Today's Rotary Club of Cedar Rapids meeting ...
Robin Tucker is planning to attend his Rotary Club of Cedar Rapids meeting...
Chris Coleman, Better Business Bureau
Monday, August 30, 2010
Rotary News: BBB of Iowa speaking at Rotary Club of Cedar Rapids
Robin Tucker is planning to attend his Rotary Club of Cedar Rapids meeting...
Chris Coleman, Better Business Bureau
Friday, August 27, 2010
Local Prep Football kicks off locally on August 27Th ...
It was 26 years ago on the 27Th of August that I met my wife of 23 years. Today, 8/27/2010, high school football returns to Eastern Iowa ...
Washington Warriors vs. Prairie Hawks @ Kingston Stadium
Tonight’s top 10 prep football matchups - Iowa Prep Sports
News on the Warriors this preseason.
Monday, August 23, 2010
National Write Your Congressman: Action Alert for August 23, 2010 ...
Action Alert
Lift Cap on Social Security Payroll Tax
Lift Cap on Social Security Payroll Tax
President Barack Obama believes that the first place to look to strengthen Social Security is the payroll tax system. Some are calling for the cap on the Social Security tax limit to be abolished. Currently the limit ensures that one stops paying Social Security tax after they've earned $106,800 in a year.
Supporters say that the cap on payroll tax should be lifted because millionaires and billionaires don’t have to pay beyond $106,800 a year right now. Opponents of this idea feel that those who make more than $106,800 annually should not be punished by paying more taxes and would pay far more than the benefits they would receive. Also, opponents argue, this would only patch the system’s finances for a few years, rather than solving the Social Security problem for good.
Are you in favor of lifting the cap on the Payroll Tax to help Social Security?
Voice your opinion now!
Click here to voice your opinion on this issue
Tuesday, August 17, 2010
Have you had an opportunity to meet Mariannette Miller-Meeks in IA-2?
We want to invite you to take a closer look at an excellent person seeking to represent our District in Congress. Part of her message is Create Jobs, Cut Spending, Lower Taxes ...
Mariannette Miller-Meeks for Congress on Facebook. You can visit her web site too. She is a doctor, veteran and small business owner. Join us in supporting Miller-Meeks for Congress in '10.
Linn County Chair
Monday, August 16, 2010
Should the Tax Cuts End? If Congress doesn't do anything, they will end automatically ...
Tax Alert received from National Write Your Congressman ...
www.nwyc.com
Monday, August 16, 2010
A Broad List of Tax Cuts
Across the board tax cuts for earned income, long-term capital gains and dividends were enacted through two laws.* They allowed for additional exemptions, deductions, and a broader tax bracket for married couples, thus reducing the “marriage penalty.” An expanded child tax credit and other changes and adjustments were added to the tax code through these laws.*(Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001, and the Jobs and Growth Tax Relief Reconciliation Act of 2003. )
Personal Income Tax Rates
The chart below shows the current tax rates and what they will be if none are extended. The administration and some members of Congress are on record for allowing the lower rates to expire for the top two income brackets. Others feel that the current economic climate is not a good time to place higher taxes on a sluggish economy.
Income Taxes: (married filing jointly)
Family Issues
Married persons received higher standard deductions and larger tax brackets as well as expanded child credit under the 2001 tax breaks. If allowed to expire, this “marriage penalty” would reduce tax brackets and the standard deduction for married taxpayers from their current rates. The child credit would decrease from $1,000 to $500. There is an element of a “hidden” tax inherent in allowing these provisions to expire in that they would, in reality, increase tax liability of married persons.
Capital Gains and Dividends
The maximum tax rate on long-term capital gains and qualified dividends were reduced to 15%. Lower income filers faced a 0% tax rate. If the provision expires, it would move the capital gains rate back to a maximum of 20%, and qualified dividends would resume being taxed at the regular tax rate of the filer, some as high as 39.6%. These rates are also slated to rise for some another 3.8% in 2013 as a result of the recent health care bill.
