Tuesday, January 15, 2013
The IRS has announced a delayed start to the 2012 tax filing season.
You'll have to wait a bit if you are used to filing your annual tax return at the earliest possible date. The Internal Revenue Service has revised its opening date for tax season, pushing it eight days to Jan. 30. The tax filing deadline is Monday, April 15. The IRS will begin accepting 2012 tax returns on Jan. 30. Most taxpayers should be able to file on that date though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in January, an H&R …
Thursday, January 3, 2013
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. Ed Markey, D-Malden, who represents Melrose, Rep. John Tierney, D-Salem, and Rep. Mike Capuano, D-Somerville, each 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. John Kerry, D-MA, and Scott Brown, R-MA, 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 …
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 U.S. 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 …
Saturday, December 29, 2012
Congress is so focused on the fiscal cliff, the farm bill has yet to be renewed.
Come Jan. 1, there is a threat that milk prices could rise to $6 to $8 a gallon if Congress does not pass a new farm bill that amends farm policy dating back to the Truman presidency, reported the New York Times. If Congress does not renew the Farm Bill by Monday, Dec. 31, the milk price formula reverts back to 1949, reported CBS Boston. On average, a gallon of milk costs $3.65, according to the dairy industry. U.S. Agriculture Secretary Tom Vilsack said without a farm bill renewal farmers will be in a hurry to sell to the government, creating a shortage in the stores. It is estimated the price of milk could go as high as $8, he told the Capital Press. If the farm bill is not renewed the government will be forced to buy milk at inflated …
Thursday, December 27, 2012
The President and Congress have just a few days to avert automatic tax increases and spending cuts. A number of Massachusetts Congressmen 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 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-…
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…
Sunday, December 9, 2012
Beyond local aid, the city could lose funding from the state for special education, homeless student aid and charter school reimbursements in the half-billion proposal Gov. Deval Patrick released Tuesday.
Melrose could lose more than $100,000 in aid from state government, Mayor Rob Dolan said, as part of the half-billion worth of cuts that Gov. Deval Patrick proposed on Tuesday, in anticipation of the "fiscal cliff" combined with projected state tax revenues that are more than $500,000 lower than previously expected. "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." Dolan told Melrose Patch his office is focused on …
Friday, November 30, 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 …
Nick
7:20 pm on Tuesday, January 1, 2013
Happy New Year, North Reading residents have their own fiscal cliff, take a look at your property tax bill. More tax increases and no plans to reduce the cost government. We have fortune 500 companies in town that pay the same tax rate as residents, it doesn't make any sense. How can the town continue to fund public employee's pension and retirement. Why are we funding their pension at a time … more ›