Serious U.S. Issues Loom as President Obama Acts
U.S. PRESIDENT BARACK OBAMA
President Barack Obama talks on the phone with President Lee Myung-bak of South Korea in the Treaty Room Office in the White House residence. Earlier in the day, North Korea conducted an artillery attack against the South Korean island of Yeonpyeong.
White House Photography by Pete Souza, November 23, 2010
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National Christmas Tree Lighting
FRIDAY, December 9, 2010
PRESIDENT BARACK OBAMA& FAMILY
President Barack Obama, with mother-in-law Marian Robinson, daughters Sasha and Malia, and First Lady Michelle Obama, react as they push the button to light the National Christmas Tree during a ceremony on the Ellipse in Washington, D.C..
White House Photography by Chuck Kennedy, December 9, 2010.
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WASHINGTON, DC
FRIDAY, December 10, 2010
President Barack Obama and Vice President Joe Biden meet with Senate Majority Leader Harry Reid, D-Nev., right, Sen. Charles Schumer, D-N.Y., left, and interim Chief of Staff Pete Rouse, center, in the Oval Office.
U.S. PRESIDENT BARACK OBAMA
White House Photography by Pete Souza, November 29, 2010.
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Payroll Tax Holiday? An Indication of Serious U.S. Issues
Posted and Written By Karen Ann Carr
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WASHINGTON, DC- The White House continues to build consensus in order to move forward with taxation and unemployment strategy. The U.S. Congress, however, continues to be disturbed and un-trusting of the White House, given the circumstances.
But, President Obama has made up his mind, he will not agree with a bill that puts the onus on the common citizen to survive the turbulence of the rocking economy. It is not going to happen on his watch. The willingness of President Obama to agree with a GOP Payroll Tax Holiday is an indication of just how seriously ill the global and national markets are.
As such, Vice President Biden has been maintaining a presence among U.S. Congressional leaders of the lame-duck Democratic party.
The Chart below provided by the Obama White House administration demonstrates what the bipartisan agreement would deliver. According to the White House several key tax credits will give the average American family money to pay bills each month. With these assurances the White House administration believes American families be sustained monetarily. In effect the Obama administration is trying to prove to its base that President Obama gained more of what he wanted than the GOP [The Republican Party]. But as one analyzes the allocations, one can quickly see that only about 76 Billion dollars of the deal will actually help the average American pay bills every month.
Unemployed and underemployed persons will, most likely, not be able to utilize the Renewable Energy Grants, the Payroll Tax Holiday credits, Equipment Expensing credits or the American Opportunity Tax Credits unless they become business owners. Therefore, at a very clear level, many Americans might want to consider becoming entrepreneurs rather than employees, if they want to benefit from the agreement being considered.
The chart provided by the Center on Budget and Policy Priorities [cbpp.org]
demonstrates just how much of the tax cut package goes to middle class and working families.
Here is some details about the proposed allocations of the bill:
Payroll Tax Holiday
The Payroll Tax Holiday is a holiday associated with the future of Social Security. Some associate the Payroll Tax Holiday with the Republican party as the "GOP's Trojan Horse.'
The willingness of President Obama to agree with a Payroll Tax Holiday is an indication of global and national markets illness. Obsessing over the solvency of Social Security and the solvency of the U.S. Treasury must be a mute point at this point, if President Obama believes a Tax Holiday is necessary at this time.
Renewable Energy Grants(1603)
Home owners and independent project developers use U.S. renewable energy grants. The loss of Renewable Energy Grants would have a major impact on the cost of energy and hundreds of megawatts of projects on hold.
The Renewable Energy Grant program, introduced under Section 1603 of the American Recovery and Reinvestment Act of 2009, allowed property owners to invest in renewable-energy projects in order to receive a tax credit from the U.S. Treasury Department worth approximately 30% of the cost of a project. The program has paid, a reported, $5.5 billion to developers and building owners.
Earned Income Tax Credit
The United States of America's Earned Income Tax Credit (EITC) is a refundable tax credit for middle-income persons, low-income persons, couples, grandparents, aunts, uncles and siblings sharing a residence with a child for more than six months of a tax year.
A claimant with three or more qualifying children can receive a maximum credit of $5,657. Some have, reportedly, used the Earned Income Tax Credit after paying their children to work in the family business.
