Monday, December 6, 2010

"Tax cuts, Oprah-style"

From Felix Salmon:
The outlines of the tax-cut negotiations have finally come into focus: basically, it’s a kitchen-sink approach where Republicans and Democrats all get the tax cuts they want. The Bush tax cuts get extended for people earning more than $250,000 a year — and unemployment insurance gets extended, along with various tax credits. On top of that, there’s a 2% cut in payroll taxes, and the reintroduction of the estate tax at the Republicans’ preferred level: 35% of estates over $5 million.

There’s even a nice new tax deduction for businesses making new investments. This is tax cutting, Oprah-style: you get a tax cut! And you get a tax cut! And you! And you! You all get a tax cut!

Ezra Klein gives the view from the left at the WaPo:
An imperfect, but not-that-bad, deal on the tax cuts
If you are bored here are some sites that will have commentary and comments:
Daily Kos
Pajamas Media
Democratic Underground
Hot Air