Wednesday, January 2, 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. 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."
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 10, 2012
"On a bigger scale, we're beginning to see the first impacts of the 'fiscal cliff' on Massachusetts and if Congress can't get its act together and compromise on a deal, these budget shortfalls will continue to be a problem," said Coppinger.
Last week Massachusetts Governor Deval Patrick proposed half a billion in cuts to deal with low revenues and the "fiscal cliff." Looking locally, legislators are awaiting what proposals will be come realities. State Rep. Ed Coppinger, D-West Roxbury, was asked by Patch about the expected cuts. "We are still waiting to hear exactly which programs will be cut. The 1 percent cut to local aid will hurt municipalities which have already been hard hit since the Recession," said Coppinger. "We are starting to see good signs in the economy; cuts like these put our progress in a precarious situation. I hope the governor is able to target his cuts smartly and diminish the impact on communities and programs people rely on," said Coppinger. "On a …
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
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 …
Monday, December 3, 2012
Boston Mayor Thomas Menino writes to President Obama, "Show us opportunity. Sell us on progress. Tell us the truth, especially on taxes."
Monday, December 3, 2012
The following is a letter written by Boston Mayor Thomas Menino to President Barack Obama and Speaker of the House John Boehner 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 …
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 …