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Posted: 8:48 p.m. Sunday, Dec. 2, 2012
By Jamie Dupree
I had a simple question asked by a listener in recent days - what are the details of the fiscal cliff plans? Your simple answer - we know some of the basics, but we don't know most of the details of what is being proposed by each side, though there are a lot of clues.
So far there has mainly been a lot of finger pointing between the two parties on the tax and budget impasse known as the fiscal cliff, but we haven't really seen either side release much in the way of details on what has actually been put on the negotiating table.
Let's start on this journey by taking a look at what the Obama Administration might do.
"I'm glad you asked," said White House Press Secretary Jay Carney to reporters last week when pressed about details, as he held for reporters the "President's Plan for Economic Growth and Deficit Reduction" that was submitted in September of 2011.
That report can be found on the White House web site here.
As I wrote back when that plan was submitted to the "Super Committee," it was sure to create a bit of controversy when people dug into the details.
So - knowing that most of you won't read through the whole White House document, which may or may not see parts of it included in the fine print of their fiscal cliff offer, I thought I would list many of the areas from this 2011 plan where new taxes, revenues and savings are proposed by the President.
The main part of the Obama plan that most readers are familiar with - which received a big thumbs down from Republicans last week - is allowing taxes to go up on individuals making over $200,000 in income each year, and couples filing jointly at $250,000.
That plan also raises capital gains, dividend, estate and other taxes.
Here are some of the revenue and budget saving details from the fine print that Jay Carney told reporters to look at:
Tax Reform Provisions:
Close Business Tax Loopholes:
Changes in U.S. International Tax System
General Revenue Provisions:
Health Savings:
Other changes:
Total tax and savings provisions in the September 2011 budget plan from the White House- $1.57 trillion
Jamie Dupree is the Radio News Director of the Washington Bureau of the Cox Media Group and writes the Washington Insider blog.
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