American Opportunity Tax Credit
The American Opportunity Tax Credit helps parents and students pay for college expenses. Under the American Recovery and Reinvestment Act (ARRA), parents and students qualified for the American Opportunity Tax credit.
the American Opportunity Tax credit allows families with tuition expenses to receive a tax credit of $1,000 to $2,500 per student as a tax refund.
Child Tax Credit
The U.S. Child Tax Credit is a valuable credit, which can significantly reduce your tax liability. Ten important benefits to an American family are:
"1. Amount - With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.
2. Qualification - A qualifying child for this credit is someone who meets the qualifying criteria of six tests: age, relationship, support, dependent, citizenship, and residence.
3. Age Test - To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2009.
4. Relationship Test - To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
5. Support Test - In order to claim a child for this credit, the child must not have provided more than half of their own support.
6. Dependent Test - You must claim the child as a dependent on your federal tax return.
7. Citizenship Test - To meet the citizenship test, the child must be a U.S. citizen, U.S. national, or U.S. resident alien.
8. Residence Test - The child must have lived with you for more than half of 2009. There are some exceptions to the residence test, which can be found in IRS Publication 972, Child Tax Credit.
9. Limitations - The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
10. Additional Child tax Credit - If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit."
Equipment Expensing
U.S.Tax benefits for Equipment Expensing is a way to immediately receive income tax benefits in one tax year. The provisions of Internal Revenue Code Section 179 allow a sole proprietor, partnership or corporation to fully expense tangible property in the year it is purchased."Typically, if property for business has a useful life of more than one year, the cost must be spread across several tax years as depreciation with a portion of the cost deducted each year."
But if Congress agrees to adjust this law, there may be an immediate means for receiving income tax benefits in one tax year.
Estate Tax Cut
Unemployment Insurance
High Income Rate Cuts
December 10, 2010.
"As the chart above demonstrates, the bipartisan agreement we’ve forged delivers several key victories – victories that will give the average American family assurance that there will be more money to pay the bills each month"
PRESIDENT BARACK OBAMA & AMERICAN 2010 NOBEL LAUREATES IN ECONOMICS
President Barack Obama greets the American 2010 Nobel Laureates in Economics, Peter Diamond, center, and Dale Mortenson, second from right, in the Oval Office.
White House Photo by Pete Souza, November 30, 2010
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"Last night’s approval of the DREAM Act in the House of Representatives was a historic and important step. We agree with the Senate leadership’s decision to table the version under consideration in that chamber in favor of taking up the version approved in the House. Eight Republicans voted together with Democrats to approve this important bill in the House last night. It should get bipartisan support in the Senate as well, and in light of the vote in the House, this is the right way to move forward to get that. The DREAM Act is the right thing to do for our nation, our economy, and our security – and even reduces the deficit by $2.2 billion over the next decade. The President looks forward to seeing the Senate approve it so that he can sign it into law."
Press Secretary Robert Gibbs
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PRESIDENT BARACK OBAMA, PRESIDENT JIMMY CARTER, TOM DONILON & TEAM
President Barack Obama talks with former President Jimmy Carter who was attending a meeting in National Security Advisor Tom Donilon's office in the White House.
White House Photography by Pete Souza, November 30, 2010
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National Thanksgiving Turkey
Apple, the National Thanksgiving Turkey, is photographed by guests attending a ceremony where President Barack Obama pardoned the turkey in the Rose Garden of the White House, Nov. 24, 2010.
White House Photo by Chuck Kennedy, November 24, 2010.
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President Barack Obama shares a lighter moment during a meeting in the Situation Room of the White House.
White House Photography by Pete Souza, Nov. 22, 2010.
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President Barack Obama is reflected in a mirror as he meets with newly-elected governors at Blair House.
White House Photography by Lawrence Jackson, Dec. 2, 2010.
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PRESIDENT BARACK OBAMA AND SASHA OBAMA
President Barack Obama sits with daughter Sasha during a barbecue with family and friends in celebration of his 49th birthday on the South Lawn of the White House.
Official White House Photo by Pete Souza, Aug. 8, 2010.
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WHITE HOUSE
The White House, seen from the North Grounds, is bathed in pink light in honor of Breast Cancer Awareness Month.
White House Photography by Lawrence Jackson, October 14, 2010
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