Posts Tagged With: fiscal cliff

Parrot laughs like a super villain…


Categories: 2nd Amendment, adult radio | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Less in your paycheck now…Big Gov’t takes a bigger bite…


American workers are opening their first paychecks of the year and finding an unpleasant surprise: The government’s take has gone up.
A temporary cut in Social Security withholdings gave Americans hundreds of extra dollars to spend over the past two years. But Congress allowed that break to expire during the wrangling over the fiscal cliff, meaning that Social Security taxes have reverted to 6.2% of salary from the temporary 4.2%.
The noticeable lightening of paychecks as consumers remain tentative threatens to put a drag on economic growth. The effect for companies is that the hit is likely to cement a frugal attitude that led consumers to cut back on eating out and shift to less-expensive store brands.
Kari Barker, an accountant in Salt Lake City, recently received her first 2013 paycheck and realized that she and her husband will take home $250 less every month. The 32-year-old, who works as a financial controller for a medical-devices company, accepted a second job last week doing accounting work for a friend’s start-up company.
Ms. Barker recently had a second child, who joined the first in day care. She has been planning meals more carefully to spend less on groceries and has switched to less-expensive brands of household and baby items. “I used to be a diapers snob and would only buy Pampers or Huggies,” Ms. Barker said. “Now I buy Target’s house brand, because it’s two-thirds the cost.”

Categories: Politics | Tags: , , , , , , , | Leave a comment

Obama’s open checkbook


The country hit its $16.4 trillion debt limit December 31, and the Treasury is on track to run out of funds in February. If Congress does not raise the debt ceiling on time, the United States would default on its debt payments and roll markets worldwide.

Categories: Politics, Uncategorized | Tags: , , , , , , , | Leave a comment

Bigger Tax Bite for Most Under Fiscal Pact…..


Only the most affluent American households will pay higher income taxes this year under the terms of a deal that passed Congress on Tuesday, but most households will face higher payroll taxes because the deal does not extend a two-year-old tax break.
The legislation, which was forged in the Senate and overcame resistance in the House late Tuesday will grant most Americans an instant reversal of the income tax increases that took effect with the arrival of the new year. Only about 0.7 percent of households will be subject to an income tax increase this year, according to the Tax Policy Center, a nonpartisan research group in Washington. The increases will apply almost exclusively to households making at least half a million dollars, the center estimated in an analysis published Tuesday.
But lawmakers’ decision not to reverse a scheduled increase in the payroll tax that finances Social Security, while widely expected, still means that about 77 percent of households will pay a larger share of income to the federal government this year, according to the center’s analysis.
The tax this year will increase by two percentage points, to 6.2 percent from 4.2 percent, on all earned income up to $113,700.
Indeed, for most lower- and middle-income households, the payroll tax increase will most likely will equal or exceed the value of the income tax savings. A household earning $50,000 in 2013, roughly the national median, will avoid paying about $1,000 more in income taxes — but pay about $1,000 more in payroll taxes.

Categories: Politics | Tags: , , , , , , , , | Leave a comment

National News Alert……President Obama to speak about ‘fiscal cliff’ at 1:30 ET as negotiators edge closer to deal…


President Obama will deliver remarks on the ‘fiscal cliff’ talks Monday at 1:30 p.m. E.T., as negotiators for the administration and Senate Minority Leader Mitch McConnell (R-Ky.) appeared to have nailed down many of the most critical tax issues, including a plan to let taxes rise on income over $450,000 a year for couples and $400,000 a year for individuals, according to people in both parties familiar with the talks.

Categories: Politics | Tags: , , , , , , | Leave a comment

Obama Gives Biden, Congress a Raise while America suffers…


As the nation nears the fiscal cliff, President Barack Obama has ended the pay freeze on federal employees — giving workers, ranging from Vice President Joe Biden to members of Congress and the Supreme Court, a raise.

Obama signed the executive order on Thursday, The Weekly Standard reports. The increases take effect in late March.

Citing recessionary factors and budgetary concerns, Obama instituted the pay freeze in 2010.

Under the new guidelines, for instance, Biden’s salary will jump from $225,521 last year to $231,900 next year.
Members of Congress, from the House and Senate, also will receive a slight raise — from $174,000 to 174,900.

And the majority and minority leaders in both chambers will see their salaries rise to $194.400.

The salary for the Speaker of the House, currently the Ohio Republican John Boehner, will increase to $224,600.

