United States

The Skinny On The New Tax Bill

So, the analyst are yapping away on the news channels. Your friends and co-workers are complaining about it. What does the new tax bill really mean for you? Does it spell disaster. or will it even affect you at all? The following is the skinny on the basics of the new tax bill, read on and decide for yourself whether or not the tax bill affects you.

The new tax bill has extended the tax cuts established by George W. Bush. That means everyone, the highest and lowest earners. The six federal income tax rates stay the same. Plus, itemized deductions are still permissible.

The AMT, or alternative minimum tax is something many of us gloss over on our tax forms. However, more than 20 million tax payers won’t have to pay this tax, which is commonly referred to as the wealth tax. The bill raises the amount of income exempt from the AMT tax to $47,450 for an individual, and $72,450 for couples. The bill also calls for the income exempt to be raised again for the 2011 tax year to $48,450 for individuals and $74,450 for couples.

The American worker also gets a break with the new tax bill. Social security payroll tax will be 2 percent less for one year. The bill also extends the increase in the child tax credit and reduced-earnings threshold.

For the 2011 and 2012 tax year the estate tax will be reinstated. However, the bill calls for an increased exemption level of $5,000,000. The bill also calls for a lowered top rate of 33 percent. The bill also allows everyone to keep the low investment tax rate for the next two years.

Most notably, the bill actually mentions the unemployed. The tax bill allows the unemployed to get a 13 month extension. This guarantees 99 weeks of benefits

Filed Under: Economics, Government & Military Tagged With: Alternative Minimum Tax, Child tax credit, Fiscal year, George W. Bush, Income tax, Itemized deduction, Tax, United States

Turn a Temp Job Permanent

So you landed a seasonal job, the money is good, the work is tolerable. What do you do when the season ends? How can you make that temporary job permanent? One thing is for sure, turning a temporary seasonal job into permanent employment isnâ€™t an easy endeavor, but it is not impossible. In fact, this year employers have reported that they do in fact expect to hire nearly half of their seasonal employees on a permanent basis. The following is expert advice on how to turn your temporary employment into a permanent job.

Do your job and do it well. Make sure you follow instructions to the letter. Take the initiative and get things done correctly and efficiently. Pay attention when you are being trained, or taught a new task, so you donâ€™t do something incorrectly, or have to ask unnecessary questions.

Always show up for work on time. Avoid having to leave work early if at all possible. Spend your work time wisely. Don’t waste your employers money, by wasting their time, avoid goofing off or socializing when you are on the clock.

Be flexible. Make sure you give your employer all your availability. Try and make your schedule as flexible as possible. Donâ€™t be afraid to volunteer for over time or extra hours when they are available.

Be a team player. Help others with their job if you can. Get along with your co-workers. Take an active interest in your company and your job. Make sure your employer is aware of your desire to be hired on permanently and make sure they know you intend to stay with the company long-term. Show a desire to advance within the company beyond your current position.

Don’t be afraid to admit to yourself and to others if a job isn’t your forte. Temporary employment gives you the ideal opportunity to test drive an employer, company and even a new career. Leaving on good terms if you don’t like a job is better for your long-term career aspects.

Filed Under: Economics Tagged With: Business, Business and Economy, Employment, Full-time, Job Search, Season, Temporary work, United States

The SBA Makes Getting Loans Easier

Where does a small business, or blossoming new business go when they need a loan? Well in recent years the answer to that question was bleak. The economy has left many banks unable, or reluctant to loan even the most qualified candidates any money. That may have all changed, the Small Business Administration recently announced two new lending initiatives designed to get loan money in the hands of small business owners quick.

The Small Business Administration wants to streamline the process of applying for loans under $250,000. The SBA has first shortened the application for loans under $250,000 to just two pages. Secondly, they made it possible for applications to be approved within minutes of applying. At longest applicants will be informed of their loan approval or denial within 10 days.

The idea behind the Small Business Administrations new loan process is to get money in the hands of companies that need it quickly. Quicker access to funds will allow small businesses to grow and give them the ability to hire and pay new and current employees. Naturally, this helping hand to small businesses could mean a big boost to the suffering economy and job market.

The fact is, small businesses have the ability to heavily impact their local economies, but they are often limited by financial barriers. As of recent it has been difficult because banks have been hesitant to lend despite the fact that credit availability has eased the worldwide financial crisis. In fact, during the fist half of 2010 most of the businesses that applied for credit were denied, or offered very little. With access to funds being made easier small businesses with growth potential will be more likely to expand and thrive. More than 630 banks are working with the Small Business Association on this new initiative.

Filed Under: Economics Tagged With: Bank, Business, Credit (finance), Economy, Loan, Small business, Small Business Administration, United States

Highest Earning Locations in America

Struggling to make ends meet? Wondering where people are actually living comfortably? The fact is across the country the median income for families has dropped drastically over the past two years. Forbes magazine recently released a list of the places in The United States where people are making the most money. The information they used was gathered by The United States Census Bureau during there American Community Survey in September 2010.

