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Detailed text transcripts for TV channel - MSNBC - 20130101:02:02:00

you need to get it passed before you start having all the interest groups start finding out everything they think is wrong with it and giving people excuses not to support it. of course, no plan can go into effect without being passed in the house there is a concern that house republicans might stall that process. here is kansas republican tim huelskamp on cnn earlier tonight. near as we can tell it increases taxes on certain americans and it would probably increase spending as well. and there might be a debt ceiling part of that as well. and it doesn t anything about entitlement reform, which is the problem. i think it would probably be the typical washington deal. but i can t vote for something that is not a solution. and, again, on all fronts, though, i do believe it s going to cost american jobs. vice president biden began participating in negotiations at the request of senate minority leader mitch mcconnell yesterday, and helped forge a deal on taxes. the proposed deal worke

White houseInterest groupsHouse republicansOn cnnAffluent americansTim huelskampDoesn tT voteDebt ceiling partEntitlement reformJoe bidenMitch mcconnell

Detailed text transcripts for TV channel - MSNBC - 20130101:02:05:00

taxes. related to delaying the automatic spending cuts for two months, and there will be many details in it that we will learn. but the key here is an agreement has been reached. it still must be voted on. there is some distance to go. but this is a very significant breakthrough just through hours before the fiscal cliff deadline. kelly, can you take us through some of the most specific sticking points that they were argue over? once they got through the major hurdle of resolving new toongs incomes above $400,000 for individuals, $450,000 for couples, that was a very significant compromise for both parties. the president moved up from the level he had campaigned on of having new taxes at $250,000, and republicans for the first time in a couple of decades will acknowledge that they will raise taxes on some of the wealthier americans. that was a big breakthrough. then there became a new set of issues that developed, especially today dealing with how to reduce the deficit with spendin

Spending cutsKellyo donnellFiscal cliff deadlineHouse republicansAffluent americans

Detailed text transcripts for TV channel - MSNBC - 20130101:02:06:00

lawmakers have is the impact of these across-the-board spending cuts due to kick in at midnight tonight, that will affect many federal agencies and the military. and the concern is that would cost jobs, it would limit programs, and would have a harmful effect on the economy. so to delay that has a cost that further adds to the deficit. so they have been trying to find ways to offset that cost. to bring in new revenue through these new taxes, to protect the current tax rates for the majority of americans. so anyone who earns less than 400,000 dollars as an individual will have the same tax rates as they do now. other sorts of tax provisions like the 2% payroll tax will stay in effect. and for those people who have been out of work the longest and have been depending on unemployment benefits, those will continue as a part of this deal. it is complicated. it has very significant impact on the economy, on people s pocketbooks, and there has been sharp political divide for a very long time.

Spending cutsTax ratesAffluent americansPayroll taxTax provisions400000 dollarsUnemployment benefits

Detailed text transcripts for TV channel - MSNBC - 20130101:02:03:00

$600 billion in revenue over the next decade through new tax increases on the wealthiest americans. the bush era tax rates would be extended for all single americans, with income below $400,000, and couples with income below $450,000. all income above those levels would be taxed at a clinton era top tax rate of 39.6%. and capital gains taxes above those amounts would also be increased up to 20% up from 15%. the deal is also said to include a permanent fix for the alternative minimum tax, and extends unemployment insurance for another year for two million americans. there is some grumbling about the proposed deal from labor. in the last hour, richard trumka of the afl-cio tweeted the following we can t set the stage for further destabilizing hostage-taking from in the form of another debt ceiling crisis and another sequester crisis. joining me now from capitol hill by phone is nbc s kelly

Tax ratesTax increasesAffluent americans00 billion600 billionCapital gains taxesTax rate39 6Unemployment insuranceRichard trumkaAfl cioAlternative minimum taxTwo millionKellyo donnellCapitol hillNbc news

Detailed text transcripts for TV channel - FOXNEWS - 20090717:00:12:15

Detailed text transcripts for TV channel - FOXNEWS - 20090717:00:12:15
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