Friday, February 27, 2009
Working Two Jobs to Make Ends Meet? – Beware of Stimulus “Tax Cuts”
The Internal Revenue Service has recently released the revised tax tables under the Obama Administration’s Stimulus plan. Those who are holding two jobs, (say trying to save some extra money to pay for a mortgage, or other essentials) should be aware that if they receive a reduction of taxes for both positions, they will most likely be “reimbursing the government” for 2009 taxes. It is highly advisable to be certain that should one hold two jobs, or three, given the economy, that they adjust the withholding upward on second and third jobs, in order to avoid paying taxes in 2010. Those have one job only; will see a slight increase in their payroll.
Federal Agency Seeks Increase in Gas Tax – Follows Massachusetts Lead
The National Surface Transportation Infrastructure Financing Committee released its assessment of how end users of the U.S. roadways should pay for upkeep. currently, the highways and byways are funded through a Federal Gas Tax, this Commission has decided that an increase in the gas tax of .10 cents per gallon is imperative to continue to keep our roadways sound. Coined “A Blue Ribbon Panel” by the New York Times, the Committee is concerned that, with a shift to more fuel efficient vehicles, the current Federal Tax of 18.4 cents per gallon, will be insufficient to cover costs of maintaining the infrastructure. The Los Angeles Times brought into question the 8 billion dollar bailout of the Transportation Highway Trust Fund last year, apparently due to a decrease in driving over an increase in the price per gallon that was a direct result of the decline in Retail sales that added fuel to the fire of recession. The majority of the stimulus rebate checks of 2008 went directly to pay mounting fuel charges rather than towards the purchase of non-essentials. Further, there is $40 Billion in stimulus that is earmarked for Infrastructure, however, the panel insists that this will only cover three months of funding (perhaps they have a similar payroll to the Massachusetts Turnpike Authority).
The solution: some officials within the Obama administration, taking a cue from the “Blue Ribbon Panel” came up with a tax per mile driven, which was quickly rejected by the President. (Who may be watching that nasty Daily Gallop Tracking Poll.)
The tax per mile system is also being considered by Massachusetts Governor Deval Patrick, who is trying to meet a bloated Turnpike Authority Payroll and debt incurred for Boston’s Big Dig – Patrick has put that plan on hold, for the moment, instead calling for a .19 cent hike in the current State Gas Tax. Residents of Massachusetts will be the state paying the highest gas taxes in the nation.
Should the Federal Government raise the tax further, it will further erode the “stimulus” tax cuts of $13.00 per week (depending upon whether or not one has a job to drive to and fro). Further, the fact that consumers changed habits in order to conserve gasoline and save a few dollars out of necessity and at the urging of certain candidates during the 2008 presidential campaign marathon, one has to find it ironic that consumers who acted in good faith, are now going to pay through the nose, both at the pump and in the long-run through taxes (someone has to pay for the “stimulus”).
The solution: some officials within the Obama administration, taking a cue from the “Blue Ribbon Panel” came up with a tax per mile driven, which was quickly rejected by the President. (Who may be watching that nasty Daily Gallop Tracking Poll.)
The tax per mile system is also being considered by Massachusetts Governor Deval Patrick, who is trying to meet a bloated Turnpike Authority Payroll and debt incurred for Boston’s Big Dig – Patrick has put that plan on hold, for the moment, instead calling for a .19 cent hike in the current State Gas Tax. Residents of Massachusetts will be the state paying the highest gas taxes in the nation.
Should the Federal Government raise the tax further, it will further erode the “stimulus” tax cuts of $13.00 per week (depending upon whether or not one has a job to drive to and fro). Further, the fact that consumers changed habits in order to conserve gasoline and save a few dollars out of necessity and at the urging of certain candidates during the 2008 presidential campaign marathon, one has to find it ironic that consumers who acted in good faith, are now going to pay through the nose, both at the pump and in the long-run through taxes (someone has to pay for the “stimulus”).
Thursday, February 26, 2009
Mass Gas Tax Increase to Cover Turnpke Authority Payroll? More Insanity from the Bay State!
Update: There is a bit of a brouhaha this morning over the proposed Massachusetts Gas Tax increase tied to meeting the payroll of those employees of the Turnpike Authority. The Springfield Republican has supplied a list of salaries here showing part-time toll takers making $49,337.00 annually. Over at WHYN AM Talk Radio Springfield an online petition saying "no" to an increase in the State Gas Tax has received over 5,000 signatures thus far. This morning, radio hosts read an email received from a local attorney who was incensed that toll-makers are paid more than college professors (or most people not that well "connected" in the Bay State", and pondered moving (the Massachusetts Exodus just keeps on rolling).
Strongly suggest reviewing Beacon Hills motives for pushing through another tax on the public by 1) checking Turnpike Authority salaries, and b) Signing that petition.
Strongly suggest reviewing Beacon Hills motives for pushing through another tax on the public by 1) checking Turnpike Authority salaries, and b) Signing that petition.
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