Capital-gains taxes:
The Estate Tax
One of the peculiarities of the 2001-03 tax cuts was to entirely eliminate the estate tax in 2010, then reset the rates to those in existence prior to 2001. Current debate centers on whether a compromise that will maintain exemption and tax rates similar to 2009 levels.
Estate Tax:
www.nwyc.com
Monday, August 16, 2010
Decision Time: The Bush Tax Cuts
It’s been almost a decade in the making, but one of the more anticipated sessions of Congress is now upon us as we debate what to do about the so-called Bush tax breaks. Of course, what has significantly changed the debate is the state of our federal budget and the economy. But before most of us decide whether this is the time for a tax increase on some, none or all taxpayers, we need a reminder of what they are and how they may affect us.A Broad List of Tax Cuts
Across the board tax cuts for earned income, long-term capital gains and dividends were enacted through two laws.* They allowed for additional exemptions, deductions, and a broader tax bracket for married couples, thus reducing the “marriage penalty.” An expanded child tax credit and other changes and adjustments were added to the tax code through these laws.*(Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001, and the Jobs and Growth Tax Relief Reconciliation Act of 2003. )
Personal Income Tax Rates
The chart below shows the current tax rates and what they will be if none are extended. The administration and some members of Congress are on record for allowing the lower rates to expire for the top two income brackets. Others feel that the current economic climate is not a good time to place higher taxes on a sluggish economy.
Income Taxes: (married filing jointly)
Current - Income Level - Scheduled Rate Next Year
- 10% $0-$16,750 15%
- 15% $16,751-68,000 15%
- 25% $68,001-137,300 28%
- 28% $137,301-209,250 31%
- 33% $209,251-373,650 36%
- 35% $373,651- and above 39.6%
Family Issues
Married persons received higher standard deductions and larger tax brackets as well as expanded child credit under the 2001 tax breaks. If allowed to expire, this “marriage penalty” would reduce tax brackets and the standard deduction for married taxpayers from their current rates. The child credit would decrease from $1,000 to $500. There is an element of a “hidden” tax inherent in allowing these provisions to expire in that they would, in reality, increase tax liability of married persons.
Capital Gains and Dividends
The maximum tax rate on long-term capital gains and qualified dividends were reduced to 15%. Lower income filers faced a 0% tax rate. If the provision expires, it would move the capital gains rate back to a maximum of 20%, and qualified dividends would resume being taxed at the regular tax rate of the filer, some as high as 39.6%. These rates are also slated to rise for some another 3.8% in 2013 as a result of the recent health care bill.
Capital-gains taxes:
Current - Income Level -Scheduled Rate Next Year
- 15% Couples up to $250,000 20%
- 15% Couples over $250,000 20%
The Estate Tax
One of the peculiarities of the 2001-03 tax cuts was to entirely eliminate the estate tax in 2010, then reset the rates to those in existence prior to 2001. Current debate centers on whether a compromise that will maintain exemption and tax rates similar to 2009 levels.
Estate Tax:
Current -Scheduled Rate Next Year
- Rate 0% 55%
- Exemption N.A. $1 million
See NWYC Action Alert to voice your opinion on these issues. Go to www.nwyc.com.
The information contained herein is general in nature and is not intended as legal, accounting or tax advice or opinion as provided by National Write Your Congressman. The reader should seek professional guidance prior to taking any action based upon this information. National Write Your Congressman shall have no obligation to inform the reader of any changes in tax laws or others which may affect the information provided. Thank you for being a responsible American; your voice is making a difference.
- No family making less than $250,000 will see "any form of tax increase."
"I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes." ~ Barack Obama - If Congress doesn't extend the Bush Tax Cuts: we will see a tax increase automatically, since the Bush Tax Cuts will sunset.
