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It went passed Midnight but in the end, Obama got most of what he wanted--more taxes on the wealthy and zero cuts in spending.
Tax rates will rise to 39.6 percent, up from 35 percent for individual incomes over $400,000 and couples over $450,000. Tax deductions and credits would start phasing out on incomes as low as $250,000. The wealthy will get slammed in 2013 as "fairness" was Obama's platform.
Spending cuts of $110 billion were deferred for two months. The delay will cost $24 billion.
Unemployment
insurance has been extended for one year and that will cost $30 billion. Obama's two-percentage point cut to the payroll tax that has been going on for two years was not extended. Ironically, those who are working will be taxed more and those who are not will benefit for another year. With 800,000 unemployed in Florida, the average unemployment check is around $300 a week.
Eight Senators voted "no," one of whom was Marco Rubio.
I continue to be very peoud of the fact that I did not vote for Obama. President Obama's actions yesterday were anything but pesidential. They were not the actions of a leader bringing both side to the table.Obama contines to act like a Dirty Harry wannabe. Instead of trying to bring people together, Obama strutted like a puffed up peacock and did everything but stick out his tongue at the Republican party. The American people need a leader, not an arrogant brat.
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