Wednesday, January 2, 2013
The deal will preserve some tax cuts and allow others to expire.
The House of Representatives passed the Senate's "fiscal cliff" deal Tuesday night, averting a potential calamity for many taxpayers and setting new tax rates for some. Highlights of the agreement include: “President Obama and the Senate came to an agreement on a deal to prevent the country from going over the fiscal cliff," Congressman John Tierney wrote in a statement Wednesday morning. Tierney voted in favor of the bill. "It was the only bill brought to the House floor for a vote and it is imperfect. However, this legislation is a first step and it will ensure that millions of middle-class Americans and small businesses will not have the largest tax increase in the history of our country. Meanwhile, millionaires and billionaires will …
Monday, December 31, 2012
The financial deadline looms in Washington, with no deal yet made. Check this primer, and share your questions and thoughts.
With Christmas 2012 over, one reality check is that the looming "fiscal cliff" deadline is imminent. On Dec. 31st, tax cuts dating to the George W. Bush presidential term are scheduled to expire, and President Obama and congressional leaders have not reached a compromise. Of course, that means tax bills would increase for many middle- and upper-class taxpayers. And that means paycheck withholding for many workers would change, leaving them with less take-home pay in the new year. Apparently, though, there will be no immediate change in withholding tables, while the situation is unresolved. According to John Tuzynski, the IRS’ chief of employment tax policy, employers should continue to use 2012 withholding tables and personal exemption …
Friday, December 28, 2012
President, Congress have just a few days to avert automatic tax increases and spending cuts. A number of Massachusetts Congressman suggest cutting nuclear programs instead.
Starbucks baristas are writing "come together" on all cups in the Washington, DC, area to encourage Congress and the President to come together to fix the fiscal cliff issue. For more information about this initiative, go to www.patch.com/fixthedebt. Congress and President Obama are racing against the clock this week as they make one last attempt to hammer out a deal to avoid the so-called “fiscal cliff” the U.S. government is set to go over on New Year’s Day. Without a compromise deal to lower the deficit, the government faces a self-imposed deadline that triggers both spending cuts and higher taxes. Congress itself set the Jan. 1 deadline after failing to come to a budget compromise earlier this year. On Jan. 1, the George W. Bush-era …
Saturday, December 1, 2012
Massachusetts Democrats in Congress want to avoid cuts in benefits as part of any deal, but proposals such as raising the eligibility age for Medicare are still on the table. What would you do?
As Congress negotiates a deal to avoid the so-called "fiscal cliff" on Jan. 1, Massachusetts' congressional representatives have voiced their opposition to any cuts in benefits such as Social Security, Medicare and Medicaid, the Boston Globe reports. However, there are proposals still on the table that would change those benefit programs, including linking Social Security benefits to a more conservative inflation index that would slightly reduce annual increases, or raising the eligibility age for Medicare from 65 to 67. The Globe reported that while the Bay State's legislators were united against changes to Social Security, there's some wiggle room on Medicare. Rep. Ed Markey opposes raising the Medicare eligibility age; Rep. Michael …
Carl Reppucci
10:08 pm on Monday, December 3, 2012
Look at the Federal Poverty Levels - that even a single person making $33000 is considered 300% above poverty level but take someone single out of college with $100000 in debt, give him/her a $60000 job and with loans, apt rent, car - they are now in poverty. Good luck! How much in taxes? If you don't control the towns and the state - remember they get federal money - your tax dollar - then cut … more ›