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. …
The bill eases portions of the so-called "fiscal cliff."
The U.S. House of Representatives approved a deal late Tuesday to ease portions of the so-called "fiscal cliff," according to the Huffington Post. How did our local representatives in Congress vote? Rep. Stephen Lynch, D-South Boston, supported the measure. The compromise was approved by the Senate at 2 a.m. Tuesday, and despite talk of rejecting it, the House ultimately passed the bill by a vote of 257 to 167. Sens. Scott Brown and John Kerry both supported the measure in the Senate. "Just voted for the fiscal cliff bill," Brown said on his Facebook Page at 1:55 a.m on New Year's Day. "Not the full answer but a small step forward. A lot of work next session. Good luck."
Wednesday, December 19, 2012
Instead, those polled say, increase taxes on the rich and end corporate subsidies.
As Congress wrestles with how to avoid the imminent fiscal cliff, a poll finds that Massachusetts voters strongly favor increased taxes on the rich, less corporate welfare and no cuts in social security, Medicare or Medicaid. "I think that this survey really gives us a clear view of voters expectations of their elected officials," said Jason Stephany of MassUniting, a coalition of community groups, neighborhoods, faith organizations and workers advocating for good jobs, corporate accountability. MassUniting conducted the poll along with Public Policy Polling. It was conducted from Nov. 27-29 and included 638 Massachusetts voters. "Essentially, the big thing that this poll tells us is that this election was not a fluke or a one-off thing…
Friday, December 7, 2012
A study finds that Bay Staters will pay more if the child and college tuition tax credits expire.
More than half a million Massachusetts families will pay more in taxes if the federal government doesn't reach an agreement on the tax code by the end of the year, a study reported in the Boston Globe found. The child tax credit is set to expire if Congress doesn't reach a deal. The tax credit affects 562,000 lower- and middle-class familes, currently saving each about $1,000 a year. Another group of tax credits set to expire includes college tuition credits, an increase that would affect 217,000 families, according to the story. Small businesses would be affected if the federal government falls off the "fiscal cliff," too. If no deal is brokered, next year these businesses will only be able to claim $25,000 in deductions on new …
Wednesday, December 5, 2012
"Show us opportunity. Sell us on progress. Tell us the truth, especially on taxes."
The following is a letter written by Mayor Thomas Menino to President Barack Obama and Speaker of the House John Boehner, taken from the City of Boston's website. December 1, 2012 President Barack Obama 1600 Pennsylvania Avenue Washington, DC 20500 Speaker John Boehner House of Representatives 1011 Longworth H.O.B. Washington, DC 20515 Dear President Obama and Speaker Boehner, I know a little bit about the importance of funding for health research, training, and care. Boston is home to the #1 medical school in the country and the #1 hospital in the country. Researchers in Boston earn more NIH support than in any other city. Health care companies and institutions employ more people than any other sector. Oh, and there’s this: I just …
Tuesday, December 4, 2012
Patrick announced the budget adjustments Tuesday.
In anticipation of the “fiscal cliff” combined with projected tax revenues that are more than half a billion dollars lower than previously expected, Gov. Deval Patrick released a revised budget designed to deal with the gap Tuesday. “The uncertainty of the fiscal cliff and the resulting slow down in growth, is the direct cause of our budget challenges,” Patrick said. “Congress and the President must come to terms on a solution so the private sector will continue to make the kind of investments that create jobs, grow state and federal tax revenue collections and contribute to a lasting economic recovery." The state is now expecting to bring in roughly 21.5 billion in tax revenue, and Patrick's plan to bridge the gap between this amount and…
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 …