Friday, December 17, 2010

Congress Passes Tax Deal!

I guess were all going to get a great Christmas present since Congress has finally decided to approve the tax cut plan. Now we all can be assured that our taxes will not be going up on January 1. This also will resolve the AMT issue. My only issue, is that I wish they had made these tax cuts permanent, but we'll take what we can get at this point and hope that the new Republican Congress will push the issue even further. Merry Christmas and enjoy some assurance that the Grinch won't be stealing your paycheck after the first of the year.

Thursday, December 16, 2010

Still waiting on Congress

I guess it's going to be the last minute before we find out when you get a tax break or not. Our elected officials are doing a good job of getting absolutely nothing done in Washington, but what's new with that. It's fascinating to me that he can't accomplish a tax cut bill which would assist all Americans but they can spend a great deal of time debating a spending bill full of greasy pork! You would've thought they would've gotten the message with the midterm elections, but as normal the knuckleheads in Washington can't seem to accomplish anything the American public would like. Perhaps they should get coal in their stockings for Christmas. We shall see what comes about in the next 24 hours and whether the snowstorm that hit the East Coast will lead to further paralysis in the capital. It will sure be a fun Christmas if the government runs out of money and they are forced to close the government offices just in time for Christmas. Maybe that would be a good thing!

Tuesday, December 7, 2010

Obama Strikes Deal on Bush Tax Cuts and Unemployment

Obama Strikes Deal on Bush Tax Cuts and Unemployment

It looks like Congress and the president have finally made an economic decision which I think will be beneficial to everyone. It appears that a deal has been made to extend the so-called Bush era tax cuts for a period of two years for all taxpayers. In addition to that, there is a reinstitution of the estate tax were states greater than $5 million. It is also my understanding, that this new tax deal will give a 2% reduction in the so security taxes for 2011 for employers. That also is a welcome sign of progress. Finally it appears that this deal will allow all businesses to write off 100% of capital expenditures for 2011. Once I know more about the complete deal I let everyone know.