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 …
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…
Saturday, December 29, 2012
Some reports claim a $200 billion decrease in consumer spending in 2013.
- GOVERNMENT
- Ben Gross
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Saturday, December 29, 2012
The wide-ranging effects of the United States going over the fiscal cliff—tax increases, defense cuts, food inspection and air travel safety cuts—have set not only many consumers, but some business owners on edge. Why? The White House's Council of Economic Advisors estimated that tax increases would decrease consumer spending by nearly $200 billion in 2013. In fact, numerous media outlets are reporting that fears over the fiscal cliff are partially responsible for slowed 2012 holiday sales. The Pittsburgh Post Gazette cited information from MasterCard Advisors SpendingPulse (which tracks total U.S. sales at stores and online) that media coverage of the fiscal cliff and Hurricane Sandy "created this negative trend in consumer confidence and…
Thursday, November 29, 2012
Van Hollen was unanimously re-elected Thursday to serve as ranking member of the House Budget Committee by the House Democratic Caucus.
The U.S. House of Representatives' Democratic Caucus unanimously reelected Rep. Christopher Van Hollen (D, District 8) on Thursday to serve as ranking member of the House Budget Committee. "It has been a privilege to serve as ranking member of the Budget Committee for the last two years, and I am honored that my colleagues have reelected me to continue to serve in the 113th Congress," Van Hollen said after his reelection. The House Budget Committee is chaired by Rep. Paul Ryan (R, Wisconsin). In the 112th Congress (2011 to 2012), the committee consisted of 22 Republicans and 16 Democrats. As ranking member, Van Hollen is the most senior member of the committee from the minority party (which, in the case of the House of Representatives, is …
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 ›