Thursday, January 3, 2013
The agreement reached between the White House and Congress doesn't address spending cuts and leaves another potential debt limit showdown on the table. It also increases taxes on income over $400,000. Is this a deal that works for you?
After a marathon holiday negotiation session, after grumbling by liberal senators and after a near-revolt by conservative representatives, the fiscal cliff deal was approved by the U.S. House of Representatives late Tuesday night. The bargain will increase taxes on income above $450,000 for families, increase capital gains taxes, permanently fix the alternative minimum tax, change the estate tax and provide some changes in deductions. It also will extend unemployment benefits, earned income tax credits and other tax breaks for the working class. The Washington Post has a cheat sheet with all of the details. Middle class taxpayers will still see a smaller paycheck in 2013; The payroll tax cut was not preserved as part of the fiscal cliff …
Wednesday, January 2, 2013
In his final days in office, Senator Scott Brown threw his support behind a new deal of fiscal cliff plan.
Calling the deal on the fiscal cliff "not perfect," outgoing US Senator Scott Brown (R-Wrentham) endorsed the plan in his final days in office. He says it ‘‘protects 99 percent of Americans from a massive tax increase," according to an Associated Press report. Brown had supported a no-tax pledge. The deal raises taxes on individual incomes over $400,000 and over $450,00 for household incomes and a portion of estates more than $5 million. The comprise allows Congress to have more time to work on government spending.
Friday, December 28, 2012
Mansfield selectmen debate the necessity of unfunded mandates.
The Mansfield Board of Selectmen continued to debate on unfunded mandates last Wednesday in response to the hanging fiscal cliff and Gov. Deval Patrick’s responsive cuts. Selectman Kevin Moran said that it is a problem that is continuing to spiral more and more out of the local governments’ ability to handle it. “We’re managing a budget problem not solving it,” said Moran. “Since I’ve joined the board, the unrestricted aide has dropped 32 percent. The state is continuing to give us unfunded mandates. The truth of the matter is when there’s a one party state, constituents don’t really make politicians uncomfortable. You have to let them know that this can’t continue.” Moran added that the Massachusetts economy in general is not doing so …
President, Congress have just a few days to avert automatic tax increases and spending cuts. A number of Massachusetts Congressman suggest cutting nuclear programs instead.
Starbucks baristas are writing "come together" on all cups in the Washington, DC, area to encourage Congress and the President to come together to fix the fiscal cliff issue. For more information about this initiative, go to www.patch.com/fixthedebt. Congress and President Obama are racing against the clock this week as they make one last attempt to hammer out a deal to avoid the so-called “fiscal cliff” the U.S. government is set to go over on New Year’s Day. Without a compromise deal to lower the deficit, the government will face a self-imposed deadline that triggers both spending cuts and higher taxes. Congress itself set the Jan. 1 deadline after failing to come to a budget compromise earlier this year. On Jan. 1, the George W. Bush-…
Friday, December 14, 2012
Mansfield town manager rallies against cuts in state and federal aid without cuts in unfunded mandates.
With Gov. Deval Patrick’s recent announcement of budget cuts if the fiscal cliff falls and the consequences of the country going over the fiscal cliff looming over municipal governments like Mansfield, the town’s budget problems could get even worse. “Most economists say that if [Democrats and Republicans] don’t get past this fiscal cliff will result in a second recession,” Mansfield town manager William Ross said. Ross said that the cuts wouldn’t be that bad, [Gov. Patrick’s plan would’ve only taken $18,000] but he said it become more and more difficult to keep services on both the town and school side with increased in unfunded mandates. “The revenue streams and assistance are being cut and reduced and the mandates continue to flow,” …
Friday, December 7, 2012
Aide to Mansfield will go down, but requirements stay where they are.
Massachusetts Gov. Deval Patrick announced on Tuesday that the state government will have to cut half a billion dollars in the budget to make up for the coming fiscal cliff and slow economic growth in the Commonwealth. Mansfield will have to also shoulder the burden for these cuts, but it will not be too much of a problem, according to town and school administrators. Mansfield town manager William Ross said that while there is no one large cut to the town there are many smaller cuts that will drive some costs up for Mansfield residents. For instance, Ross said the one-percent across-the-board reduction to unrestricted local aid ($9 million in the state budget) will only take away from Mansfield about $19,000. “Now that doesn’t seem like a …
Wednesday, December 5, 2012
Patrick announced the budget adjustments Tuesday.
In anticipation of the “fiscal cliff” combined with projected tax revenues that are more than half a billion dollars lower than previously expected, Gov. Deval Patrick released a revised budget designed to deal with the gap on Tuesday. “The uncertainty of the fiscal cliff and the resulting slow down in growth, is the direct cause of our budget challenges,” Patrick said. “Congress and the President must come to terms on a solution so the private sector will continue to make the kind of investments that create jobs, grow state and federal tax revenue collections and contribute to a lasting economic recovery." The state is now expecting to bring in roughly 21.5 billion in tax revenue, and Patrick's plan to bridge the gap between this amount …