Worst. Negotiators. Ever. Donald Trump is slamming the GOP over the fiscal cliff deal that lawmakers reached in the last 48 hours, saying Republicans “may be the worst negotiators in history.” The real estate mogul’s harsh words concerned the last-minute compromise reached by V.P. Joe Biden and Senate Minority Leader Mitch McConnell (R-KY). The U.S. Senate passed legislation to avert the fiscal cliff – a series of tax increases and budget cuts set to take place January 1 – on New Year’s Eve. The U.S. House passed the bill less than 24 hours later, despite the objections of about 150 Republican members who felt their side gave away too much. Trump, a Republican who’s not shy about criticizing Democrats or President Barack Obama, said “Republicans got nothing” in the fiscal cliff deal. Is that really accurate, though? Under the new agreement: Taxes will rise only for individuals making over $400,000 and couples making over $450,000, with the top rate increasing from 35 to 39.6%. Itemized deductions would be capped for those making $250,000 ($300,000 for couples). Taxes on inherited estates will go up to 40 percent from 35 percent. Capital gains tax rates will increase from 15 to 20 percent. Unemployment insurance would be extended for a year for 2 million people. The alternative minimum tax will be adjusted for inflation. While the first tax increases in many years are significant, the rates and tiers are under the threshold sought by President Obama in nearly all cases. With the support of the public and Congress, GOP leverage was minimized; also, there are further, more significant negotiations on the horizon. The deal does not address the federal spending cuts now set to take effect March 1, nor the long-range entitlement reform debate raging in Congress. Also, the delay was likely caused at least in part by House Speaker John Boehner’s effort to appease the conservative wing of his party and keep his job. All of this logic seems to be lost on the Donald … not that we’re surprised.
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Donald Trump Slams GOP Over Fiscal Cliff Deal
