Monday, January 7, 2013
Despite the so-called 'fiscal cliff' deal reached in Washington, 3 out of 4 taxpayers will pay more in taxes this year.
Monday, January 7
Despite the House and Senate reaching a deal on the so-called "fiscal cliff," 77 percent of Americans will pay more in taxes in 2013. That's because even though just 1 percent of households will pay higher income taxes, an increase in federal payroll taxes will hit nearly every wage earner, according to an analysis by the Tax Policy Center. Individuals earning between $40,000 and $50,000 a year face an average tax increase of $579 in 2013, according to the Tax Policy Center's analysis. The average U.S. worker would pay $679 more in taxes this year under the fiscal cliff deal passed by the Senate early Tuesday morning, while the average member of the top 1 percent of earners would pay $73,633 more, according to Tax Policy Center analysis. …
Wednesday, January 2, 2013
A summary of the deal reached as the House approves the Senate-passed package in a late-night vote of 257 to 167.
Wednesday, January 2
In the wee hours of Jan. 1, Senate leaders reached agreement on legislation designed to avert the so-called "fiscal cliff." That agreement has also been approved by the House by a 257 to 167 vote. According to The Washington Post the measure "would let the top tax rate rise immediately from 35 percent to 39.6 percent on income over $450,000 for married couples and $400,000 for single people." Although the bill will protect middle income families from an increase in income taxes, the legislation passed Tuesday night will not stave off an increase in payroll taxes. A 2 percent payroll tax cut passed during the economic downturn expired Dec. 31. According to Bloomberg the average increase would be $1,635. The increase will impact …
Tuesday, January 1, 2013
While Congress can't seem to agree on a compromise to avoid the "Fiscal Cliff," leadership of the agriculture committee announced a compromise on the farm bill Sunday.
Tuesday, January 1
While Congress can't seem to agree on a compromise to avoid the "Fiscal Cliff," leadership of the agriculture committee announced a compromise on the farm bill Sunday. Senate Agriculture Committee Chairman Debbie Stabenow indicated that the House could vote on the extension as early as Sunday evening, though House leaders have not yet agreed to put it on the floor. In addition to the one-year extension that has the backing of the committees, the House GOP is also considering two other extension bills — a one-month extension and an even smaller bill that would simply extend dairy policy that expires Jan. 1, reported the Associated Press on the NPR site. Dairy subsidies under the 2008 farm bill expire on Monday and without a bill in place, …
Thursday, December 27, 2012
President, Congress have just a few days to avert automatic tax increases and spending cuts. Rhode Island's reps are urging their Republican colleagues to get back to work.
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 will face 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 tax cuts will expire, raising taxes on nearly all Americans. In addition, $1.2 trillion in spending cuts to defense and government programs will go into effect. The week before Christmas, it looked like a deal was possible, as President Obama and …