Washington D.C. and the surrounding metro areas in Virginia and Maryland boast the highest median family income in the country right now. In this region the average family earns $102,340 annually, which despite the current economic down turn is an increase from recent years. The area also has a lower unemployment rate than the rest of the nation at 5.9 percent locally opposed to the 9.2 percent national average.

Coming in second was Greenwich, Connecticut and the surrounding areas of Bridgeport, Stamford and Norwalk. Despite a 6.7 percent drop from last year the area still has a average family income of $98, 118.

If west coast living is your thing consider San Jose, California. San Jose did see a 6.5 percent drop in the median family income, but they still rank pretty high with the average family earning $96, 443. San Francisco also rates high nationally despite a 3.7 percent drop in the average family income to $90, 734.

All things considered these areas are doing well. Especially when you take into consideration that the overall national average for a family income, which is $70,354. Likewise, statistics show that the average family income has not increased significantly in a decade. The declines and stagnant numbers are largely contributed to the current economy. Plus, the struggling job market and high unemployment rates also affect a families overall ability to earn and increase income.

Filed Under: Economics Tagged With: Family income, Forbes, Maryland, San Francisco, San Jose California, United States, United States Census Bureau, Washington D.C

Why Your Vote Counts

With the 2012 elections on the horizon and the media all a buzz regarding who can and cannot win, or who should and shouldn’t run; many of us are left wondering if we should vote. We have all heard arguments supporting those who vote and those who don’t, but which side is legit. Does one individual vote really matter? Votes do matter, but rather than making that blank statement here are five reasons why you should vote in the 2012 elections.

5. Communities that have a higher voter turnout get more attention from politicians. So, registering to vote and showing up puts your community and its needs on the radar.

4. You need to show politicians that your demographic cares. Whether you are a man, woman, minority or young voter if you expect politicians to do something about the issues important to your demographic you need to make sure your demographic is represented well at the polls.

3. People fought for our democracy. Whether you are of a minority that once lacked the right to vote or not, voting is a right not everyone has. Standing up and having your voice heard is luxury not everyone in the world has.

2. It gives your argument a foundation. If you don’t vote people will be less likely to respect your opinions when you discuss political matters. Once you cast your ballot, you can complain about taxes, health care, education, the war and nobody can tell you you don’t care or your opinion doesn’t matter because you are being represented and your opinion is counted.

1. When all else fails it does come down to the actual votes. Let’s not forget what happened with Florida when George W. Bush was elected. When push came to shove they went back and looked at all the individual votes, even the mail in ballots.

Filed Under: Government & Military Tagged With: Election, Florida, George W. Bush, Politician, Politics, United States, Voter turnout, Voting

Conditions In Afghanistan Worsening

Usually media shy, The International Committee of the Red Cross held a press conference recently to voice their concern over the war in Afghanistan. The Red Cross reports that conditions in the country are at the worst they have been since the Taliban was overthrown. At the time conditions were bleak because the group was preventing aid and supplies from reaching those in need. Now, conditions are bleak for different reasons entirely.

The Red Cross reports that civilian casualties, resident displacement and access to health care are all worsening problems in the embattled country. The group has had a presence in the country for more than 30 years, since the Soviet invasion. The Red Cross maintains dialogue with all parties in the conflict, which gives them a unique ability to assess conditions in the country.

The Red Cross reports that admission of civilian war casualties to hospitals in the country are up by about 25 percent this year alone. A startling amount of these wounds come as a direct result of roadside bombs. In fact, more than 2,650 injuries were from roadside bombs. In addition to this, people that have left their homes to flee conflict has also risen by 25 percent since last year.

What has the Red Cross even more alarmed is the things they are not seeing. The group has reported that they have been unable to access certain areas of the country. Naturally, this means that the possibility for more civilians in need is substantial. The group is concerned that a whole mass of civilians may be in need of aid and have no means to seek it. The group hopes the press conference will bring the problem to the forefront of American politics and encourage an increase in international aid to the war torn country.

Filed Under: Government & Military Tagged With: Afghanistan, Civilian, Improvised explosive device, International Red Cross and Red Crescent Movement, NATO, Taliban, United States, War in Afghanistan (2001–present)

Americas Party System

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Recent elections have highlighted a widening divide of the population and how they perceive the future of America. The American party system consists of three groups that make the decisions regarding the philosophies that will shape our nation. The interesting facts are based on the differences of these groups. The major parties of the United States political system are the Democrats and Republicans. Those who identify themselves as independents do not associate themselves with a particular party and instead vote for the individual who aligns with their beliefs.

Democrats are identified as possessing liberal beliefs. These individuals are supportive of government initiated social and economic programs. Members of the Democratic party are in favor of more government control of societies issues. Democrats believe that government intervention improves upon the quality of life and creates equality among the citizens of the United States.

Republicans are not opposed to the reasoning behind social or economic programs but are against the costs associated with many programs. Republicans seek a limited role of government in society. Members of the Republican party tend to be conservative in their beliefs. They support pro business initiatives and encourage the personal responsibility of American citizens.

The Democratic support of more taxes to support services for the public is a direct contrast to the Republican view of less taxes and spending. These viewpoints have caused a great divide between those who believe that we should take from the rich and give to the poor versus the opposite belief that individuals are responsible for achieving their own place in the world.

