Rejected: As Gun Control Looms, Obama Approval Plummets

Just a week before the New Year, Obama enjoyed his highest approval ratings of 2012. According to Gallup, 58% of Americans approved of the job Obama was doing. Survey results released today by Gallup, though, show Obama's approval rating has plummeted to just 49%. It is a dramatic drop, especially coming over a holiday period when people traditionally pay little attention to politics. Four years ago, at his first inauguration, a full 69% of Americans approved of Obama.

The drop in Obama's approval from 4 years ago is understandable, given the sluggish economy and the hope American's had as his presidency began. The considerable drop from just a few weeks ago is more puzzling. According to the media, he was the "winner" of the fiscal cliff negotiations, getting most of the tax hikes he campaigned on and avoiding spending cuts.

See the Gallup Poll Here

Via: Breitbart

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Will 'Fiscal Cliff' Accelerate Millionaire Deaths?

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Because the "fiscal cliff" will not stop for death, it looks as if death's carriage may make a "kindly" stop to pick up some American millionaires this year, to paraphrase Emily Dickinson.

In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35 percent and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55 percent.

Many families are faced with a stark proposition. If the life of an elderly wealthy family member extends into 2013, the tax bills will be substantially higher. An estate that could bequest $3 million this year will leave just $1.9 million after taxes next year. Shifting a death from January to December could produce $1.1 million in tax savings.

It may seem incredible to contemplate pulling the plug on grandma to save tax dollars. While we know that investors will sell stocks to avoid rising capital gains taxes, accelerating the death of a loved one seems at least a bit morbid—perhaps even evil. Will people really make life and death decisions based on taxes? Do we don our green eye shades when it comes to something this serious?

Via: CNBC

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House, Senate Leaders Frozen On Fiscal Talks

The rhetoric heated up Thursday as time on the clock wound down for a fiscal crisis deal, with lawmakers trickling back into Washington and no plan of action in place for averting the tax hikes and spending cuts scheduled to hit next week. 

President Obama returned Thursday afternoon from vacation in Hawaii, as the Senate gaveled into session for unrelated business. House leaders announced that members will return late Sunday – but that leaves just one full day to act on any legislation before the deadline passes.

Rumors were flying Thursday afternoon about last-ditch efforts to craft some sort of a scaled-back package that can shield most Americans from the more than $500 billion in tax hikes scheduled to take effect Jan. 1.

But with hope fading, Senate Democratic Leader Harry Reid said on the floor that “it looks like” the nation is going to miss the deadline.

Reid also put all the blame on House Speaker John Boehner, likening him to a dictator and claiming he was putting his speakership before the good of the country.   

"John Boehner seems to care more about keeping his speakership than about keeping the nation on firm financial footing," Reid said. "He's waiting until Jan. 3 to get re-elected as speaker before he gets serious with negotiations because he has so many people ... that won't follow what he wants."

Via: Fox News

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The Cost of Spending: Can deficit-reduction plans make a dent?

The report from President Obama's highly touted deficit-reduction commission came out two years and 18 days ago. 

On that brisk December morning, Democratic Sen. Kent Conrad painted a dire picture if lawmakers didn't move quickly.

"If we fail to act now, our country could find itself in a circumstance in which we have to take draconian action, at the worst possible time in the middle of a crisis. I pray to God that we have the wisdom to act before that point," he said. 

The two commission co-chairmen couldn't agree more. "This baby ain't going away," co-chairman Alan Simpson said.

But so far, Congress has not been able to pass a plan that achieves what their proposal would -- a $4 trillion deficit reduction within 10 years. And it's unclear if they ever will. 

In the current talks over the looming fiscal crisis, the deal on the table is considerably smaller -- and yet President Obama said Wednesday that Republicans should be pleased with the spending cuts they'd be getting him to sign onto.

"Take the deal," he said. "You know, they will be able to claim that they have worked with me over the last two years to reduce the deficit more than any other deficit reduction package; that we will have stabilized it for 10 years. That is a significant achievement for them. They should be proud of it." 

But clearly, they're not.

Last week, Republicans warned about "kicking the can down the road" and "doing all the gimmicks that have been done in the past." 

Via: Fox News

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OPINION: Why Boehner's Plan B Is Conservatives' Best Hope

After President Obama was re-elected on Nov. 6, Americans faced a reality on Nov. 7: Taxes are going up. The only question facing conservatives now is how much of that tax hike they can prevent while also preserving as much of the hard-fought spending cuts they won in 2011.

Here are the facts: If nothing happens by Jan. 1, taxes will automatically rise by about $4.6 trillion over 10 years. Every working American would be hit. However, thanks to the August 2011 debt-limit deal, spending is also set to be cut by $1.2 trillion. Conservatives often forget about this little piece of leverage.

Obama's top priority is to raise taxes as high as he possibly can. A $1.3 trillion tax hike was his latest offer. But undoing the $1.2 trillion spending cut in the debt-limit deal is also important to him. His latest offer not only rescinds the scheduled spending cut, but it also calls for $80 billion in new stimulus spending. Obama did also offer to cut Social Security by $120 billion over 10 years and make $800 billion more in other unspecified spending cuts, but he has flat out refused to entertain any serious entitlement reform proposals.

Boehner's last offer to Obama wasn't much better. It only raised taxes by $1 trillion and undid the $1.2 trillion spending cut from the debt-limit deal. Boehner did call for a new $1 trillion spending cut to replace the sequester, but no meaningful structural entitlement reforms were included.

Via: Washington Examiner

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Households Face $3,446 Tax Increase From Fiscal Cliff

U.S. households are facing an average tax increase of $3,446 in 2013 if Congress doesn’t avert the so- called fiscal cliff, the nonpartisan Tax Policy Center said in a study released today.

The top 1 percent of households face some of the largest tax increases in 2013 and would see their after-tax incomes fall by 10.5 percent if Congress does nothing. That would translate to an average tax increase of $120,537 for that group.

A typical middle-income household earning between about $40,000 and $60,000 would face a tax increase of about $2,000.

After the Nov. 6 election, Congress is scheduled to return to Washington to debate the automatic spending cuts and tax increases starting in January unless lawmakers act. For calendar year 2013, taxes would increase by $536 billion, or about 20 percent.
“This is a very large tax increase,” Donald Marron, the center’s director, told reporters in Washington today.

If Congress does nothing, tax rates on income, capital gains, dividends and estates would increase, and the alternative minimum tax would spread to 21.7 million households, up from 4 million this year.

The top statutory tax rate on ordinary income would reach 39.6 percent, up from 35 percent, and the top rate on capital gains would be 23.8 percent, up from 15 percent. A 2 percentage point payroll tax cut is set to expire at the end of 2012.

Expired Provisions

The estimated $536 billion tax increase doesn’t include provisions that expired at the end of 2011, including miscellaneous corporate tax breaks. The provision that prevents the alternative minimum tax from expanding also expired last year.

Lawmakers agree they should continue the income tax cuts for most households. Republicans want to keep all of the income and estate tax cuts for 2013 and begin overhauling the tax code. Democrats, including President Barack Obama, want to let most of the tax cuts lapse for the top 2 percent of households, or income exceeding $200,000 for individuals and income above $250,000 for married couples
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The political stalemate over what to do about those top rates has prevented agreement on everything else.

Each piece of the fiscal cliff has varying effects on people at different income levels. Low-income households have the most at stake in expiring expansions of the child tax credit and earned income tax credit. Middle-income households are affected most by the payroll tax and income tax.

Via: Newsmax

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