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Monday, December 31, 2012

There's a Senate Cliff Deal if Biden Can Whip Up The Votes

Right now the Democratic Senate caucus is conferencing with Vice President Biden who is trying to rally his party behind the compromise made by Mitch McConnell and the SCHMOTUS.  At 10:45 pm Biden has been in there for well over an hour and a half. Supposedly the delay is caused by the Senate waiting for a scoring from the CBO.

According to my sources the deal will include:
  • Bush tax rates would be permanently extended for singles making $400,000 or below, and permanently extended for couples making $450,000 or below
  •  For singles, capital gains and dividends of $400,000 or below would be permanently taxed at 15 percent; capital gains and dividends above $400,000 would be permanently taxed at 20 percent
  • For couples, capital gains and dividends of $450,000 or below would be permanently taxed at 15 percent; capital gains and dividends above $450,000 would be taxed at 20 percent
  • The Alternative Minimum Tax would be permanently patched
  • Estates over $5 million for singles and $10 million for couples.would be taxed at 40 percent, and that tax rate would be permanently extended.
If this vote actually happens---to make it work constitutionally the senate will take a house revenue  bill, substitute the new bill's text as an amendment to that bill, then sends it back to the House for approval. Constitutionally that is considered as generating in the house and if my memory serves me right that's what they did to pass Obamacare.

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