In the current political climate there has been an increased impact to election outcomes based on the independent party votes. The span of two years in the election process has seen the support by independents shift their votes from one party to the next. Future elections may prove to be a result of more independent action by society.

Filed Under: Government & Military Tagged With: Democratic, Fox News Channel, Major party, Newt Gingrich, Parties, Politics, Republican, United States

Are You a Liberal or a Conservative?

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Are you a liberal or a conservative? Although not all members of each group agree with every part of a liberal or conservative stance on a particular subject; the majority of each group holds tight to the philosophies they identify with. People who support the liberal ideals tend to be members of the Democratic party and those who associate themselves with conservative ideals identify themselves as Republicans in most cases. Members who identify themselves as independents consist of both conservatives and liberals. These individuals choose to elect candidates who have a viewpoint similar to their own.

Conservatives do not support same sex marriage or abortion but do support the death penalty. Conservatives believe in a free market system which provides economic growth. Economic growth produces more jobs and more jobs support a higher standard of living for the American public. Conservatives do not advocate increased taxes. These individuals believe that individuals are responsible for improving their quality of life.

Individuals who identify themselves as liberal are supportive of both abortion and same sex marriage. They oppose the death penalty and favor increased taxes on the wealthy. Liberals support programs that highlight social responsibilities which attempt to create economic equality among members of society. Liberals favor governmental intervention and oversight of the free market system in order to promote equality.

The viewpoints of each party are polar opposites of the other. These extreme points of view may explain the difficulties that are being experienced by our political parties in today’s time. Members of each group who are passionate about their belief systems will stand strong against changes they cannot accept. This type of situation can stymie progress from both sides and create dissension among United States Citizens. Our future depends upon both liberal and conservative group members coming to a consensus that each can accept.

Filed Under: Government & Military Tagged With: Capital punishment, Conservatism, Democratic Party (United States), Free market, Liberalism, Politics, Republican, United States

The Effects Of The Recession Upon Consumer Spending

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The continuation of the recession in the United States has had many lasting ramifications, so that even when we’ve reached the point where it is considered safely in the past, its effects will still be felt.

The threat of unemployment strikes fear in the heart of any working individual, especially if they have a family to provide for. The recession has forced many businesses to cut back benefits, lay off employees and mandate hiring freezes. Some employees have been forced to transfer to other company branches located in other cities or states. Yet, even when faced with a long commute, the majority consider that to be favorable as opposed to having no job at all. Businesses find themselves caught in a rough and seemingly never ending cycle. Budgets tighten, and consumer spending has dropped, as families do whatever they deem necessary to make ends meet.

Some Americans feel that the former president George W. Bush is to blame for the economic struggles, and much hope has been formed on the current administration of Barack Obama. With the current presidential term just past its halfway point, questions still remain of if there is time for the country to be pulled out of the depths of recession before the leadership changes in the year 2012. While many agree that Obama has taken great steps to improve the county’s economic condition, no one can argue that there is still much work to be done, and a lot of progress yet to be seen.

The upcoming holiday season should provide many telltale signs regarding the overall health of the economy whether or not a brighter outlook is ahead. If consumer spending shows signs of improving through the year’s final quarter, that is a promising indicator for the weeks and months ahead that comprise the close of this year and beyond.

Filed Under: Debt, Economics Tagged With: Ben Bernanke, Consumer, Consumer spending, Federal Reserve System, Recession, Unemployment, United States, United States Department of Commerce

America’s Current Economic Crisis

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The economic downturn in the United States has been felt by a majority of its citizens. A recession occurs when employment falls and unemployment rises, housing prices decline and businesses do not grow. Each of these issues have presented themselves to the current condition of America. All of the issues have led us to America’s current economic crisis. The United States financial institutions contributed to our economic situation with their use of poor lending practices. These lending practices led to failures in the housing market. All of these incidents have devalued the United States housing market and limited credit availability.

The American citizen has reacted to the economic crisis by reducing their spending practices in favor of paying down debt. United States businesses have faced economic challenges by reducing the employment and limiting costly expansions. These reactions have slowed economical growth and expanded the effects of the recession. The most significant impact of Americas current economic crisis is the rise in unemployment rates. In addition there is also the issue of underemployed citizens. The unemployment rate is at an all time high and without a change in current business practices will continue to grow. Continued high unemployment will limit consumer confidence and reduce the chances of economic recovery.

Positive current trends indicate that corporations are making record profits and employment opportunities will become more widely available. As businesses become more confident in the United States market they will begin expanding and increase their staff. This will provide welcome new to the unemployed individuals currently searching for a job. The opportunities that have presented themselves during this dark period in Americas history include an increased pursuit of educational advancement and a renewal of the American entrepreneurial spirit. America can come out of this crisis with a greater understanding of financial responsibility and renewed interest in what made us great.

Filed Under: Government & Military Tagged With: Business, Economic, Economy, Federal Reserve System, Financial crisis of 2007–2010, Recession, Unemployment, United States