Since we have plenty of time to start complaining and debating early, Congress has decided to jump right in. On tap for this month: the payroll tax cut. The what, you say? Exactly. The payroll tax cut was supposed to be a “temporary” cut in your withholding to make up for the loss of the…
Congress may be on holiday but they still managed to get something done. And by something, I mean nothing. But they want to pretend that they did something so we’ll let them have their moment. The House and the Senate passed a bill that would extend the payroll tax cuts for a lousy two months….
It’s not often that you’ll see me lauding House Speaker John Boehner (R-OH) as the voice of reason but here it is: the man is one of just a handful in Congress making some sense with respect to these payroll tax cuts. Speaker Boehner is pushing for a full year extension on the cuts, saying:…
President Obama will send his new jobs creation plan to Congress later today. He’s going to pitch it first in the Rose Garden surrounded by the kinds of folks that make for good press (vets and teachers, for example) and then send it to Congress for consideration. It’s not going to be an easy road….
Guest Post by: Kate Olson This article in a recent BusinessWeek magazine instantly made me bristle – “Taxing the Not-So-Rich Rich” makes the case that families bringing in a combined income of greater than $250,000 aren’t necessarily wealthy and shouldn’t be taxed as such under presidential nominee (D) Barack Obama’s proposed tax plan. This plan…
The House Ways and Means Committee has voted to permanently remove the income tax consequences for homeowners whose debt is partially forgiven by a lender after a foreclosure. The bill is likely to pass the House and Senate, and President Bush has already spoken publicly about his approval of the measure. Great. Now homeowners have…