Businesses and Phil Mickelson Consider Bailing On California

Phil Mickelson State Taxes

Thanks to California’s new state income tax, there are a lot of high earning citizens who are considering moving to a new state. One such citizen is Phil Mickelson, a top-ranked golfer. This week he suggested that the new state taxes may force him to move out of the state. Later Phil Mickelson went on to say that he shouldn’t have spoken out as he did but there are others who are saying the same thing.

Many of those who will be taxed feel as though it will be excessive. They are also feeling that California … Read the rest

President Obama And The Fiscal Cliff Deal

President Obama has left out certain important aspects of the fiscal cliff deal, in a video broadcast on the Web. This could give a wrong impression of the deal’s impact on the deficit and taxpayers

President Obama seems to be boasting that families coming under the middle-class category will not be paying more than $2000 extra as taxes during the year. This is correct for taxes on income; however, the President fails to mention, that there is allowance in the deal for the cut on payroll taxes to expire. More taxes will be paid this year by 77% … Read the rest

Payroll Tax Cut Can Hurt Social Security

Payroll tax cut undermines the security of the Social Security Program

If lawmakers see Social Security as just one of the line items in the federal budget, there is not much to stop it from being caught up in an orgy of spending reductions.

When an economic agreement was reached in Congress recently which extended unemployment insurance, the Social Security payroll tax cut and retained present levels of reimbursement for doctors who accept Medicare, the response by many was a resounding “Hurrah.”

The perception was that Congress finally did something important with less posturing and brinkmanship and not quite as … Read the rest