In this season some aspects like average salary and occupations are vital for every member of the Congress should study, specially be aware about the severe consequences of the payroll tax cut policies.
HUFFINGTONPOST- Between Thanksgiving and Christmas, Congress has an important tax policy decision to make. With the economy still struggling and one in eleven Americans out of work, January 1 would be an awful time to cut every paycheck in America. But, every paycheck in America will shrink unless Congress acts to extend, and preferably expand, the payroll tax holiday by the end of the year.
Up and down Wall Street, economists are warning about the severe consequences of inaction on payroll taxes and extended unemployment benefits. Goldman Sachs estimates that expiration of the payroll tax cut would reduce growth by as much as two-thirds of a percentage point in early 2012. Moody’s Mark Zandi adds that if Congress does not extend the payroll tax holiday and unemployment benefits for 2012, “there will be approximately one million fewer jobs by year’s end.”
Failure to extend the payroll tax cut would hurt workers in nearly every job and income category. For example, the nation’s 1.4 million truck drivers, whose salaries average $39,450, would pay $789 more in payroll taxes, on average. The nation’s 2.7 million nurses, whose salaries average $67,720, would lose $1,354, on average…continue reading
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A change in the property tax law has increased the taxes for the Minnesotans, homestead exclusion is designed to benefit lower-valued homes, by excluding part of the home value for tax purposes, which means a relief on a decreasing scale of home prices.
MINNEAPOLIS, Minn. – A change in the way the state gives property tax relief will mean an increase in taxes for many Minnesotans.
“It’s just frustrating,” New Hope homeowner Matthew Gerber said.
Gerber’s proposed property tax statement shows a decrease in his house’s value, but a proposed increase in property taxes.
“Normally if the value of something goes down you pay less taxes on it,” he said. ” It doesn’t feel fair.”
There are many reasons why the numbers may be up on your proposed property tax statement, including a change made at the Capitol earlier this year.
The Homestead Exclusion is designed to benefit lower-valued homes, by excluding part of that value for tax purposes. For example, on a $100,000 home, only $71,760 is considered for taxes. The Homestead Exclusion provides relief on a sliding scale on homes up to $413,800.
Loomer says the exclusion reduces the tax base and results in an increase in tax rates. “It shifts the tax burden to commercial, industrials and higher valued homes.”
The amount of the shift depends on the mix of properties within the taxing district.
“Anything more seems unfair,” Gerber said.
Loomer calls Homestead Exclusion, “the best of the worst that could be provided.” …Continue reading
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Tax problems are varied and involve a number of different issues, so it’s critical to have an attorney that knows how to address the specific types of tax problems you may be facing.
My name is Norman D. McKellar, and I handle civil and criminal tax matters nationwide. I am a licensed attorney practicing in Tennessee and Georgia. My peers have voted me a “Top Attorney” for Income Tax and IRS Resolutions in Cityview Magazine. Additionally, I am a member of the National Association of Criminal Defense Lawyers and the Tennessee Association of Criminal Defense Lawyers.
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Civil Tax Problems
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In addition to enforcing civil tax laws, the Internal Revenue Service (IRS) can file criminal charges that may lead to conviction, fines, and even imprisonment.
If an IRS Criminal Division Agent contacts you, you should immediately contact an attorney before you communicate any further with the Agent. If you speak with an Agent without counsel present, you may hurt your chances of successfully defending yourself. Unfortunately, many taxpayers end up being their own worst witness.
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