53.5 F
Los Angeles
Tuesday, March 28, 2023

February 2023 Employment Report

U.S. Bureau of Labor Statistics reported today that total nonfarm payroll employment rose by 311,000. The unemployment rate edged down to 3.6 percent relative to one year ago. The...

Former President Trump: Summary of False Claims

According to the New York Times, they documented over 30,000 false or misleading claims made by Donald Trump during his presidency. These claims were documented in a regular feature called "The Trump Presidency: The Lies and the Truth", which tracked false statements made by Trump from his inauguration in January 2017 until the end of his term in January 2021.

Apple March 8, 2022 Event

Apple announced several products during their March 8, 2022, event. Studio Display Mac Studio iPad air iPhone SE iPhone 13 and 13 Pro color addition Some of the products will...
US & WorldPoliticsSenate passes last minute budget deal

Senate passes last minute budget deal

WASHINGTON — Senate passes bill to avert fiscal cliff tax hikes and spending cuts with an 89-8 vote .

“The House will honor its commitment to consider the Senate agreement if it is passed,” read a joint statement issued by Boehner, House Majority Leader Eric Cantor (R-Va.), Majority Whip Kevin McCarthy (R-Calif.) and Republican Conference Chair Cathy McMorris Rodgers (R-Wash.). “Decisions about whether the House will seek to accept or promptly amend the measure will not be made until House members — and the American people — have been able to review the legislation.”

Surprisingly the Senate deal prevents a $900 pay raise for lawmakers due to take effect this spring.

From a poster on HP:

Here is what the deal does:
A) All wage earners will see their payroll taxes return to 6.2 percent on earnings up to $113,700 in order to return the funding stream to Social Security and Medicare.

B) Individuals who earn more than $400,000 and couples who make more than $450,000 will see income tax rates increase from 35% to 39.6% For people at those income levels, tax rates on capital gains and dividends are expected to rise to 20%, up from15%. In addition to the capital gain and dividend rates, health care reform will levy a new surtax of 3.8%  on capital gains for wealthy Americans, pushing up the top capital gains rate to 23.8%.

3) Estate tax rates are poised to rise from 35% to 40% for estates valued at more $5 million.

4) Creation of  a permanent inflation “patch” that would shield millions of middle class taxpayers from the AMT (Alternative Minimum Tax that is supposed to guarantee that wealthy taxpayers pay a minimum amount of federal income tax, regardless of deductions, credits or exemptions. In essence, it is a flat tax with two brackets — 26% and 28%)

4) Extended Measures/Programs:
Unemployment extended for one year, preserving benefits for 2 million Americans who were at risk for losing benefits at year’s end.
– The Child Tax Credit, Earned Income Tax Credit and Obama Opportunity Tax Credit (college tuition credits) will all be extended for five more years.
– One-year extension of the Research and Experimentation Tax Credit and Production Tax Credit, Alternative Energy Credits, along with an extension of the 50 percent Bonus Depreciation for businesses’ capital expenditures.
– One-year extension of the DocFix current Medicare reimbursement rates, shielding participating doctors from a potential 27% cut in reimbursements.

AND…It would also temporarily delay the sequester — i.e., billions of dollars in across-the-board spending cuts — for another two months….when the debt ceiling debate will be a full force.

This is a developing story.

Latest news

Related news


1 Comment
Inline Feedbacks
View all comments