Marinduque Mainland from Tres Reyes Islands

Marinduque Mainland from Tres Reyes Islands
View of Marinduque Mainland from Tres Reyes Islands-Click on photo to link to Chateau Du Mer

WELCOME TO MY SITE AND HAVE A GOOD DAY

If this is your first time in this site, welcome. It has been my dream that my province, Marinduque, Philippines becomes a world tourist destination not only during Easter Week but also whole year round. You can help me achieve my dream by telling your friends about this site. The photo above is your own private beach at The Chateau Du Mer Beach Resort. The sand is not as white as Boracay, but it is only a few steps from your front yard and away from the mayhem and crowds of Boracay. Please do not forget to read the latest national, international, and technology news in this site . I have posted some of my favorite Filipino and American dishes and recipes on this site also. Some of the photos and videos on this site, I do not own. However, I have no intention on infringement of your copyrights. Cheers!

Tuesday, November 27, 2012

The Fiscal Cliff and Higher Taxes Next Year

The Fiscal Cliff and your Taxes Next Year

Do you know that if Congress and President Obama do not agree on a compromise about taxes, you the average taxpayer will have to pay on the average about $2000 more of taxes next year.?

This is due to what newspapers are calling the Fiscal Cliff. This will occur because several popular tax credits and deductions along with the low tax rate will expire by the end of the year. So if Congress does not do anything before the end of the year, the taxes we will owe next year will average about $3,500 more per household, according to the Tax Policy Center. This means that the middle class tax payer are most likely to see an increase of $2000 in their taxes.

Other items which may increase your tax liability next year are:

1. Expiration of low capital gains rates and higher Dividends tax rate

2. Payroll tax Holiday will be over

3. Reduced Savings for Child care will take effect

4. Estate Tax rate will increase from 35 to 55%

5. Alternative minimum tax income exclusion must be approved retroactively

6. Higher income taxpayers who itemized will have a 3% reduction in their Schedule A Claims

7. Start of taxes related to Obamacare law

8. Reduced in Defense Spending

The whole country will be affected if this fiscal cliff occurs that economists are predicting another deep recession. However, California would be hit especially hard. A study by Professor Stephen Fuller at George Mason University shows that these cuts would cost California 230,000 jobs - 135,000 from the defense industry and 95,000 from non-defense sectors.

For additional details Read : http://www.bankrate.com/finance/taxes/fiscal-cliff-affect-taxes.asp

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