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Tom Corbett Budget: 5 Painful Cuts in Pennsylvania
By Mary Phillips-Sandy - AOL NewsNext in line for a leaner, meaner budget: Pennsylvania. Republican Gov. Tom Corbett just unveiled his 2011-12 budget proposal for the commonwealth, and sure enough, the $27.3 billion plan contains a number of steep cuts. For the past two years, Pennsylvania has benefited from a $2.6 billion federal stimulus package; that money runs out in June, and the commonwealth is grappling with a $4 billion deficit. The proposed budget "resets Pennsylvania's fiscal clock to 2008-2009 levels," The Morning Call reports. And while it's largely in keeping with current conservative thinking about state ...
Schedule M: The 2010 Tax Credit Explained [VIDEO]
By Mary Phillips-Sandy - AOL News"M" may stand for "money." Part of the 2009 stimulus package was President Barack Obama's Making Work Pay tax credit, or Schedule M, which adjusted federal withholding tables to increase take-home pay by up to $400 for working individuals and up to $800 for working married couples. As the New York Times reported last year, this caused confusion for taxpayers, many of whom didn't know they had to complete a brand-new Schedule M IRS form in order to claim the credit on their returns. The situation got even messier for retirees who could claim the Making Work Pay credit, but only after ...
10 Political 'Nonstarters' From Federal Debt Panel
By Andrea Stone - AOL NewsWASHINGTON (Nov. 11) -- The draft report from the chairmen of the bipartisan presidential debt commission to reduce the national deficit through deep spending cuts and tax increases took months to piece together. It took mere minutes for partisans on the left and right to pull it apart. The final report isn't due until Dec. 1. But already some panel members have said they aren't buying some of the ideas set forth by the chairmen, former Republican Sen. Alan Simpson and former Clinton White House Chief of Staff Erskine Bowles. Alex Brandon, AP Erskine Bowles, left, and former Wyoming Sen. ...
White House Wants Billions for the Economy -- But Don't Call It a Stimulus
By Alex Wagner - Politics DailyWith a majority of Americans critical of the president's handling of the economy, most of the public disapproving of the direction in which the country is headed, and looming midterm elections that threaten to be a bloodbath for Democrats, the White House is under extreme pressure to do more to get the ailing national economy back on its feet. So this week, the Obama administration unveils three measures aimed at jump-starting job creation and helping businesses -- or at least blunting criticism that the president has not done enough and that his course of action has been the wrong one. ...
Goldman Sachs Pursues Another $1 Billion Federal Tax Benefit
By Joann M. Weiner - Politics DailyAs if $22 billion in bonuses were not enough, Goldman Sachs would now like to obtain another $1 billion in tax benefits from the federal government. As with the $12.9 billion that Goldman Sachs received from the U.S. government via payments made to the American International Group, Goldman Sachs would obtain an indirect federal benefit by using tax credits the government provided to Fannie Mae to offset its own profits and thus its federal tax payments. As the Wall Street Journal reported, Goldman Sachs might be purchasing up to $1 billion of Fannie Mae's tax credits. However, the tax ...
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