Friday, January 25, 2013
The governor's budget proposal for fiscal 2014 would raise $1.9 billion in new revenues through a combination of tax increases and eliminating some tax breaks. Is the state's economy ready for this?
After years of treading water in the state budget, Gov. Deval Patrick has put forth an ambitious $34.8 billion proposal for the coming fiscal year that would make significant investments in education and transportation by raising $1.9 billion in revenue, through a combination of tax increases and eliminating some tax breaks. The question: Is the state's economy ready for this? To raise that funding, Patrick's proposal would increase the income tax from 5.25 percent to 6.25 percent, while doubling personal exemptions. It'd also lower the sales tax from 6.25 percent to 4.5 percent. Several tax breaks for both personal income and businesses would be eliminated. The gas tax would be indexed to inflation, ensuring gradual increases in what …
Thursday, January 17, 2013
Standard deductions go up, but the ceiling for itemized deductions go down in 2013, plus other changes that will affect your taxes this year.
Thursday, January 17
On Friday, the Internal Revenue Service announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest to most taxpayers include the following changes. Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan.28, 2013. Other inflation adjusted items were published in October 2012 in Revenue Procedure 2012-41. -News release from the Internal Revenue Service
Tell us: do you think we need to increase taxes to strengthen education and transportation?
In his State of the Commonwealth address on Wednesday night, Gov. Deval Patrick proposed raising the state's income tax by 1 percentage point and lowering the sales tax to pay for $2 billion in transportation improvements and early childhood education programs. "There is no good time to raise taxes. I know how tough the times have been on the people and families of the Commonwealth. And though the worst of the recession is over, many, many families still face tough decisions and have deep anxiety about the future. I would not ask if I did not believe in my heart that investing meaningfully today in education and transportation will significantly improve our economic tomorrows," Patrick said. Patrick said he wanted a more fair and …
Wednesday, September 19, 2012
Mother Jones released a video of Mitt Romney telling a private audience that 47 percent of Americans are dependent on the government and will never vote for him. Was this a ruinous gaffe, or has Romney told a hard political truth?
A secret video obtained by Mother Jones magazine has rocked the political world. In that video, Republican Presidential candidate Mitt Romney said 47 percent of Americans believe they are victims, are dependent on the government and will never vote for him. He went further, saying he wasn't worried about them. The magazine released a portion of the video Monday. In a late night press conference Monday, Romney said the comments were not "elegantly stated," but were part of a larger conversation about the role of personal responsibility. Romney went on to say the comments were a reflection on "the political process of winning an election, and, of course, I want to help all Americans—all Americans—have a bright and prosperous future." Mother …