Obama budget lets Bush tax cuts expire - MarketWatch
Feb 1, 2010 ... Facing a gaping deficit but aiming to spur job creation at the same time, President Barack Obama's fiscal year 2011 budget would hit top ...
how-the-expiring-bush-tax-cuts-affect-you: Personal Finance News ...
Jul 7, 2010 ... The so-called Bush tax cuts are scheduled to expire at the end of the year. Although some of the cuts retain bipartisan support in Congress ...
How Will The Expiring Bush Tax Cuts Affect You? - Forbes.com
Jul 22, 2010 ... Find out which expiring tax cuts might cost you money if Congress doesn't extend them.
A push away from Limited Government and more government control into those who choose a small business lifestyle?
Today's hot political affairs topic, from a meeting we attended this morning is HR. 5297. Here's the update we received:
Many of you may have seen an email from ASAE on the IRS 1099 Reporting Requirement. NAR (National Association or Realtors) has been working on this issue and wanted to provide you with a legislative update.
The health care legislation enacted earlier this year included a controversial and burdensome new requirement, effective in 2012, that would require all businesses to provide IRS 1099 information returns to any vendor (and to the IRS) when the business makes payments of more than $600 to the vendor in any calendar year. This 1099 reporting provision came out of nowhere in the final days of the health care debate.
No sooner was the ink dry on the bill itself than efforts began to repeal the new 1099 rule. Many REALTOR organizations are aware that ASAE is among the groups opposing the new rule. NAR has signed on to the ASAE letter to signal its opposition to the 1099 reporting requirement. When Congress reconvenes in mid-September, among the pending bills is a small business bill (HR 5297) that includes a modest tax title. (The bill has several non-tax provisions that NAR fully supports.) HR 5297 is expected to be brought up some time during the week of September 13.
When the Senate considers HR 5297, there will be a two-part amendment procedure related to the 1099 requirement. The first part will be an amendment that would completely repeal the 1099 requirement. That effort is expected to fail. The second will be an amendment offered by Majority Leader Reid (D-NV) and Finance Chairman Baucus (D-MT) and others. That amendment would limit the application of the 1099 reporting requirement so that only employers with more than 25 employees would be subject to the 1099 reporting requirement. Further, only payments of more than $5000 would have to be reported. That amendment is expected to pass.
While the full repeal has broad support among ASAE members and in the small business community, we would anticipate that the 25 employee threshold would mean that most local boards and many state associations would be exempt from the reporting requirement. Similarly, the 25 employees threshold should provide adequate relief for most of our members. (Real estate sales agents are independent contractors, and so would not be included as employees of their respective brokers.) The $5000 threshold for reporting will also provide substantial relief to members and to associations.
At such time as HR 5297 (with some sort of 1099 amendment) achieves final passage in the Senate, it will have to go back to the House. The House version of the bill is substantially different from the Senate version. The House will then have two choices: It may simply pass the Senate version of the bill and send it on to the President, or it may request a conference between the House and Senate to reconcile their different versions of the bill. (Note that a conference would involve at least 4 different committees, so could be a cumbersome process.) We presently have no prediction of which option the House would choose. Congress plans to adjourn for the election on October 8. A post-election lame duck session has already been announced, so this 1099 issue may remain unresolved for a few months.
Note that the IRS has made public statements that it does not have adequate capacity to process all of the 1099s that would be filed if the health care bill's reporting requirement remains in the law as originally enacted. The IRS public statement should bolster the effort to eliminate or significantly narrow the application of the new reporting provision before it comes into effect in 2012
*** *** ***
HR 5297 Hits Turbulence in Senate - National Underwriter Life and Health Insurance News
Backers of HR 5297, the Small Business Jobs Act bill, today had trouble getting the bill to the Senate floor. Members of the Senate voted ...
Many of you may have seen an email from ASAE on the IRS 1099 Reporting Requirement. NAR (National Association or Realtors) has been working on this issue and wanted to provide you with a legislative update.