In addition, the pay for the members of the U.S. Supreme Court also will rise, with Chief Justice John Roberts receiving $223,500, and associate justices being paid $213,900.

Categories: Uncategorized | Tags: , , , , , , , | Leave a comment

US To Hit $16.4T Debt Ceiling Dec. 31..


Treasury Secretary Timothy F. Geithner said his department will take “extraordinary measures” to postpone a U.S. default for about two months while President Barack Obama and Congress work out a deficit-reduction deal.
Geithner, in a letter to congressional leaders today, said the government will hit its statutory $16.4 trillion debt ceiling on Dec. 31. To avert a default, the Treasury will take action to create about $200 billion in headroom under the debt limit.

“However, given the significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013, it is not possible to predict the effective duration of these measures,” Geithner said.

Categories: Politics | Tags: , , , , , , , , | Leave a comment

Obama’s Trophy Wife…….


032

Categories: Politics, Uncategorized | Tags: , , , , , , , , | Leave a comment

How do we kill Obamacare now?


It is very simple……House Republicans alone have it in their power to kill Obamacare, cut $1 trillion in borrowing and spending and start the nation’s return to constitutionally limited government with one vote.
That vote is a rejection of raising the debt limit – thereby denying Obama the funds he needs for Obamacare and “a thousand other programs that are wasteful, unconstitutional, immoral and about to take the country off the fiscal cliff.”
Americans need to rise up in big numbers and demand it of them,” “Republicans have it in their power. They only need an injection of courage.”

Categories: Politics | Tags: , , , , , , , , | 2 Comments

GOP Rejects Obama Offer of $1.6 Trillion Tax Increase……


Congressional Republicans dug in to fight President Barack Obama’s plan to skirt the fiscal cliff, rejecting his tax-and-spending proposal as the president heads out today to sell it to the American public.
Treasury Secretary Timothy Geithner shuttled among congressional leaders yesterday with a plan to trade $1.6 trillion in tax increases for $400 billion in unspecified entitlement program cuts, Republican congressional aides said.

Republicans complained that the offer was little more than a rehash of old budget proposals, setting the stage for more contentious negotiations over the next several weeks as the year-end deadline approaches for more than $600 billion in spending cuts and tax increases to kick in.

“If the president is going to lead on this critical issue, he has to propose a plan that can actually pass,” said Republican Senator Roy Blunt of Missouri. “This is simply not a serious proposal.”

Geithner’s offer, as described by two Republican aides, is based on Obama’s fiscal 2013 budget and his 2011 proposal to the deficit-cutting supercommittee, which last year didn’t come up with a plan all sides could accept.

Top Earners

It would raise taxes for top earners by $1.6 trillion over the next decade with higher rates on income, capital gains, dividends and estates, along with limits on tax breaks. It would call for about $400 billion in cuts to entitlement programs, which Republicans have deemed insufficient.

The plan would either extend or replace a payroll tax cut that is set to expire at the end of the year, according to the Republican aides. It would protect millions more people from having to pay the alternative-minimum tax and defer by a year the federal spending cuts set to start taking effect in January.

Categories: Politics | Tags: , , , , , , , , | 4 Comments

Blog at WordPress.com.

mayanexplore.com

Riviera Maya Travel Guide

Cajun Food, Louisiana History, and a Little Lagniappe

Preservation of traditional River Road cuisine, Louisiana history & architecture, and the communities between Baton Rouge & NOLA

Jali Wanders

Wondering and Wandering

Southpaw Tracks

“If ever a time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin.” ~Samuel Adams

Pacific Paratrooper

This WordPress.com site is Pacific War era information

what's the formula?

Nurturing awesomeness: from the parents of celebrities, heroes, trailblazers and leaders

Tarheel Red

A Voice of Conservatism Living in Carolina Blue

cancer killing recipe

Just another WordPress.com site

dreamshadow59

A great WordPress.com site

Mike's Look at Life

Photography, memoirs, random thoughts.

Belle Grove Plantation Bed and Breakfast

Birthplace of James Madison and Southern Plantation

Letters for Michael

Lessons on being gay, of love, life and lots of it

Sunny Sleevez

Sun Protection & Green Info

Backcountry Tranquility

A journal about my travels and related experiences :)

LEANNE COLE

Art and Practice

Lukas Chodorowicz

Travel, culture and lifestyle experienced on my adventures around the world. All photos taken by me. Instagram: @colorspark

BunnyandPorkBelly

life is always sweeter and yummier through a lens. bunnyandporkbelly [at] gmail [dot] com

%d bloggers like this: