Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/14/2012 (3 years ago)

Catholic Online (

Both sides want ot avert fiscal cliff, but none willing to sacrifice too much.

Get ready to pay. President Obama has proposed $1.6 trillion in new taxes, falling mostly on the wealthy and small businesses. The taxes are part of a $4 trillion deficit reduction plan. Most of the revenues will come from households earning in excess of $200,000 and $250,000 if married. 

It's time to pay again. Obama wants $1.6 trillion in taxes.

It's time to pay again. Obama wants $1.6 trillion in taxes.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

11/14/2012 (3 years ago)

Published in Politics & Policy

Keywords: Fiscal cliff, Obama, tax hikes, wealthy, cuts, spending, deficit

WASHINGTON, DC (Catholic Online) - The plan is to allow the Bush tax cuts to expire, which will increase tax rates on the wealthiest Americans from 33 and 35 percent to 36 and 39.6 percent, respectively.

Investment taxes on the rich would also increase to 20 percent for capital gains and at the top marginal rate for dividends. Currently, the tax on dividends is 15 percent.

These increases would generate over a trillion dollars in new revenues for the government.

Obama has also suggested limiting the exclusions that high-income households could take, which would generate another 500 billion.

There are a variety of other smaller tax hikes which could apply more broadly and generate tens of billions of dollars over the next decade.

The overall plan is unchanged from a proposal the president made in February for the 2013 budget.

Obama is scheduled to sit down with congressional leaders on Friday to begin work on averting the looming "fiscal cliff" that now presents a significant risk to the economy. The fiscal cliff is the blend of tax hikes and cuts that will bring federal spending down, and revenues up, but may also harm the economy.

Economists widely expect a recession for the first quarter of 2013 should the country go over the fiscal cliff on January 1.

Both sides want to avoid the fiscal cliff and ensuing recession, especially because recessions are expensive. During a recession, the government must sustain larger populations of unemployed people and food aid recipients.

Despite the urgency however, Republicans have vowed to resists the $1.6 trillion tax hikes. Meanwhile, Democrats are wary of deep cuts to social services that many still rely upon to make ends meet.

Both sides have signaled a willingness to compromise, but it is unlikely either will be satisfied with the outcome.


Pope Francis: end world hunger through 'Prayer and Action'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More Politics & Policy

'We cannot succumb to fear': U.S. joins France in fight against ISIS Watch

Image of U.S. President Barack obama has decided to join forces with France in eliminating ISIS.


Following a meeting with French President François Hollande, United States President Barack Obama has proclaimed "total solidarity" with France. LOS ANGELES, CA (Catholic Online) - President Obama believes the declaration of solidarity, alongside his trip to Paris for ... continue reading

U.S. throws doors open to Syrian refugees - despite identity of Paris terrorist suspect as disguised refugee Watch

Image of It's not yet known how many more additional refugees the U.S. may take in beyond the originally state 10,000. Two senior administration officials say they are seeking ways to take in even more.


Even after it was learned that a key terrorist in the recent attacks in Paris, 25-year-old Ahmed Almuhamed, snuck into France after he was rescued from a sinking shop off the coast of Greece posing as a Syrian refugee, the Obama administration continues to ... continue reading

Supreme Court to hear arguments over Texas abortion clinic ruling Watch

Image of Lawmakers have put major restrictions of abortion since 2010, but none as far-reaching and strict as Texas' HB2.


A measure passed in the State of Texas, HB2 in 2013 has led to the closure of half of that state's abortion clinics. Now, the Supreme Court will hear arguments over the Texas law that has been among the most crucial in the ongoing national dialogue regarding ... continue reading

PUT TERRORISTS IN COLORADO? Law enforcement officials question Guantanamo Bay closure Watch

Image of Obama's Defense Secretary recently said that around half of the remaining 112 prisoners at Gitmo must be locked up


United States President Barack Obama has long promised to close Guantanamo Bay, a holding facility for suspected terrorists at a U.S. naval facility in Cuba. The question, as posed by dozens of law enforcement officials in a letter to the president . where do ... continue reading

What has the United States Government done with $5.9 billion? Watch

Image of American taxpayers gave the United States government $5.9 billion in foreign military financing last how was it distributed?


Each year Americans complain about paying taxes, much of which is distributed to foreign military aid. So where have all the funds gone? LOS ANGELES, CA (Catholic Online) - According to the United States government's Foreign Assistance report, $5.9 billion was directed ... continue reading

You won't believe how Trump and Carson have become a disrupting force in the Republican Party! Watch

Image of Donald Trump and Ben Carson's popularity has other Republican presidential candidates sweating.


Republican presidential hopefuls Ben Carson and Donald Trump have disrupted Republican politicians and have many questioning where the United States is headed should either become the next American President. LOS ANGELES, CA (Catholic Online) - Members of the ... continue reading

Fourth Presidential debate asks the hard questions Watch

Image of The Fourth Republican Debate gave presidential candidates several opportunities to shine -but who took advantage of the spotlight?

By Kenya Sinclair (California Network)

The fourth Republican presidential debate took place at the Milwaukee Theater Tuesday night. Candidates were asked the big questions ranging from how they felt about protester demands for a $15 minimum wage to the deportation of 11 million illegal immigrants in the ... continue reading

Court halts Obama's executive orders with Obama's own words! What were they? Watch

Image of Obama's own words were used to stop him from changing the law as he pleased.

By David Drudge (California Network)

A federal appeals court has used Obama's own words to halt his growing use of executive orders that allow him to rule by edict. Their decision specifically halts his edict that shields 5 million illegal immigrants from imminent deportation and that he does not have the ... continue reading

Social Security administration hits unbelievably new record in spending - You won't believe the numbers! Watch

Image of This latest figure represents a substantial increase from the $910,394,720,000 the Social Security Administration spent in fiscal 2014.


Hitting a record $944,143,000,000 in fiscal 2015, the Social Security Administration reached an all-time in spending. The inclusive payments for this bureau include payments for Social Security and disability benefits in addition to Supplemental Security Income ... continue reading

Obama's executive order gets blocked and why that's a disaster for thousands of Catholic families Watch

Image of President Barack Obama's plan to protect millions of undocumented immigrants falls flat.


On Monday night, the 5th Circuit Court of Appeals found that a lower court did not "abuse its discretion" when it claimed President Barack Obama's controversial executive actions on immigration were unlawful. LOS ANGELES, CA (Catholic Online) - Obama's executive ... continue reading

All Politics & Policy News


Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Prayer For Courage HD Video
  • President likens Syrian refugees to pilgrims on Mayflower in ...
  • Daily Readings for Saturday, November 28, 2015
  • The Miracle Prayer HD Video
  • 'Black Friday' leaving bruises as shoppers trample each other for ...
  • BIGGER THAN ISIS - There's a hidden power behind ISIS and it's so big ...
  • St. Catherine Laboure: Saint of the Day for Saturday, November 28, 2015

Daily Readings

Reading 1, Daniel 7:2-14
2 Daniel said, 'I have been seeing visions in the night. I saw that the ... Read More

Psalm, Daniel 3:75, 76, 77, 78, 79, 80, 81
75 Bless the Lord, mountains and hills, praise and glorify him for ... Read More

Gospel, Luke 21:29-33
29 And he told them a parable, 'Look at the fig tree and indeed every ... Read More

Saint of the Day

Saint of the Day for November 27th, 2015 Image

St. James Intercisus
November 27: James was a favorite of King Yezdigerd I of ... Read More