As predicted, the measure passed with 85 Republicans joining their “comrades” across the aisle to prevent what many believe happened long ago, a fall off the Fiscal Cliff!
-- The tax rate for individuals making more than $400,000 and couples making more than $450,000 will rise from the current 35 percent to the Clinton-era rate of 39.6 percent.
-- Itemized deductions will be capped for individuals making $250,000 and for married couples making $300,000.
-- Taxes on inherited estates will go up to 40 percent from 35 percent.
-- Unemployment insurance will be extended for a year for 2 million people.
-- The alternative minimum tax, a perennial issue, will be permanently adjusted for inflation.
-- Child care, tuition and research and development tax credits will be renewed.
-- The "Doc Fix" -- reimbursements for doctors who take Medicare patients -- will continue, but it won't be paid for out of the Obama administration's signature health care law.The country is $16 Trillion in debt (and growing), and this bill does nothing to curb spending! That hurdle was put off until February - for the good of the country!
How in the world could any Republican support such legislation?