May 8, 2016
A 37-year-old Camden County man pleaded guilty Friday in federal court to harboring undocumented immigrants who worked at his dry-cleaning business and dodging payroll tax payments for those workers. His partner, a Williamstown woman, pleaded guilty to the same charges earlier this week. Prosecutors said Phillip Hui, of Sicklerville, and Kathy Lei, 35, of Williamstown, owned New Eastern Cleaners in Voorhees, and paid their workers in cash in 2012 and 2013. The workers lived at a house owned by Lei and two other people.
January 27, 2016
By Alan D. Viard Recent media coverage has prompted impassioned calls for Congress to close the "loopholes" that supposedly explain why the 400 richest taxpayers paid an average federal individual income tax rate of 16.7 percent in 2012. Unfortunately, these calls are based on outdated numbers and an incomplete picture of the tax system. A few weeks ago, the Internal Revenue Service released new data showing that the average federal individual income tax rate for the richest 400 jumped more than a third, to 22.9 percent, in 2013.
March 4, 2013
Can't put a price on internships Far from being exploitive, our law firm's internship program has provided valuable training and real-world experience that no college education can provide. Furthermore, far from keeping people unemployed, our internship program has helped push many Philadelphians into positions they otherwise would not have been qualified for, helping them and the local economy as their income increases ("Wanted: Talented, driven. Pay: $0," Feb. 24). There may be plenty of subpar internships out there, just as there are plenty of subpar jobs.
February 23, 2013 |
U.S. stocks continued a two-day slide Thursday on weak economic data and concern about the Federal Reserve's resolve to keep juicing the economy. Signaling that the U.S. labor market remains in slow recovery mode, the government said more people applied for unemployment benefits last week. The four-week average, a less volatile measure, rose to the highest in six weeks. The Dow Jones industrial average closed down 46.92 points, or 0.3 percent, at 13,880.62. The S&P 500 index dropped 9.53, or 0.6 percent, to 1,502.42.
January 14, 2013 |
It happens every spring: The annual report of the Social Security trustees hits Washington, where it becomes a hammer that tax-boosters and benefit-cutters use to beat each other. Like last year, this April's report will show Social Security has raised enough money, from worker paychecks and bosses' matching fees - plus IOUs for money Congress "borrowed" from Social Security to fund "cotton subsidies, student loans and aircraft carriers," as President Reagan's budget director once put it - so it can pay every promised penny to retirees and other dependents, adjusted for inflation, for about the next 20 years.
January 9, 2013 |
Confused about the new tax act? So were we, so we checked in with some local money managers and accountants to sort it out. Practically speaking, all working Americans' taxes will rise in 2013 because the payroll tax holiday of the last two years ended. In 2013, the payroll tax rate returns to its old level and employees will pay 6.2 percent in Social Security taxes rather than the lower 4.2 percent. This tax break saved a worker making $50,000 annually about $1,000 last year, according to Edward Kohlhepp of Kohlhepp Investment Advisors in Doylestown.
January 7, 2013 |
That foggy uncertainty holding American business back was supposed to clear with last week's Washington compromise, which boosted taxes a few percentage points for rich and poor, stopping bigger tax hikes and recessionary cuts in federal spending. Share prices rose after the deal, as if investors now believe the country will grow faster. But is the future really easier to see? Congress surprised budget-watchers by holding off decisions on big spending cuts until March, notes Beata Caranci , economist for Marlton-based TD Bank . That may have propped up the economy for the time being, but the "lack of clarity" is likely to reduce investment and hiring, especially in health care, the military, road construction and other government-dependent industries, she warned clients in a report.
January 7, 2013
Thanks to an ultraconservative congressional faction, many Americans now view the Republican Party as extremist, petty, and irresponsible. You need look no further than the ridiculous, drawn-out drama over the so-called fiscal cliff to see the GOP's inability to negotiate reality. But while its brand is damaged, the GOP has maintained its mystique as the party of fiscal restraint. Shortly before the election, a Washington Post-ABC News poll showed that, by a margin of 51 to 43 percent, Americans believed Mitt Romney would do a better job on the deficit than President Obama.
January 7, 2013 |
Despite all the drama leading up to New Year's Day, the tax deal signed Thursday by President Obama did virtually nothing to change the trajectory of the U.S. government's debt-laden finances. The deal raised some taxes, but not enough to prevent the slow starvation of federal programs to help the poor and elderly, according to advocates for such programs. By leaving spending cuts off the table for the most part, the American Taxpayer Relief Act of 2012 set up what is sure to be an ugly fight over raising the nation's debt limit by early March.
January 2, 2013 |
WASHINGTON - Americans are all but certain to face a broad hike in taxes on Tuesday for the first time in at least two decades, ending a prolonged period of declining taxation that has become a defining characteristic of the American economy. Regardless of whether President Obama and Congress reach an agreement to avoid the fiscal cliff, many Americans will see a higher tax bill because of the expiration of the payroll tax cut, which was enacted in 2011 as a temporary measure to boost economic growth.