Wednesday, January 2, 2013
The agreement reached between the White House and Congress doesn't address spending cuts and leaves another potential debt limit showdown on the table. It also increases taxes on income over $400,000. Is this a deal that works for you?
After a marathon holiday negotiation session, after grumbling by liberal senators and after a near-revolt by conservative representatives, the fiscal cliff deal was approved by the House of Representatives late Tuesday night. The bargain will increase taxes on income above $450,000 for families, increase capital gains taxes, permanently fix the alternative minimum tax, change the estate tax and provide some changes in deductions. It also will extend unemployment benefits, earned income tax credits and other tax breaks for the working class. The Washington Post has a cheat sheet with all of the details. Middle class taxpayers will still see a smaller paycheck in 2013; The payroll tax cut was not preserved as part of the fiscal cliff deal. …
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. 31, 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 January 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 …
J.Yuma
6:03 pm on Tuesday, January 15, 2013
(SALEM) – Today, Tea Party Patriots, the nation’s largest tea party organization, responded to President Obama’s press conference on the debt ceiling. “Our President rails against not paying our debts as a country, but refuses again and again to take any meaningful steps to reduce our debts—such as cutting spending,” said Ken Novack of the Salem Tea Party. “It is the President who is holding our … more ›