Thursday, December 27, 2012
If Congress fails to pass an extension of the Bush era tax cuts by midnight Monday, American paychecks will get smaller. You can use the fiscal cliff calculator to see the impact on your paycheck.
With leaders of Congress becoming more and more skeptical a deal will be reached before midnight Monday to avoid the fiscal cliff, it becomes more likely American paychecks will get smaller Tuesday, according to a story in today’s New York Times. “I have to be very honest,” Senate Majority Leader Harry Reid said in the New York Times article. “I don’t know time-wise how it can happen now.” The Senate reconvened today in an unusual session between Christmas and Jan. 1. Even if the Senate passes legislation, the House of Representatives will not come back into session until Sunday barely 24 hours before the deadline, according to a story today on Politico. If no deal is reached, a single person with two exemptions earning $50,000 per year …
Thursday, January 13, 2011
Businesses and individuals alike decry the last-minute vote to boost income taxes.
Niles residents and business owners didn't have anything good to say about the Illinois House and Senate legislators' vote Tuesday night to raise both personal and business income taxes. The vote, which will raise personal income taxes 66 percent, from a rate of 3 to 5 percent, and business income taxes 46 percent, from a rate of 4.8 to 7 percent, after Gov. Patrick Quinn signs it, according to news reports, came just hours before legislators' terms expired at noon Wednesday. No Republicans voted in favor of it, and 10 lame-duck Democrats who did made it their last significant vote before they exited the General Assembly. The bill calls for the tax rates to drop after four years. In Niles, government agencies did not see much immediate …
Tuesday, November 9, 2010
Don't expect to pay less just because your house is worth less, assessor warns.
Scott Bagnall listens to a lot of irate taxpayers. As the Niles Township assessor, he receives all the complaints about high property tax bills. Cook County issued property tax rates Monday, and property tax bills will start arriving in mailboxes as early as Friday. Bagnall said that if you received a tax exemption, such as a senior or 10-year exemption, you were likely to pay more this time--and even more next year. If you do not qualify for an exemption, you're likely to pay less. And even though the value of your home has dropped, that doesn't mean you'll pay less in property taxes. "The taxing bodies, like schools, need a certain amount of money. If your home value goes down, they still need that money to pay their employees," …
Dan Arenov
11:20 am on Wednesday, January 2, 2013
Hello all, I guess i shouldn't post something like this without providing more details. The idea for this blog, which i've run by the local Patch editor, is to have a small group of people who either lean left or lean right and to be part of a small 'debate' team. We would pick a hot topic each week (maybe pulling from a Brian Slupski news item, etc) on e.g., Monday, and would select one person … more ›