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More Political Theater: Final Senate Vote On Tax Cut Extension In Process: Update - Vote Passes

Tyler Durden's picture




 

Update: As expected, vote passes.

The final vote on the tax cut extension in the Senate is currently in progress. Nothing but a little more political theater: the outcome is long pre-determined. One notable item: the DeMint amendment to make tax cuts permanent has been rejected.

Live feed after the jump

 

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Wed, 12/15/2010 - 14:14 | 808628 the not so migh...
the not so mighty maximiza's picture

What a waste of time.  Local tax and use fees will increase anyway. 

Wed, 12/15/2010 - 14:17 | 808643 IBelieveInMagic
IBelieveInMagic's picture

Bingo! This is the indirect bailout of the local and states by giving a tax break at the federal level hoping that would provide the cushion for taxes to go up at the state and local levels...

Wed, 12/15/2010 - 14:28 | 808693 Id fight Gandhi
Id fight Gandhi's picture

What waste. The rich should pay. They got welfare via pomos and bailouts.

Who pays local taxes? Unemployed surely don't.

Bailout for states!

Wed, 12/15/2010 - 14:32 | 808704 snowball777
snowball777's picture

Sure, because none of my rent gets passed on to the state in prop taxes. Uh huh.

And the unemployed never pay sales tax, right?

Think more.

Wed, 12/15/2010 - 14:38 | 808722 CrockettAlmanac.com
CrockettAlmanac.com's picture

It is amazing how many folks overlook the fact that rent includes the amount which the landlord must pay in property taxes. Folks also don't realize that property taxes are typically the single largest expense for the landlord and they can eat up about half of all rental income.

Wed, 12/15/2010 - 14:47 | 808753 Pladizow
Pladizow's picture

Time to short the life insurance carriers?

Wed, 12/15/2010 - 14:23 | 808665 kentfinance
kentfinance's picture

meanwhile on the FCIC the cover up continues:

http://www.huffingtonpost.com/2010/12/14/financial-crisis-panel-wall-str...

During a private commission meeting last week, all four Republicans voted in favor of banning the phrases "Wall Street" and "shadow banking" and the words "interconnection" and "deregulation" from the panel's final report,"

ok - all better then

 

Wed, 12/15/2010 - 14:59 | 808793 hedgeless_horseman
hedgeless_horseman's picture

 Local tax and use fees will increase anyway.

Houston City Council approves fee hike for nearly 150 municipal services

by Associated Press


December 15, 2010 at 11:48 AM

 

HOUSTON -- People in Houston will pay more for almost 150 municipal services as the city deals with a nearly $30 million budget shortfall.

The Houston City Council on Wednesday approved the higher fees, which are expected to generate about $6.5 million in additional revenue during the current fiscal year.

Fees are going up for a range of services, including fire alarm renewal permits, parking meters, swimming pool inspections and permits for operating a taxi.

The Houston Chronicle reports the average fee increase is about 25 percent. Some fees have not gone up since 1981.

Mayor Annise Parker told council members that all Houstonians should not have to subsidize the costs for select permits, fees and services that are used by only a select few.

http://www.khou.com/news/local/Houston-City-Council-approves-fee-hike-for-nearly-150-municipal-services-111934774.html

Wed, 12/15/2010 - 14:14 | 808632 Sudden Debt
Sudden Debt's picture

Why the vote? JUST FUCKING DO IT AND BLOW UP THE US DEFICIT!!

 

Wed, 12/15/2010 - 14:17 | 808645 bob_dabolina
bob_dabolina's picture

Looks like the Fed is going to eat another loss today

Wed, 12/15/2010 - 14:18 | 808646 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

What will happen to US bonds... thought?

Wed, 12/15/2010 - 14:34 | 808710 SheepDog-One
SheepDog-One's picture

-1.1trillion.

Wed, 12/15/2010 - 15:04 | 808810 toathis
toathis's picture

The other side of the coin shows the interest rates we are borrowing at are extremely low; The Fed will be able to expunge a good deal of that debt once the economy picks up; we still have the #1 economy in the world, 4 times that of China, and believe me when I say China is very beholding to the U.S. importing their goods; and finally, Germany will be sleeping with those PIIGS long after the U.S. cleans up it's mess.

Wed, 12/15/2010 - 14:21 | 808653 cougar_w
cougar_w's picture

It would be politically bad to make the tax cuts permanent. If they did that, they wouldn't be able to hold these mock votes every so often to prove that they are actively doing everything in their power to save the middle-class.

See, I could do the job. Maybe I ought to run for office. "Vote for the cat! Send an actual homicidal creature of darkness to Washington!"

Wed, 12/15/2010 - 14:20 | 808657 tmosley
tmosley's picture

I think we can all agree that the best way to get out of debt is to charge more on our overlimit credit cards.

Wed, 12/15/2010 - 14:24 | 808675 cougar_w
cougar_w's picture

Excellent point! This doesn't get nearly as much attention as it should. We could fix consumer debt problems overnight just in time for the Holidays:

Pay one credit card bill by charging the payment to a different credit card.

Flawless.

Wed, 12/15/2010 - 14:26 | 808666 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

There is no left and there is no right.  There just is, and it is downright stupid.

Wed, 12/15/2010 - 14:41 | 808739 CrockettAlmanac.com
CrockettAlmanac.com's picture

However, up and down continue to exist and the law of gravity remains in effect.

Wed, 12/15/2010 - 14:24 | 808671 johny2
johny2's picture

In any free market this would mean a heavy hit to the Bonds. So, we can expect a rally.

Wed, 12/15/2010 - 14:31 | 808698 toathis
toathis's picture

AMEN! More upside and recovery on the way!

