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Wednesday, February 6, 2013

President Obama Warns That More Tax Increases Could Be On The Horizon

After five weeks and approximately 4,000 webinars, Americans are finally getting up to speed on the tax changes emerging from the year-end fiscal cliff deal. But if the President has his way, we may find soon be back at the drawing board, trying to make sense of a new batch of tax increases.

While the late-December negotiations accomplished the necessary task of addressing the expiring Bush tax cuts, the other half of the fiscal cliff – the scheduled cuts in spending that were slated to take effect on January 1, 2013 – were merely postponed, with the sequester now scheduled for March 1^st.

On that date, approximately $85 billion in spending cuts will kick in, and if nothing changes, $110 billion in annual cuts will take effect on October 1^st and continue for the next eight years. These cuts would hit defense spending hard as well as other domestic programs, such as education, housing, and Medicare.

Just as we saw with the fiscal cliff deal, however, neither political party wants the sequester to take effect as scheduled, as the indiscriminate cuts would deal a harsh blow to the still-recovering economy.

In a statement issued earlier today, President Obama proposed delaying sequestration in the near term in the hopes that Congress could use the additional time to compose a viable budget. The President would buy some time with a mix of alternative spending cuts and yes…you guessed it…additional tax revenue.

Specifically, the President stated that he would be willing to cut spending on social programs so long as they are done “hand-in-hand with a process of tax reform so that the wealthiest individuals and corporations can’t take advantage of loopholes and deductions that aren’t available to most Americans.”

The President offered no additional details, leaving those who follow this sort of thing to wonder exactly what type of loopholes might be on the chopping block. But if you look to the President’s previous but as-of-yet-unfulfilled tax proposals, and further consider that the stated goal of the current administration is to trim an additional $1.5 trillion from our deficit over the next decade in order to stabilize our debt, some big tax changes may be afoot. Changes like these: Read the full article to see the changes.

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Tuesday, January 8, 2013

The Lopsided Fiscal Cliff Deal: All Tax Hikes, No Spending Restraint

Republicans were just rolled – yet again. Throughout the 2012 presidential campaign, and up until New Year’s Eve, President Barack Obama kept insisting that any solution to the U.S. “fiscal cliff” required what he called a “balanced approach” — meaning that forthcoming federal budget deficits should be narrowed partly by tax hikes (on “millionaires and billionaires”) and partly by spending restraints. Of course, we all know that Mr. Obama and the Democrats wanted only tax hikes, while the Republicans mainly wanted only spending restraint.

In the November election, we know Democrats won the White House, while the GOP won the House of Representatives. Thus a “balanced” result seemed justified. But instead, the so-called “fiscal cliff” deal that was struck last week in Washington, approved by the Senate (89-8) and House (257-167) alike, was lopsided: it entails all tax hikes (on the rich and middle class alike) and no spending restraint.

How can this be? Find out the rest of the story by visiting the original article here: http://www.forbes.com/sites/richardsalsman/2013/01/08/the-lopsided-fiscal-cliff-deal-all-tax-hikes-no-spending-restraint/

These posts are for informational use only to educate people about their online income taxes and the financial world around them. If you found this helpful, share the original article or this one, and help spread the word! With tax season rapidly approaching let us get you the best income tax return you can possibly have by e-filing! Leave a comment and voice your opinion on the way our government is handling the fiscal cliff.