Wednesday, January 2, 2013
Despite all the hype and statements from Washington, Uncle Sam's still taking a bigger bite out of most paychecks starting now.
Congress voted late New Year's Day to extend existing federal tax rates and delay automatic cuts that would have dramatically reduced cuts in automatic federal spending increases. In Washington-speak Congress voted to avoid going over the so-called "fiscal cliff." What you won't see in most of the Washington-speak Wednesday morning is that most people will see a bigger paycheck bite from Uncle Sam anyway. That's because Congress did not vote to extend a two year "tax holiday" on Social Security withholding taxes. The result: For most taxpayers social security withholding tax is going up two percent from 4.2 percent to 6.2 percent starting now. Taxpayers making $50,000 per year will shell out (via withholdings) an average $1000 more …
In his last vote representing parts of TE, Meehan joins Gerlach in voting to avoid the so-called fiscal cliff.
Congress voted late Tuesday night to avoid tax increases and spending cuts that would have taken the nation over the so-called "fiscal cliff." The end result is that Congress voted to extend existing tax rates that some in Washington called "the Bush tax cuts." The bill as passed also puts automatic spending cuts on hold for two months. By the time the spending cuts are debated again the new Congress will have been seated. That happens Thursday. Under redistricting, the Seventh Congressional District will no longer include any of Tredyffrin and Easttown. All of TE will be included in the new Sixth District. Seventh District Congressmen Patrick Meehan (R-PA7) and Sixth District Congressman Jim Gerlach (R-PA6) both issued statement late New…
Friday, November 30, 2012
President Obama visits Hatfield toy company as part of tour pushing extension of payroll tax cuts.
President Barack Obama visited a toy factory in Hatfield Township on Friday, citing it as an example of the type of business that would suffer if Congress does not act soon to prevent the country from running over the "fiscal cliff," a series of tax increases and cuts in spending that are due to come into effect at the beginning of the new year. In remarks broadcast live on C-SPAN, Obama called Hatfield-based K'Nex, which makes kits of interlocking pieces that allow children to construct their own toys, "one of the few companies in the toy industry that has aggressively moved jobs back here [to the U.S. from overseas]," The President said middle-class consumers will have money "to buy more K'Nex" if Democratic and Republican legislators …
Geoeray
8:51 pm on Wednesday, January 2, 2013
Better known as teabaggers. more ›