The American Jobs and Closing Tax Loopholes Act of 2010 (also referred to as HR 4213) may need to be renamed the American Jobs and Closing Tax Loopholes Act of 2011. More than six months after its introduction, the bill is still sitting in Congress with just about a month and a half to go…
Just a week after I reported that Colorado was moving to increase taxes on its sugary drinks, Philadelphia Mayor Nutter is expected to announced a new tax on sugary drinks. Nutter plans to present his 2010-2011 budget on tomorrow. Expected to be included is a 2 cents per ounce tax on sugary drinks. That’s right:…
Remember last month when Secretary of the Treasury Timothy Geithner would not rule out a tax increase for the middle class to resolve our budget woes? Well, apparently he’s changed his mind. Speaking this week, Geithner was asked the same question. This time, his answer was: “I don’t think so, no.” So there you have…
I’m guessing that Gov. Schwarzenegger thinks something very different when he sees this slogan these days: The thing that won’t die, in the nightmare that won’t end. It’s not the Terminator but rather, the budget. The state of California is facing a $21.3 billion shortfall. Billion. And the measures that Schwarzenegger hoped would be a…
It’s Fix the Tax Code Friday! Remember that study that I cited from the Tax Foundation earlier in the week? That same report offered another statistic. In 2007, the cost of balancing the budget would have cost each taxpayer an additional $1,789 in taxes. This year, due to “the bailouts and the Troubled Asset Relief…
John McCain and Barack Obama both promise to be fiscally responsible and not raise taxes on the middle class if elected president. It’s a tall order no matter who wins… the current White House has released information about the country’s economic status and it’s not good news. Last week, the White House estimated that the…
Taxpayer asks: Hey taxgirl, I get that we have overspent in Congress. But who do we owe exactly? And what is the difference between the deficit and the debt? I know these aren’t really tax questions but you talk about it on your blog so I thought you might know. Taxgirl says: What great questions!…
The economic stimulus payments – which qualify more or less as “free money” from the government – pushed the federal budget deficit to an all-time high of $165.9 billion in May. The increase in the deficit includes $48 billion already paid out of the $168 billion planned payments for the economic stimulus plan. Receipts for…