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US GOVERNMENT NEWS_________________________________________________________
Report from Social Security Board of Trustees Projects Depletion of Trust Fund Three Years Earlier Than Expected.
The Trustees of the Social Security Board released their 2012 Annual Report to Congress regarding the financial condition of the Trust Funds. The report stated that the total assets of the Disability Insurance (OASDI) and the Old-Age and Survivors Insurance Trust Funds will be depleted by 2033; this is three years sooner than the estimate in 2011.
Please Read More Of The Story.
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The Buffett Rule Is Set To Go Before Congressional Vote.
The Buffet rule likely will not pass a Senate vote this week, and definitely will not pass the GOP controlled House vote. The rule, supported by a majority of Americans, is most likely being taken up by Democrats as political maneuvering for the upcoming election.What is the Buffett Tax Rule?
Known as the millionaire tax, the Buffett Tax Rule is a proposal based on the belief that each person should pay his or her fair share of federal taxes. Under the provisions of the present tax code in the U.S., it is possible for millionaires to pay less of a percentage of their income in taxes than many middle class families do. If adopted, federal taxes on taxpayers with incomes in excess of $1 million would increase.
How Would it Work?
New tax brackets would be created for people with incomes that exceed $1 million. A minimum tax rate of 30 percent would be mandated for taxpayers whose adjusted gross income is at least $2 million. For those with incomes between $1 million and $2 million, the tax rate would be based on a sliding scale. By doing this, the millionaire tax would limit the extent to which wealthier taxpayers can take advantage of loopholes in the tax rates and tax system to pay a smaller percentage of their income in taxes than the middle class.
Get More Information On The Buffett Rule.
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Supreme Court To Review Constitutionality Of Health Care Reform.
In a very much anticipated case, the US Supreme Court will hear a total of six hours of arguments over three days on the legality of the Health Care Reform Bill. The clause in the bill that will be under the most scrutiny is the "individual mandate" provision that requires most Americans to purchase health insurance, or face a financial penalty. The argument that the "individual mandate" violates the commerce clause of the constitution. The commerce clause states that citizens can not be forced to buy a product they may not want or need.Get A Timeline Of The Health Care Reform Bill.
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Senate Blocks Expedited Approval Of Keystone Pipeline.
A total of eleven Democrats broke party ranks to vote for approval of the Keystone Pipeline. The Senate was four shy of the required sixty votes to get it passed. The President lobbied the Senate Democrats to reject the proposal. The Keystone Pipeline will now be put on hold until after the 2012 elections. The controversial pipeline is being touted as a way of creating jobs, and also reducing are dependency on foreign energy. Those that oppose it are worried that the pipeline would be carrying Canadian tar sands crude (a heavy,thick,sticky form of oil), across important agriculture areas of the United States. Also critics point out that the pipeline would carry oil to refineries in the Gulf coast, for processing exportation.
Get More Information On The Keystone Pipeline.
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Congress Passes The Payroll Tax Cut Bill. Extensions Of Programs Will Continue For 2012.
Congress, with partisan support, passed the Payroll Tax Cut bill. President Obama plans to sign the bill into law the moment he gets back from a west coast trip. The bill extends the payroll tax cut, extends unemployment benefits, and avoids a Medicare fee cut for doctors. The payroll tax cut will cost about $100 billion. What it does is reduce the Social Security tax from 6.2% to 4.2%. Someone who makes $50,000 a year will see an increase of $83 a month. Remember that this is a reduction in Social Security tax, the very program that is not exactly rock solid, financially speaking.
Get more Information On the Payroll Tax Cut Bill.
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President Obama's 2013 Budget Proposal.
President Obama is selling his 2013 budget proposal as a means to support the middle class. Unlike in the past, when the middle class relied less on government aide, the President seems to have conceded that it is the middle class that needs government support in order to retain middle class status. Possibly a sign of our times, but what happens when the government can't support the middle class? What Next?
Continue With Story.
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President Obama Releases Details Of His Latest Plan To Help The Housing Market.
During the State of the Union Address President Obama indicated he was going to initiate a plan to help more people qualify for loan modifications, and also refinance options. The plan includes some of the following:
- Increase incentives to banks, so more will participate.
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Increase the eligibility pool of loan modifications.
- Homeowners that lease their homes out now may qualify for a modification.
- More flexible debt-to-income ratios.
