Wednesday, January 2, 2013
In his final days in office, Senator Scott Brown threw his support behind a new deal of fiscal cliff plan.
Calling the deal on the fiscal cliff "not perfect," outgoing US Senator Scott Brown (R-Wrentham) endorsed the plan in his final days in office. He says it ‘‘protects 99 percent of Americans from a massive tax increase," according to an Associated Press report. Brown had supported a no-tax pledge. The deal raises taxes on individual incomes over $400,000 and over $450,00 for household incomes and a portion of estates more than $5 million. The comprise allows Congress to have more time to work on government spending.
Sunday, December 30, 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
President, Congress have just a few days to avert automatic tax increases and spending cuts. A number of Massachusetts Congressman 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-…
Tuesday, December 11, 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 …
Friday, December 7, 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…