News you can use all day
(Fact-Free Five at 5ive) Watch Eric Bolling shoot himself with a confetti gun to celebrate! What a buffoon.
Fiscal Cliff Drama, Continues! Here's what you need to know:
- The Senate (we really need to abolish this thing, have I mentioned that lately?) passed some sort of compromise at 2 AM with a vote of 89 - 9. Does anything good ever happen in the dead of night? I mean legislative wise, if you know what I mean and I think you do. (Think Progress)
- The 8 Nays - The eight senators voting no were Michael Bennet (D-CO), Tom Carper (D-DE), Charles Grassley (R-IA), Tom Harkin (D-IA), Mike Lee (R-UT), Rand Paul (R-KY), Marco Rubio (R-FL), and Richard Shelby (R-AL). Not voting were Jim DeMint (R-SC), Mark Kirk (R-IL), and Frank Lautenberg (D-NJ). (Senate Website)
- Here's the highlights of the deal:
- 39.6% tax rate for individual income over 400k/family income over $450k. AMT patched permanently.
- Dividends and cap gains taxed at 20% for incomes over the $400k/$450k levels. Some deductions phase out for incomes over $300,000.
- UI extended through 2013.
- Business corporate tax extenders through 2013.
- EITC, Tuition Credit, Child Tax Credit and Opportunity Tax Credit extended for 5 years.
- Estate tax raised to 40 percent on a $5 million threshold
- One year doc fix
- Payroll cut expires
Remember this: without the House voting on it, all of this is just drama from the Senate. The next act will be up to Weepy and his caucus of water-headed fetus-fondling god-botherers to do something with it. -- Tengrain