Go Here To Get The New Housing Plan Fact Sheet.
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President Obama Delivers State Of The Union Speech.
President Obama delivered his third State of The Union Address on January 24th. The speech focused on high profile issues such as energy, education, taxes, and the housing market. President Obama issued more of a contrast to what the Republicans stand for, thus expect these issues to be part of President Obama's 2012 campaign.
Some key topics of the President's speech:
- Increase domestic infrastructure spending by using funding that was to be used for wars.
- Social Security and Medicare reforms.
- Establish a home refinance program for all responsible homeowners. The program would be paid for by imposing a fee on banks.
- Impose a minimum tax rate of 30% on those that make over $1,000,000. No increases for those that make less than $250,000.
- Creating a partnership between community colleges and companies to train workers for new careers.
- Tax relief for small businesses that are raising wages and creating jobs.
For more details, and to view the speech in its entirety, please go here.
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President Obama Proposes Plan To Consolidate Department OF Commerce.
The President has declared that there is an overlapping of government regulatory agencies and promotes that six of these agencies be rolled into one. The Agency in focus is the Commerce agency that assumes the role of business regulation and authority.
The President has declared that there is an overlapping of government regulatory agencies and promotes that six of these agencies be rolled into one. The Agency in focus is the Commerce agency that assumes the role of business regulation and authority.
There are currently six major federal departments or agencies that focus on business or trade: the U.S. Department of Commerce’s core business and trade functions, the Small Business Administration, the Office of the U.S. Trade Representative, the Export-Import Bank, the Overseas Private Investment Corporation, and the U.S. Trade and Development Agency.
The President is asking Congress for the authority to merge those six entities into a single department tasked with boosting American business and promoting competitiveness. Please Go To Full Story.
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House Republicans Approve the Senate Payroll Tax Bill.
The House Of Representatives, under pressure from all constituents, approved of the two month extension of the payroll tax cut bill. The House originally insisted that the payroll tax cut bill run through 2012. What The extension might mean for you:
- Payroll tax will remain at 4.2%, instead of 6.2%.
- Extension of unemployment benefits.
- Medicare reimbursement to Doctors will not be cut by 27% (Doc Fix)
Please Read More.
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IRS Seeks to Return $153 Million in Undelivered Checks to Taxpayers.
The IRS recently reminded taxpayers that they are trying to return more than $153 million of undelivered tax refund checks. Collectively, these undelivered tax refund checks come to an average of $1,547 each. These checks belong to the 99,123 that could not receive their tax refund checks due to mailing errors.
Mailing errors are relatively uncommon, but some people do have issues receiving their IRS rebate checks if their mail has been lost, stolen, or sent to the wrong mailing address. Go here to continue with story.
The House Of Representatives, under pressure from all constituents, approved of the two month extension of the payroll tax cut bill. The House originally insisted that the payroll tax cut bill run through 2012. What The extension might mean for you:
- Payroll tax will remain at 4.2%, instead of 6.2%.
- Extension of unemployment benefits.
- Medicare reimbursement to Doctors will not be cut by 27% (Doc Fix)
Please Read More.
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IRS Seeks to Return $153 Million in Undelivered Checks to Taxpayers.
The IRS recently reminded taxpayers that they are trying to return more than $153 million of undelivered tax refund checks. Collectively, these undelivered tax refund checks come to an average of $1,547 each. These checks belong to the 99,123 that could not receive their tax refund checks due to mailing errors.
Mailing errors are relatively uncommon, but some people do have issues receiving their IRS rebate checks if their mail has been lost, stolen, or sent to the wrong mailing address. Go here to continue with story.
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UGC ARCHIVES:
Federal Reserve's Stimulus.|||Federal Reserve's Outlook On US Economy.|||2011 Stimulus Plan|||FHFA Sues Banks.
American Jobs Act.|||Paying For American Jobs Act.|||HUD Good Neighbor Housing Program.
2011 Social Security.|||2012 Medicare Enrollment.|||DOJ Catering Bill.
UGC ARCHIVES:
Federal Reserve's Stimulus.|||Federal Reserve's Outlook On US Economy.|||2011 Stimulus Plan|||FHFA Sues Banks.
American Jobs Act.|||Paying For American Jobs Act.|||HUD Good Neighbor Housing Program.
2011 Social Security.|||2012 Medicare Enrollment.|||DOJ Catering Bill.
