The credit was enacted last year as part of the Recovery Act to put more cash in people’s pockets. For the past two years, it has boosted paychecks by up to $400 for single filers and $800 for joint filers by reducing the tax withheld and giving a credit for that amount. Taxpayers who makeRead more about Making Work Pay tax credit expires at the end of the year[…]
There’s a chance that the Democrats, through their inaction, may allow current tax rates to expire on January 1, 2011. If that happens, the incoming Republican House is prepared to cut taxes retroactively early next year. Many incoming freshmen, and some members of the GOP House leadership, would like the first vote of the newRead more about current tax rates expire on January 1, 2011[…]
House Republicans shouldn’t bend their principles on cutting government spending, says Grover Norquist, president of Americans for Tax Reform and a Newsmax contributor. If that ends in a shutdown of the government like in 1995, tough luck, he says. Participants in this month’s elections “were voting to stop the Obama spendathon, and that’s what peopleRead more about Shut the Government Down if Necessary[…]
The top Republican on the House Ways and Means Committee is warning of the pressing need for stability in the American economy through settled tax policy and the Alternative Minimum Tax (AMT) patch. Rep. Dave Camp (R–Mich.), the chairman-in-waiting of the powerful tax-writing committee, says that he’s received warnings from the IRS of a loomingRead more about Alternative Minimum Tax (AMT) patch.[…]
If lawmakers don’t act, 27 million taxpayers will see an average tax increase of $3,900 from the alternative minimum tax. Congressional tax writers are looking to extend for a single year the current “patch” on the alternative minimum tax that protects middle-class taxpayers from paying the levy. Lawmakers could extend the patch for two yearsRead more about AMT Tax Mess[…]
“If you put the federal government in charge of the Sahara Desert , in five years there’d be a shortage of sand.” ~ Milton Friedman
A possible compromise on extending the Bush tax cuts for all. Obama is willing to consider a compromise for an extension of the full roster of tax cuts, even for families earning more than $250,000 a year. Obama wants the issue dealt with before Jan. 1 so that taxpayers will avoid seeing more money withheldRead more about Obama finds his long lost brain..come to his senses..Bush Tax Cuts might stay[…]
. In 1886, President Grover Cleveland stated, “When more of the people’s sustenance is exacted through the form of taxation than is necessary to meet the just obligations of government and expenses of its economical administration, such exaction becomes ruthless extortion and a violation of the fundamental principles of a free government.” Unfortunately, the AmericanRead more about Continue Bush Tax Cuts[…]
Representatives scurried back to Washington from their summer recesses to do what they do best: spend. Speaker Nancy Pelosi (D-CA) ordered the rare one-day emergency session to vote on a $26.1 billion bill to bail out state governments. The legislation passed the Senate last Thursday, after the House already broke for recess. Pelosi and herRead more about American people believe that more federal spending is the wrong solution.[…]
We need to become a beacon for capital across the globe. It is doubtful that raising taxes will entice capital to flow to the USA.
