Breaking news: At 2 a.m. this morning, the Senate passed legislation on the fiscal showdown that permanently extends the Bush tax breaks on earnings up to $450,000 a year and permanently ends the Bush tax breaks for those who earn more.
The bill also sets up yet another fiscal showdown by delaying for only two months the so-called "sequester"—a package of cuts in military and domestic spending opposed by both parties. And the GOP will likely demand cuts in Social Security and Medicare when we reach the February deadline.
On the good side, the bill extends unemployment insurance for one year and the Earned Income Tax Credit for the poor for five years.1 Still, economist Robert Reich called the deal "lousy."2
Now the bill goes to the House, where its fate is uncertain. The House should reject this deal and instead introduce and pass a tax cut for 98% of Americans on the first day of the new Congress.
Can you call Representative xxxxxx xxxxx\ right now? Tell him: "Vote no on the Senate tax bill. Do not extend the Bush tax breaks for people making more than $250,000 a year."
Tuesday, January 1, 2013
GOPers in House Oppose 'Cliff' Deal--So Does MoveOn
Just got email from MoveOn.org urging all of its members to call their local Dem congress members and urge them to vote NO (along with many of their GOP colleagues, for different reasons) on the Senate-passed "compromise" bill on taxes and so on. Here's the message:
is author of a dozen books (click on covers at right), including the new "THE TUNNELS: Escapes Under the Berlin Wall and the Historic Films the JFK White House Tried to Kill." He was the longtime editor of Editor & Publisher. Email: email@example.com. Twitter: @GregMitch