THE U.S. SENATE PASSES THE FISCAL CLIFF LEGISLATION – 89-8 – (1) EXTENDS UNEMPLOYMENT BENEFITS + (2) NO TAX INCREASE FOR THOSE MAKING LESS THAN $450,000/$400,000

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The measure cleared the Senate on an 89-8 vote early Tuesday, hours after Vice President Joe Biden and Senate Republican Leader Mitch McConnell of Kentucky sealed a deal.  The Senate action (1) extends unemployment insurance benefits for some 2,000,000 Americans who were about to lose those benefits and (2) keeps the current tax rates for families earning $450,000/year and individuals earning $400,000/year.  It also raises the capital gains tax rate from 15%-20% while lowering the amount of personal exemptions and itemized deductions that the wealthy can claim.
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It’s now up to the House of Representatives and House Republican Speaker John Boehner to follow suit. Mr. Boehner better not be the fly in the ointment or his chances of remaining majority leader after 2014 will be slim and none, and slim just left town.  Apparently, it is being reported that the House Republican Majority Leader Eric Cantor (R-Va.) has most definitely come out against the Senate’s legislative package.  Is this another collapse?   Boehner is going to have to rein in Cantor or else this train will go off of the tracks.

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