The laws of Macro Economists are being re-written before our very eyes, ears, noses and mouths.

Gold is a confirmed bubble. After all this macro news and legislation. JP Morgan's short is a bunch of internet "gossip".

I will be selling one of my six Gold American Eagles on way home from the office today.

3 new businesses opened up on my mainstreet where I live this year. No they were not home mortgage offices. GOLD for CASH!

B.U.B.B.L.E.!

Wed, 12/15/2010 - 14:39 | 808728 Bay of Pigs
Bay of Pigs's picture

You are one stupid fuck.

Wed, 12/15/2010 - 14:51 | 808766 Pladizow
Pladizow's picture

How is it a bubble if the public is selling their gold?

Wed, 12/15/2010 - 14:59 | 808792 toathis
toathis's picture

People are starved for CASH!

People need it to pay their bills and for gifts.

Gold 4 Cash is just a convient place for people to exchange some of their old Jewelry for cold hard CASH!

It is also great for people that bought in at the lows in the earlier part of the decade and now wish to sell before the double-top bubble bursts in their face!

Wed, 12/15/2010 - 15:21 | 808882 Pladizow
Pladizow's picture

I highly doubt that someone who was intelligent enough to buy gold "in the earlier part of the decade" would be stupid enough, at any point in time to sell to a Cash 4 Gold outfit.

Many like you have been proved wrong for the last 10, 5, 3, and 1 year time periods and will continue to be proved wrong.

Wed, 12/15/2010 - 15:39 | 808969 Terminus C
Terminus C's picture

Toathis is the Ben Bernack methinks, and the four golden eagles he is referencing is what is remaining in U.S. gold reserves.

Wed, 12/15/2010 - 14:41 | 808732 iDealMeat
iDealMeat's picture

I think this bill has ballooned to 1,900+ pages..  I bet the MERS legalization bill is in it..

Wed, 12/15/2010 - 15:09 | 808832 John McCloy
John McCloy's picture

1,900 pages..Think about the instanity of that.

Wed, 12/15/2010 - 14:44 | 808745 P Rankmug
P Rankmug's picture

This is not a tax cut contributing to the deficit.  Absent the pork, it is just leaving the tax code the way it has been.

If you desire to cut spending and attempt to get the deficit under control end the treasury and blood draining useless wars and get rid of a huge chunk of federal bureaucracy whose sole function is to perpetuate itself by inflicting endless regulation on what remains of the productive economy.

While you are at it, end the Fed by linking the dollar to gold and the IRS with a flat simple low tax rate.

 

Wed, 12/15/2010 - 14:48 | 808756 Sad Sufi
Sad Sufi's picture

The tax extension did not "pass."  This was a pre vote on ammendments.  Just called my senator...

Wed, 12/15/2010 - 14:53 | 808774 Encroaching Darkness
Encroaching Darkness's picture

Let's assume at least one "hacker" or "4chan" type reads ZH. Is it possible to:
(1) Send a simple message (anonymously) to the current lame duck Congress, maybe a hundred times a minute? Something like, "Sic semper tyrannis"?
(2) Ask everyone available to do this until they get the message and stop creating more pain for the rest of us (Congress is usually exempt from its own laws)?
Just wondering.

Wed, 12/15/2010 - 15:04 | 808784 Encroaching Darkness
Encroaching Darkness's picture

Double post, dammit! Removed (goes to sit in the corner for 15 minutes)

Wed, 12/15/2010 - 15:37 | 808943 Cdad
Cdad's picture

Tyler, I cannot even keep up today.  You really should insert some stories about shopping...or donuts....occasionally so that a guy could catch up with things.  Just sayin'.

Because of the way the criminal syndicate known as Wall Street works, it is important to think less about the bill passed, and focus more of your attention on the back of the Roach Motel [the etf SPY].  There you will see a line forming...of folk that, despite their perpetual hopium smoking, seem to want to leave.

As has been the case the last few days, the only real volume is this exiting volume...which, last I checked, was a sell signal...unless you are a criminal syndicate Wall Street banker on CNBC.  And in the later case, you received enough money from The Bernank this month that you can afford to hire people to take care of such things as roaches.

But they are scurrying again...and I can imagine why...since the guys long the Euro after three days of the wildest currency party of the year...those guys are hanging over the railing hacking out that currency...which is troubling...because Euro strength was one of the key sand castles upon which the criminal syndicate banking system built this really stupid rally of the Roach Motel [SPY].

I have sent word to the floor of the NYSE, however, that it might be best if hockey helmets are distributed to all floor traders, in the spirit of the holidays, and for the safety of criminal syndicate Wall Street bankers who, nowadays anyway, do not strike me as very bright folk...because I know that we all want them to remain safe during the season so that they can receive their subpoenas early next year.

Wed, 12/15/2010 - 15:48 | 809014 Cow
Cow's picture

Scarlett Johannsen is getting divorced.  Does that help?

Wed, 12/15/2010 - 15:57 | 809062 CrockettAlmanac.com
CrockettAlmanac.com's picture

No, but let me know when Scarlett O'Hara Hamilton Kennedy Butler's divorce is final. Frankly, I do give a damn!

Wed, 12/15/2010 - 16:35 | 809267 glenlloyd
glenlloyd's picture

If this passes the house it will only bring the crisis about more quickly, the route to ruin was set decades ago.

Wed, 12/15/2010 - 16:56 | 809363 redrob25
redrob25's picture

Get rid of taxes and the Fed and therefore kill the government.

The deficit is here to stay either way .. there is no way a raise in taxes will pay it off .. past the point of no return, we are.

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