Archives for Capitol Hillbillies

So, what does this tax bill stuff really mean for you?

The new tax law signed by President Barack Obama Friday will spare millions of Americans from a big tax increase on Jan. 1. It also includes a new cut in Social Security payroll taxes next year. A look at how typical taxpayers will fare in 2011: ___ Taxpayer: A single person with no children, making $50,000 a year in wages. The taxpayer rents an apartment and pays $3,500 in college expenses. Tax bill without the law: $9,255. Tax bill with the law: $5,975. Savings: $3,280. Why: Income taxes would be lower because of lower tax rates and a more generous
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Obama claims tax deal will help middle class

President Barack Obama says a tax cut package that’s about to become law will give a much-needed holiday-season boost to middle class Americans and spur the ailing economy. The president called the deal “real money that’s going to make a real difference in people’s lives.” Obama spoke Friday before signing the $858 billion bill that retains Bush-era tax rates for all, while extending unemployment benefits and cutting the Social Security tax. The president negotiated the deal with Republicans, infuriating many liberals. Nonetheless the House passed it easily late Thursday, a day after the Senate did the same. A rare bipartisan
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Once again, a court will decide an election

Legal wrangling over Alaska’s contested U.S. Senate race reached the state Supreme Court Friday, with justices hearing Republican Joe Miller‘s appeal of a lower court ruling that amounted to a victory for rival Lisa Murkowski. Miller is appealing a state judge’s decision to toss out his challenge to the handling of the election and counting of write-in ballots for Murkowski, who waged a write-in campaign after losing the GOP primary to Miller. The state Supreme Court did not immediately rule Friday. Miller wants the results of the election invalidated, and a recount to ensure what he has called a fair
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Obama’s tax bill means nothing to long-term jobless

The tax-cut bill President Barack Obama is expected to sign Friday renews benefits for millions of unemployed people. But it does nothing for hundreds of thousands who have been out of work so long they’ve used up all benefits available to them. In the 25 states with unemployment of at least 8.5 percent, people can receive up to 99 weeks in aid. In other states, the unemployed get less than 99 weeks — in some cases just 60 weeks, according to the Center for Budget and Policy Priorities. The bill keeps 99 weeks as the maximum anyone can receive. It
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Now it’s the ‘Obama’ tax cut

Displaying a new style of compromising, President Barack Obama invited Democrats and Republicans alike to the White House on Friday for the signing of a massive tax package that frayed his relations with liberals, caused him to abandon a pledge not to extend tax cuts to the rich and heralded a new balance of power in the capital. The package retains Bush-era tax rates for all taxpayers, offers 13 months of extended unemployment benefits to the jobless and attempts to stimulate the economy with a payroll tax cut for all workers. The agreement, struck 10 days ago between the White
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Surprise waiting for 13.4 million taxpayers in new bill

About 13.4 million taxpayers may be getting unexpected tax bills because they were awarded too much money under President Barack Obama‘s Making Work Pay tax credit, a government audit said Thursday. The tax credit, which expires Jan. 1, was designed to increase take-home pay by about $8 a week through new tax withholding tables. The credit was capped at $400 for individuals and $800 for married couples filing jointly. However, the credit put millions of taxpayers at risk for not having enough taxes withheld from their paychecks, resulting in a tax bill when they file their returns, said the audit
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The fix is in and headed to Obama for signature

A massive bipartisan tax package preventing a big New Year’s Day tax hike for millions of Americans is on its way to President Barack Obama for his signature Friday. The measure would extend tax cuts for families at every income level, renew jobless benefits for the long-term unemployed and enact a new one-year cut in Social Security taxes that would benefit nearly every worker who earns a wage. The president is expected to sign the bill Friday afternoon. In a remarkable show of bipartisanship, the House gave final approval to the measure just before midnight Thursday, overcoming an attempt by
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Rahm Emanueul’s Chicago residency still open to debate

Attorneys for former White House chief of staff Rahm Emanuel are focused on showing that he always planned to come back to Chicago after he finished working for President Barack Obama. A Chicago Board of Election Commissioners hearing on residency challenges to Emanuel’s mayoral bid enters its third day Thursday with more witnesses expected to testify. More than two dozen opponents say he doesn’t have a legal right to run because he lived for nearly two years in Washington. Wednesday’s testimony wrapped up with a longtime friend of Emanuel’s talking about how long he planned to work for Obama, who
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Tax showdown in House today

A massive tax package that would save millions of Americans thousands of dollars in higher taxes is headed for a vote in the House Thursday even as rebellious Democrats complain it is too generous to the wealthy. House Democratic leaders plan to pass the bill Thursday. But first, they will hold a vote on imposing a higher estate tax than the one negotiated by President Barack Obama. The Senate overwhelmingly passed the package Wednesday, with broad bipartisan support. Now, Obama is urging the House to pass it without changes, so he can sign it into law. “I know that not
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Don’t ask, don’t tell repealed by House again

For the second time this year the House voted to dismantle the military’s “don’t ask, don’t tell” policy, giving the Senate a final shot in the waning days of this Congress at changing a law requiring thousands of uniformed gays to hide their sexual identity. The strong 250-175 House vote Wednesday propels the issue to the Senate, where supporters of repeal say they have the votes but perhaps not the time to get the bill to the floor. It could be the last chance for some time to legislatively end the 1993 law that forbids recruiters from asking about sexual
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