GOP Rep. On Fiscal Cliff Deal: ‘We Got Whooped’

[ProSense]

GOP Rep. On Fiscal Cliff Deal: ‘We Got Whooped’

Rep. Steve LaTourette (R-OH) on Wednesday said that Republicans "got whooped" in the fiscal cliff negotiations.

"We all knew the President was going to get his way," LaTourette said on "CBS This Morning." "He campaigned on raising taxes, he wanted to raise taxes. He wins."

http://livewire.talkingpointsmemo.com/entry/gop-rep-on-fiscal-cliff-deal-we-got

Bye 112th Congress, worst ever!

[bigtree]

1. I don't know if we're pronouncing that the same way

. . . I can't say whooped without laughing.

Did he mean whupped, or is there different pronunciation for whooped?

[SummerSnow]

3. It is funny ...whooped is the sound you make when you're excited.

[CTyankee]

6. like Scott Brown's staff's war whoops...

[bowens43]

2. taxes were raised on only a very small percentage of the wealthiest Americans

the vast majority of the wealthy get permanent tax relief.

and the poor and middle class of course gat a tax increase....funny how some spin that into a win for democrats

[woo me with science]

4. The bipartisan, corporate one percent assure us it's raining,

but the warm pee smell is overwhelming.

[bigtree]

5. you're missing a few things in your spam-like response

from Wonkbook: http://www.washingtonpost.com/blogs/wonkblog/wp/2013/01/01/wonkbook-everything-you-need-to-know-about-the-fiscal-cliff-deal/?print=1


Suzy Khimm’s summary of the fiscal cliff deal:

— Tax rates will permanently rise to Clinton-era levels for families with income above $450,000 and individuals above $400,000. All income below the threshold will permanently be taxed at Bush-era rates.

— The tax on capital gains and dividends will be permanently set at 20 percent for those with income above the $450,000/$400,000 threshold. It will remain at 15 percent for everyone else. (Clinton-era rates were 20 percent for capital gains and taxed dividends as ordinary income, with a top rate of 39.6 percent.)

— The estate tax will be set at 40 percent for those at the $450,000/$400,000 threshold, with a $5 million exemption. That threshold will be indexed to inflation, as a concession to Republicans and some Democrats in rural areas like Sen. Max Baucus (D-Mt.).

— The 2009 expansion of tax breaks for low-income Americans: the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit will be extended for five years.

— The Alternative Minimum Tax will be permanently patched to avoid raising taxes on the middle-class.

— Two limits on tax exemptions and deductions for higher-income Americans will be reimposed: Personal Exemption Phaseout (PEP) will be set at $250,000 and the itemized deduction limitation (Pease) kicks in at $300,000.

—The full package of temporary business tax breaks — benefiting everything from R&D and wind energy to race-car track owners — will be extended for another year.