The health care legislation enacted earlier this year included a controversial and burdensome new requirement, effective in 2012, that would require all businesses to provide IRS 1099 information returns to any vendor (and to the IRS) when the business makes payments of more than $600 to the vendor in any calendar year. This 1099 reporting provision came out of nowhere in the final days of the health care debate.
No sooner was the ink dry on the bill itself than efforts began to repeal the new 1099 rule. Many REALTOR organizations are aware that ASAE is among the groups opposing the new rule. NAR has signed on to the ASAE letter to signal its opposition to the 1099 reporting requirement. When Congress reconvenes in mid-September, among the pending bills is a small business bill (HR 5297) that includes a modest tax title. (The bill has several non-tax provisions that NAR fully supports.) HR 5297 is expected to be brought up some time during the week of September 13.
When the Senate considers HR 5297, there will be a two-part amendment procedure related to the 1099 requirement. The first part will be an amendment that would completely repeal the 1099 requirement. That effort is expected to fail. The second will be an amendment offered by Majority Leader Reid (D-NV) and Finance Chairman Baucus (D-MT) and others. That amendment would limit the application of the 1099 reporting requirement so that only employers with more than 25 employees would be subject to the 1099 reporting requirement. Further, only payments of more than $5000 would have to be reported. That amendment is expected to pass.
While the full repeal has broad support among ASAE members and in the small business community, we would anticipate that the 25 employee threshold would mean that most local boards and many state associations would be exempt from the reporting requirement. Similarly, the 25 employees threshold should provide adequate relief for most of our members. (Real estate sales agents are independent contractors, and so would not be included as employees of their respective brokers.) The $5000 threshold for reporting will also provide substantial relief to members and to associations.
At such time as HR 5297 (with some sort of 1099 amendment) achieves final passage in the Senate, it will have to go back to the House. The House version of the bill is substantially different from the Senate version. The House will then have two choices: It may simply pass the Senate version of the bill and send it on to the President, or it may request a conference between the House and Senate to reconcile their different versions of the bill. (Note that a conference would involve at least 4 different committees, so could be a cumbersome process.) We presently have no prediction of which option the House would choose. Congress plans to adjourn for the election on October 8. A post-election lame duck session has already been announced, so this 1099 issue may remain unresolved for a few months.
Note that the IRS has made public statements that it does not have adequate capacity to process all of the 1099s that would be filed if the health care bill's reporting requirement remains in the law as originally enacted. The IRS public statement should bolster the effort to eliminate or significantly narrow the application of the new reporting provision before it comes into effect in 2012
*** *** ***
HR 5297 Hits Turbulence in Senate - National Underwriter Life and Health Insurance News
Backers of HR 5297, the Small Business Jobs Act bill, today had trouble getting the bill to the Senate floor. Members of the Senate voted ...
Who's Really Leaving Small Business Behind? - Shopfloor
This bill will increase paperwork on the backs of an economy that is witnessing poor job growth, high unemployment and increasing strains on the American Dream and on Main Street.
Wednesday, August 11, 2010
Miller-Meeks volunteers work hard at Victory HQ tonight
Campaigns have a lot of work to do in July and August. Tonight, enjoyed an evening with other Miller-Meeks volunteers working the phones. We set a record statewide for number of calls made tonight. KCRG-TV spent a little time with Dr. Mariannette Miller-Meeks asking here questions on recent Federal legislation.
Cutting food stamps to save teachers - Milwaukee Journal Sentinel (blog)
I can see his point. It also seems hypocritical to cut food stamps at a time when First Lady Michelle Obama is in the midst of a campaign to improve diets ...
Congress Votes For School Funding, Cuts Food Stamps - ColorLines magazine
Dems getting heat from left over food cuts - DesMoinesRegister.com (blog)
Food Stamps Slashed to Pay for Teacher Jobs Bill - CBS News
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