Wednesday, January 16, 2013
The governor touts $325 million in cuts even as proposed spending increases by 4 percent over the current levels.
UPDATED (6:32 p.m.)—Gov. Martin O'Malley Wednesday presented his budget plan for the coming year that he called "a jobs budget." The budget contains no tax increases though O'Malley declined to discuss the possibility of a tax for transportation projects. "These have been challenging times to say the least," O'Malley said. He was referencing the seventh budget of his tenure as governor at the same time that the state has weathered one of the most severe economic downturns in history. O'Malley said Maryland taxpayers "expect their government to do more with less." The proposed $37.3 billion spending plan is for the 2014 fiscal year, which begins July 1. The governor's proposed budget contains $325 million in spending cuts even though the …
Thursday, January 3, 2013
A provision of the deal to avert the fiscal cliff restores a public transit subsidy to as much as $240 monthly.
Amidst the fine print of the deal to avert the “fiscal cliff” is a provision that could save MARC commuters a chunk of change. The Washington Post reports that Congress has tweaked a portion of the tax code in order to give people an incentive to take mass transit. Employers can now cover up to $240 per month in commuting benefits tax-free, or offer a pre-tax payroll benefit. This benefit was in place as part of the stimulus bill until the end of 2011, when it was allowed to lapse and dropped back down to $125 monthly. The “fiscal cliff” deal restores the benefit to that higher level. The Post suggests that this change could encourage higher usage of public transit, because a tax-free benefit to those who drove and parked had remained …
Wednesday, January 2, 2013
Did you rush to give -- and reap the tax benefits -- at the end of the year?
With the potential for changes to the charitable giving deduction, income and estate tax rates, some big philanthropists made 11th hour contributions to take advantage of the existing tax breaks, according to The Washington Post. Smaller donors -- old clothes and household goods in tow -- acted quickly, too. Traditionally, wealthy donors make year-end donations, with many high profile people doing so in 2012. Facebook founder Mark Zuckerberg gave almost $500 million to a foundation; producer David Geffen earmarked $100 million for medical scholarships and publisher Mort Zuckerman added $200 million to Columbia University’s coffers. Stacy Palmer, editor of the Chronicle of Philanthropy, told the Post that “some people have accelerated …
Monday, December 31, 2012
Data shows DC-area improving on three key metrics, but will it continue?
- GOVERNMENT
- Ben Gross
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Monday, December 31, 2012
As the Democrats and Republicans continue to blame each other for lack of compromise on federal spending matters, it seems more likely that the U.S. will plunge over the fiscal cliff like Wile E. Coyote in the old Road Runner cartoons. Media coverage of Washington's cat and mouse (or coyote and land bird) game has overshadowed some positive movement in the economy in the metro area. The Brookings Institution, a nonprofit public policy organization, recently released its December 2012 report on economic recovery data in the top 100 U.S. metropolitan areas. Overall, Brookings data shows the country moving slowly in a positive direction, with unemployment ticking down, output edging up and home prices posting gains. The Washington, DC metro…
Friday, December 28, 2012
Information is posted as a precautionary measure.
- GOVERNMENT
- Ben Gross
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Friday, December 28, 2012
On Thursday, the Office of Personnel Management (OPM) updated its website with information on administrative furloughs in case the fiscal cliff discussions do not produce an agreement. The OPM's communications director said that the furlough guidelines were not "a reaction to any specific action" but were an effort to keep federal workers informed about the possibility of furlough. President Obama and involved members of Congress have cut their winter vacations short to negotiate the looming potential financial crisis. As the comments from Washington seem to be increasingly negative about a potential compromise, many federal workers are becoming increasingly concerned about how the lack of agreement could affect their jobs. OPM …
Thursday, November 29, 2012
Year-end dividends to shareholders could be quick windfall.
- GOVERNMENT
- Ben Gross
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Thursday, November 29, 2012
While you might have read about the possibility of the United States going over the fiscal cliff, the impending crisis may benefit some of the richest people in the country, according to a story on Quartz’s website. The article posits the theory that the potential of the U.S. government possibly raising taxes on dividends is causing corporate America to release some of its almost $1.8 trillion in cash and liquid assets in the form of dividends to shareholders. The Wall Street Journal is cited in the piece, bolstering the idea, and a quote from a Financial Times article is reprinted, stating that “a record 103 companies have announced they will pay special dividends before the end of the year.” The Financial Times quote goes on to say the …
Thursday, November 8, 2012
A Dec. 31, 2012, deadline looms for Congress on a number of significant financial issues.
- GOVERNMENT
- Ben Gross
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Thursday, November 8, 2012
Now that the election is over, the most prominent problem facing the U.S. government is the “fiscal cliff.” You may have heard or seen the term in recent media coverage, but what, exactly, does “fiscal cliff” mean? If Congress fails to act, on Jan. 1, 2013, a number of financial policies will either expire or initiate, including $7 trillion worth of tax increases and spending cuts over the next 10 years. Some of the agencies and programs affected include: Defense cuts, air travel safety and food inspection cuts, income tax rates, the estate tax, marriage penalty relief, child tax credit, the alternative minimum tax, a drop in Medicare reimbursements, small business tax breaks and more. How do you feel about the country potentially going …
Brian
9:31 am on Monday, January 21, 2013
"Hate gays and immigrants as much as you want," Hmmm. I don't see this in my statement above jag. Actually, I hate people like yourself. Smug, arrogant people like you who are oblivious to what the government's role should be. Smacking sense into your head , all be it futile, would bring to me a great "sense" of satisfaction. I've learned by now that intelligent debate among conservatives like … more ›