NRO says this is the deal.
— Current 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 would be taxed at 40 percent, and that tax rate would be permanently extended
It looks like a tolerable increase on those who engaged in the sin of making too much money. Still, a death tax of 40 percent at any level is obscene and immoral.
As far as I can tell, however, there are no cuts at all. Without cuts, there will still be Burning Times ahead. There will eventually be cuts but they will come as part of the iron clad, invisible hand of economics.Share