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Congress

Congress Proposes Federal Tax on Downloaded Music

1 April 2009

Despite the Obama administration’s efforts to close the gap between decreasing revenues and increasing expenditures, the federal deficit is expected to soar this year. Congress has been scrambling for ways to find extra dollars and one Congressman believes he’s found a way: tax online music.
It’s no wonder. The number of songs sold [...]

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Economic Stimulus Plan Is (Almost) Law: What Made the Cut?

16 February 2009

It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something.
- Franklin D. Roosevelt
Clearly, something isn’t working in America. With mounting job losses, creeping retail sales, record foreclosures, it was clear that something had to change. What wasn’t abundantly [...]

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Slight Majority of Americans Favor Stimulus

9 February 2009

As the stimulus plan works its way through the Senate, it appears to be losing popularity among US taxpayers. At the end of 2008, taxpayers were clamoring for a stimulus package, although there was not a lot of agreement as to what should be included. So Congress and President Obama went to work. [...]

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GOP Counters Democrats’ Proposed Second Stimulus Package

13 October 2008

Earlier today, the GOP indicated that they are not on board with the Democrats’ proposal for a second economic stimulus package. There’s no surprise there.
Rep. John Boehner (R-OH), the top ranking Republican in the House, wrote a letter to Rep. Nancy Pelosi (D-CA) calling the proposal:
an irresponsible, business-as-usual approach that has earned this Congress [...]

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You Get a Tax Perk! And You Get a Tax Perk!

8 October 2008

I’ve been tossing around blog post after blog post in my head, trying to figure out what to write exactly about the tax provisions in the most recent bailout package. And I think I’ve finally figured out what’s been bothering me: the darn thing just doesn’t make sense.
I knew that the bill was [...]

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Flood Victims May Get Additional Tax Relief

24 July 2008

Not a lot was done right after Hurricane Katrina but Congress did step in with some disaster relief that include tax breaks for victims and tax incentives for those to give to charities assisting victims. Congress passed similar legislation for victims of other disaster areas, including those who suffered through catastrophic hurricanes and tornados.
Why [...]

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Gas Tax Holiday Takes Well… A Holiday

20 July 2008

The proposed gas tax holiday has officially been scrapped.
Of course, this shouldn’t be news – the tax holiday was planned to start on Memorial Day as the kick off to the summer holiday season. Considering that we’re about six weeks away from Labor Day (the proposed end), the idea that the holiday won’t happen [...]

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Congress Still Trying to Clean Up Housing Mess on Taxpayers’ Dime

7 July 2008

The Senate voted overwhelmingly (76-10) to advance a mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure. The plan focuses on a $300 billion FHA program to allow homeowners who are currently considered too risky to qualify for government-backed loans to refinance into safer, more affordable mortgages.
The number of “yes” votes means [...]

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House Passes Tax Bill to Repeal AMT; White House Threatens Veto

26 June 2008

Defying the White House, Representatives in the US House voted to prevent about 22 million taxpayers from being hit by the alternative minimum tax (AMT).
What?
Oh yeah, just like with any headline, there’s more.
The idea of AMT relief was originally endorsed by the GOP (such as Senator McCain). The problem with AMT relief? The [...]

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Gas Tops $4/Gallon, IRS Finally Ups Mileage Rate

23 June 2008

It cost me nearly $50 to fill my tank this week – $50! And I drive a pretty fuel efficient car. Gas in my home town has hit $4.25/gallon for plain old standard gas. Yuck. Gas prices are just climbing and climbing.
At least there’s a small break: the mileage rate [...]

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