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Will There be More Fiscal Cliffs?

Did you know that you have to take an entry examination before you can go into the US Armed Forces?  It is an Aptitude Test and they use to determine what jobs you can go into.  Why isn't there a similar test for those who are elected to Congress and the rest of the Government for that matter?  Look, it makes no sene to take  a back-bench student to be put in charge of these enormously difficult areas of our government.  As it relates to Economics and Defense for example, these are difficult areas to manage.  Our government needs the best and the brighest minds to run these areas.  Regarding the Fiscal Cliff...It is preposterous that the this is happening to our country.  What do you think?

Thanks to Joe Petrowsky of Manchester, CT for bringing this to the forefront

“Will There be More Fiscal Cliffs?”

OK, I’m not an economist, I own my own business and don’t have a blank check, that I can write, when I don’t make enough money in any given week, in order to pay my bills and make payroll, not like our government does.

As long as our present path of red ink, there will be more fiscal cliff’s. Our Federal spending habits have to be changed, as we are on a really slippery slope. white house

In the previous fiscal cliff that got settled, which increased taxes, now what is going to be done to address the spending side? I’m not convinced there will be a comprehensive approach and the spending cut side will be done in little pieces, which means we keep kicking the can down the road.

Tell me what you think?

 

Fiscal Cliff, The Saga Continues

By: YOU Magazine

Fiscal CliffThe Saga Continues

 

With the first of the year having come and gone, the headlines are suddenly devoid of mentions of the fiscal cliff, which begs the question: what happened? For such an enormous issue with such a dramatic narrative, the resolution was somewhat anti-climactic.

The general consensus is that the compromise reached is something of a stopgap and that the issue will have to be revisited in the near future. Both those on the left and right have expressed dissatisfaction, which suggests that there's still a long way to go when it comes to striking that delicate balance between managing the deficit and making sure that economic growth remains robust.

For all the talk of "nothing having been resolved," however, the bulk of consumers can expect to feel the effects when it comes to their personal finances. The two-point payroll tax cut from the Bush era has officially expired, which means more money withheld from the average paycheck, and individuals that make over $400,000 and couples that make over $450,000 will be subject to a 39.6% tax rate, replacing the previous 35%.

Increases will also apply to individuals and couples who fall in the $500,000 to $1 million plus brackets, but for those making less than $400,000, the Bush era cuts will remain. Capital gains and dividend rates will rise from 15% to 20% for individuals making over $400,000 and joint-filers making over $450,000, while the estate and gift tax exemption will remain at $5 million for individuals and $10 million for married couples.

As for housing, underwater borrowers can breathe a little more easily: the Mortgage Forgiveness Debt Relief initiative was extended through 2013, allowing principal balance reductions and cancellations to remain exempt (on primary residences) rather than being taxed as regular income to the borrowers who receive them. Borrowers making less than $110,000 can also continue deducting their private mortgage insurance premiums. Both policy extensions should have positive implications for the housing market, whose continuing growth is seen as a crucial piece of the overall recovery of the U.S. economy.

Borrowers should keep in mind, though, that none of this is set in stone. It's clear that there's still a deep divide in Congress when it comes to big-picture issues such as tax reform and the debt ceiling, and chances are that these same issues will be hashed out again in the coming months. It's also worth noting that no resolution has been passed on mortgage interest and property taxes, which are the two issues about which homeowners are most anxious to hear something definitive.

image courtesy of Damian Brandon/freedigitalphotos.net

Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

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Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Comment balloon 2 commentsC. Lloyd McKenzie • February 03 2013 11:19AM
Will There be More Fiscal Cliffs?
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