January 2, 2013 |
LEGISLATION to block the "fiscal cliff" is headed to the White House for President Obama's signature. The bill will avoid, for now, the major tax increases and government-spending cuts that had been scheduled to take effect with the new year. Final approval came in the House on New Year's night. The vote was 257- 167. The Senate passed the bill fewer than 24 hours earlier. The measure raises tax rates on incomes over $400,000 for individuals and $450,000 for couples, a victory for Obama.
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.
December 31, 2012 |
AROUND dinnertime Sunday night, ABC News reporter Jonathan Karl reported on Twitter that he'd asked a source who is a Senate aide for an update on the last-minute talks to avert the so-called "fiscal cliff" of across-the-board tax hikes and deep spending cuts. What got emailed back was an iconic picture. It showed Wile E. Coyote - the Roadrunner's not-so-wily cartoon nemesis - skidding off a steep cliff. Indeed, the last day of 2012 may long be remembered as America's Wile E. Coyote moment - the day the nation's political system sprinted far out over the abyss of a dry desert canyon, pausing long enough to hold up a tiny sign reading "Help!"
December 26, 2012 |
WASHINGTON - Workers probably won't feel the full brunt of next year's tax increases in their January paychecks, but don't be fooled by the temporary reprieve. No matter what Congress does to address the year-end fiscal cliff, it's already too late for employers to accurately withhold income taxes from January paychecks, unless all the current tax rates remain unchanged, which is unlikely. Social Security payroll taxes are set to increase on Jan. 1, so workers should immediately feel the squeeze of a 2 percent cut in their take-home pay. But as talks drag on over how to address other year-end tax increases, the Internal Revenue Service has delayed releasing income tax withholding tables for 2013.
December 24, 2012 |
WASHINGTON - Senators bickered Sunday over who's to blame for sending the country lurching toward a year-end "fiscal cliff," bemoaning the lack of a deal days before the deadline but bridging no differences in the debate. With the collapse Thursday of House Speaker John Boehner's plan to allow tax rates to rise on million-dollar-plus incomes, Sen. Joe Lieberman said: "It's the first time that I feel it's more likely we'll go over the cliff than not," meaning that higher taxes for most Americans and painful federal agency budget cuts would be in line to go into effect automatically.
December 13, 2012 |
WASHINGTON - The nation's capital stumbled closer to the fiscal cliff Wednesday as President Obama and congressional Republicans dug in deeper on their positions on taxes, even as no face-to-face negotiations took place. No more talks are scheduled. With hope fading for a deal before Christmas, House Speaker John A. Boehner of Ohio told his Republican colleagues to prepare for a holiday season of tense negotiations. He told reporters of a "deliberate call" he had with Obama on Tuesday evening after each man rejected the other's latest offer.
December 11, 2012
A WASHINGTON POST -Pew Research poll last week said that, if the fiscal cliff talks "fail," Americans will blame Republicans in Congress (53 percent) more than they will President Obama (27 percent). Makes sense: Obama won the election. But, do elections matter any more? Remember, we would not be looking at a "fiscal cliff" right now if it weren't for the gravely irresponsible, and highly undemocratic, fight over raising the debt ceiling that Republicans provoked in 2011. That was supposed to be a vote to pay the bill for government spending already authorized, something past Congresses had done routinely.
December 9, 2012
Honest look ahead Thanks very much for Diane Mastrull's excellent article "Planning to maintain the Taussig mission" (Monday). It's so refreshing to see an organization, especially a family-owned organization such as Untours, a travel-planning business, deal honestly with the impending mortality of a founder. I love the unflinching, unsentimental, and yet kind discussion by those facing family succession and Hal Taussig's mortality. So many of us would be well-served to follow this example of leadership, both in business and in our own lives and families.
December 6, 2012
AS THE POLITICAL posturing gets more intense over the mix of tax increases and automatic spending cuts due to kick in at the end of the year, here's one concession that President Obama should make right now: Conservatives are much better at creating vivid metaphors than progressives are. Even though it's highly misleading, the budget situation dominating the news has come to be known as the "fiscal cliff," an image that suggests an economic disaster akin...
December 6, 2012 |
WASHINGTON - Americans prefer letting tax cuts expire for the country's top earners, as President Obama insists, while support has declined for cutting government services to curb budget deficits, an Associated Press-GfK poll shows. Fewer than half the Republicans polled favor continuing the Bush-era tax cuts for the wealthy. There's also a reluctance to trim Social Security, Medicare, or defense programs, three of the biggest drivers of federal spending, the survey released Wednesday found.