Sunday, February 24, 2013
Well, not so fast, apparently Washington is back on that same path and hasn't yet figured out how to avoid that stretch of road.
It seems that just last month the country was on the brink of doom and disaster — facing a fiscal cliff of epic proportions. Oh wait, that was just last month. On the eve of disaster, the problem was averted by a last-minute deal that resulted in almost everybody's taxes going up. According to The Huffington Post, Washington hasn't yet figured how to get off that path and we're back on the road again, approaching that pesky fiscal cliff. Dubbing it an austeroid, a play on words relating to an austerity asteroid, The Huffington Post points out that the country is about to be hit with the "sequester" on March 1, which could cut another 0.6 percent from growth. That on top of the 1.5 hit that The Huffington Post laid at the feet of the first …
Tuesday, January 8, 2013
Good news comes for struggling homeowners.
As part of the "fiscal cliff" vote, the Mortgage Forgiveness Debt Relief Act is being extended. What this simply means is that when a struggling homeowner sells their home for $75,000 and they owe $150,000, they are not taxed on the $75,000 that the bank had to write off. This is good news for homeowners that are struggling. Other homeowner benefits extensions include being able to deduct your private mortgage insurance for those who make less than $110,000 a year. This is retroactive back to 2012 and includes 2013. A tax credit of up to $500 is available to homeowners who made energy improvements to their home in 2012. This is also available in 2013. By the Numbers: Active Listings: 165 Average Price: $192,157 Sold Listings:37 …
Sunday, December 30, 2012
We’d like to hear from you on how the possible tax hikes would impact your family.
With New Year’s just around the corner, all eyes are turning to Washington, D.C., where lawmakers are working to prevent America from falling off the so-called fiscal cliff. That cliff, according to the Huffington Post, is the automatic activation of budget cuts and tax hikes that will kick in on Jan. 1, 2013, if something isn’t done to prevent them. As it stands right now, no agreement has been reached between the Democrats and Republicans to prevent the financial changes from occurring. Some economists say the budget cuts and tax hikes will catapult America back into another recession. President Barack Obama is cutting his holiday vacation short, according to the Post, and is returning to Washington to try and work out a deal. …
Tuesday, December 18, 2012
With tax the big issue in "fiscal cliff" negotiations, would now not be the right time to take a serious look at the FairTax solution?
On Dec. 17, U.S. Sen. Saxby Chambliss, R-Ga., and U.S. Rep. Rob Woodall, R-Ga-7, sent a letter to the Joint Committee on Taxation to produce a revenue estimate of H.R. 25 and S. 13, the FairTax bill. According to a press release from Woodall's office, this estimate would allow the FairTax proposal to be considered during congressional negotiations for tax reform. “The current tax code has become too burdensome and complex, and is filled with provisions that benefit only a few Americans at the expense of everyone else. That’s simply not right,” said Chambliss. “Now is the time to enact the FairTax, which would create a fairer, simpler tax code that allows every American the freedom to determine his or her own priorities and opportunities…
Monday, December 17, 2012
Rep. Rob Woodall offers an update on the fiscal cliff crisis in this letter to the editor.
Monday, December 17, 2012
(Editor's note: the following is a letter to the editor from Rep. Rob Woodall.) Our 2012 deficit is $1.1 trillion. While the federal government took in just as much tax revenue ($2.4 trillion) this year as it did in 2006, the annual deficit has grown 340%. Why? Higher spending. Notwithstanding what is being reported in the popular press, I can tell you with certainty that Washington doesn't have a revenue problem—it has a spending problem! This Administration's higher spending has made it the first in history to run an annual deficit exceeding one trillion dollars. This Administration has continued this same record deficit spending for the past four years now. To us, seeing such a dramatic increase in deficits while revenue …
Tuesday, December 11, 2012
Depending on your opinion, what programs would you be prepared to cut, or what percentage of your income would you be prepared to give in taxes, to fix the problem?
As "fiscal cliff" negotiations heat up, congress can’t agree on whether Washington has a spending problem or a revenue problem. Nor can the American people or, in many instances, even economist In an article on Marketplace.org, headed up “Washington has a spending problem not a revenue problem,” the argument is made that you can’t keep spending and just raising taxes to meet the outflow of money. The best way to fix the country’s deficit problem is to gut spending. In a story in the Daily Kos, Joan McCarter looks at it from the other side in an article titled, “We have a revenue problem, not a spending problem.” In the story, McCarter shows the loss in revenue as a result of the Bush tax cuts and the economic downturn in the economy …
Wednesday, November 28, 2012
President Obama is back in campaign mode, touring the country to raise awareness about the 'looming fiscal cliff.' But isn't it now time for Washington to stop talking and do something?
According to multiple news sources, President Barack Obama has embarked on a tour to make a public case for his administration's plan for addressing the impending "fiscal cliff." So what is the fiscal cliff? It's the changes expected to go into effect when the 2011 Budget Control Act expires at the end of the year. Among the changes are: At the same time, spending cuts agreed on in last year's debt ceiling agreement will go into effect, meaning steep cuts to things like the defense budget and Medicare. According to the Associated Press, both sides warn that going over the cliff could harm the fragile economic recovery, but the White House and congressional Republicans still differ on whether the answer is to raise taxes or close tax …
Tuesday, November 20, 2012
In an Atlanta Journal-Constitution opinion piece, Michael Adams and G.P. "Bud" Peterson say the federal government should be careful where it trims spending.
Tuesday, November 20, 2012
As Congress and President Barack Obama work to settle on a budget deal and avoid the self-imposed "fiscal cliff" of mandatory spending reductions, they must take care not to undermine university research, UGA and Georgia Tech's president's argue in a recent opinion column. "Much of America’s competitive advantage in innovation can be linked back to university research," the University of Georgia's Michael Adams and Georgia Tech's G.P. “Bud” Peterson write in a guest column published by the Atlanta Journal-Constitution. "In our increasingly global environment, if we reduce our investment in education and research while other countries increase theirs, we could compromise the very advantages that have made America strong." The presidents …
Monday, November 19, 2012
Lawmakers have Dec. 31 deadline to prevent start of automatic tax hikes and budget cuts.
After kicking the can down the road to avoid making hard choices in the face of an election, lawmakers now have just a few weeks to face financial reality for the American people. Experts may debate whether it’s a “fiscal cliff” or a gentle slope, but everyone seems to agree that dealing with the deficit and expiration of Bush-era tax cuts is a must. (See Wall Street Journal video explainer.) Congress set their own deadline to do so of Dec. 31, 2012, conveniently after the election. But with another election at least two years away, it's now time to do something about it. Up until now, each Party has blamed the other for the footdragging, but all indications are that the American people are tired of the deadlock in Washington. They're …