something Up And Pretend You Know What You're Talking About

Got it. It got extended now, if necessary it will be extended again, IMO.

So we all wanted an extension, but it's not good enough for you! Way to move those goalposts!

[MiniMe]

30. Payroll taxes are FICA and uninsurance taxes

Who gets these tax breaks? And will it hurt SS & medicare funding?

[CaliforniaPeggy]

2. We are being taken for a ride by the Republicans...

and, I fear, by Obama.

There is some good here.......but not nearly enough.

*sigh*

:-(

[Ikonoklast]

24. Yeah, those unempoyed jerks screwed up any deal on taxes.

[CakeGrrl]

3. Thanks Clio - I'll bet those whose UI extensions were gone would be glad to see this.

[Beetwasher]

4. Yup, Damn Straight

n/t

[TwilightGardener]

5. Kind of weirded out on the estate tax thing. What's THAT about?

[Clio the Leo]

13. It's a GOP chew toy.

It's right up there with Torte reform. Something they like to pretend that they're "fighting for."

[TwilightGardener]

20. LOL on chew toy. I didn't expect it to be part of this deal.

[Renew Deal]

22. It had expired

And needed to be renewed. They are renewing it at a higher rate. It used to be $2 Million IIRC. Basically this has become a tax "package" that goes far beyond the initial discussion.

[Old Codger]

6. Totally wrong move

So they were successful blackmailers this time, what the hell do the dems think will happen 2 years from now during a presidential election, are they really that stupid???

[Renew Deal]

23. Dems got something out of this

Estate tax and Unemployment is extended for more than a year.

[RUMMYisFROSTED]

7. So $300B to assuage the rich.

Got it.

[Sirveri]

8. set to expire right as President Palin takes office. Great move!

So much easier to make permanent then.

[ProSense]

9. Ed Henry? I'll wait. n/t

[bluestateguy]

10. Is this a real payroll tax cut or a fake payroll tax cut?

A fake payroll tax cut is where the whole tax cut goes to the employer and nothing for us.

A real payroll tax is where the employee gets actual extra take home pay.

[lldu]

12. I would bet that it is employer side and not employee side

Why give money to the peons?

[BeyondGeography]

11. Increase spending, continue to depress revenue

:dunce:

[onehandle]

14. Time bomb for Democrats in 2012.

Karl Rove smiles and drools a little.

[grumgrum]

29. BINGO!

[KansDem]

16. How does this address the deficit?

I thought the Repubs were all against the deficit? Or is the Commission dreaming up something new that will offset any benefit for workers and the middle class from this "compromise?"

[Clio the Leo]

18. The Republicans only care about destroying Obama...

.... I'll leave it up to you to decided if they've won this round.

[budkin]

19. Nothing is worth extending that tax cut for the rich... 700 billion

[Kaleva]

27. That's only if the tax cut was extended for another 10 years.

[ProSense]

21. Here's an ABC report

Evidently the first report came from the Daily Caller, which is a RW source,

President Obama’s Outline of Possible Yet Not Quite Done Deal on Tax Cuts – Including a $120 Billion Payroll Tax Reduction

<...>

This deal has not been agreed upon yet – and in fact President Obama’s meeting with Democratic congressional leaders has gone longer than expected, indicating some possible pushback. The president, Vice President Biden, and Treasury Secretary Tim Geithner have been working this proposal all weekend with congressional leaders.

The Daily Caller’s Jon Ward was first to report some of these details.

[Renew Deal]

25. Pretty interesting stuff

They are talking about a lot more than taxes. It could be another stimulus.

[flpoljunkie]

26. That's the Kyl-Lincoln proposal for estate taxes. It surely won't be rolled back in 2 years!

Another win for the uber rich!

[Vinca]

28. How can Obama be so naive??

Hmmm . . . 2012. What else happens in 2012? Oh, right. The campaign. The Republicans "we cut your taxes so vote for us campaign." Or, if it all goes to hell, "the Democrats cut taxes and ran the country into the ditch so give us back the keys" campaign. Take your pick.