January 1, 2013

SENATE APPROVES FISCAL CLIFF LEGISLATION: “Hours past a self-imposed deadline for action, the Senate passed legislation early New Year’s Day to neutralize a fiscal cliff combination of across-the-board tax increases and spending cuts that kicked in at midnight. The pre-dawn vote was 89-8. . . .Under the deal, taxes would remain steady for the middle class and rise at incomes over $400,000 for individuals and $450,000 for couples — levels higher than President Barack Obama had campaigned for in his successful drive for a second term in office.” Democrats sound kind of disappointed in the size of the tax increases.

UPDATE: Senate Quickly Passes 157-Page Deal on Fiscal Cliff.

ANOTHER UPDATE: Over the Fiscal Cliff, Or There And Back Again.

But Jeff Carter isn’t happy.

MORE: Senate passes massive tax cut which raised taxes over $600 billion in middle of night without reading the bill.

Related: Rand Paul on the Fiscal Cliff. “I never considered myself a Rand Paul fan (or enemy), but he seems to be one of the few people making sense right now.”

MORE STILL: Ann Althouse:

Is that a “clear win”? Good lord, whatever happens, the NYT will spin it as a win for Obama. I thought his number was $250,000 for couples, and now, it’s way up at $450,000. That should be called a clear compromise. How hard it must be for the Republicans to compromise, when even clear compromises are declared clear wins for the other side.

I notice that it’s $400K for individuals, but only $450K for married couples. That’s a $350K difference in threshold if you’re living together but not married. Is Obama anti-marriage?