The Enid News and Eagle, Enid, OK

Featured Story

December 31, 2012

Fiscal cliff agreement covers variety of taxes

WASHINGTON — Highlights of a tentative agreement Monday between the White House and Senate Minority Leader Mitch McConnell, R-Ky., aimed at averting wide tax increases and budget cuts scheduled to take effect in the new year. The measure would raise taxes by about $600 billion over 10 years compared with tax policies that expire at midnight Monday. It would also delay for two months across-the-board spending cuts otherwise set to begin slashing the budgets of the Pentagon and numerous domestic agencies.

Highlights include:

• Income tax rates: Extends decade-old tax cuts on incomes up to $400,000 for individuals, $450,000 for couples. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. Extends Clinton-era caps on itemized deductions and the phase-out of the personal exemption for individuals making more than $250,000 and couples earning more than $300,000.

• Estate tax: Estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. In 2012, such estates were subject to a top rate of 35 percent.

• Capital gains, dividends: Taxes on capital gains and dividend income exceeding $400,000 for individuals and $450,000 for families would increase from 15 percent to 20 percent.

• Alternative minimum tax: Permanently addresses the alternative minimum tax and indexes it for inflation to prevent nearly 30 million middle- and upper-middle income taxpayers from being hit with higher tax bills averaging almost $3,000. The tax was originally designed to ensure that the wealthy did not avoid owing taxes by using loopholes.

• Other tax changes: Extends for five years Obama-sought expansions of the child tax credit, earned income tax credit, and an up to $2,500 tax credit for college tuition. Also extends for one year accelerated “bonus” depreciation of business investments in new property and equipment, a tax credit for research and development costs and a tax credit for renewable energy such as wind-generated electricity.

• Unemployment benefits: Extends jobless benefits for the long-term unemployed for one year.

• Cuts in Medicare reimbursements to doctors: Blocks a 27 percent cut in Medicare payments to doctors for one year. The cut is the product of an obsolete 1997 budget formula.

• Social Security payroll tax cut: Allows a 2 percentage point cut in the payroll tax first enacted two years ago to lapse, which restores the payroll tax to 6.2 percent.

• Across-the-board cuts: Delays for two months $109 billion worth of across-the-board spending cuts set to start striking the Pentagon and domestic agencies this week. Cost of $24 billion is divided between spending cuts and new revenues from rules changes on converting traditional individual retirement accounts into Roth IRAs.

 

1
Text Only
Featured Story
  • flood watch.tiff UPDATED: Garfield County under flash flood watch

    Rainfall chances start in earnest tonight, with an 80 percent chance after 2 a.m. that increases to 90 percent Wednesday and Wednesday night. Flooding in streets, ditches and low-lying areas could be possible.

    July 29, 2014 7 Photos

  • storm_W.jpg Storm victims face dilemma: accept loans or reject them

    The tornadoes, flooding and hail that struck Oklahoma last year left hundreds of millions of dollars in property damage, causing many home and business owners to seek help in the form of low-interest federal loans.

    July 28, 2014 3 Photos

  • Quilts_4_BH_W.jpg History of an art form

    Woven amongst the fabric, patterns and stitches in the Cherokee Strip Regional Heritage Center’s newest special exhibit are stories of past generations.

    July 27, 2014 3 Photos

  • Academy.jpg State prisons expand their reach to train new officers

    On a recent day, a class in the McAlester program was filled with the sounds of bodies thudding onto thick, rainbow-colored pads held together by duct tape, along with heavy breathing and tapping as cadets indicated they’d successfully been subdued.

    July 26, 2014 1 Photo

  • FortStillFacility.jpg FBI: No arrests yet in scam targeting migrant kids

    Con artists use private information about the children to contact their family members and demand payment for bogus processing and travel expenses needed to reunite the kids with their relatives. Families with migrants in Texas and Oklahoma have been targeted.

    July 26, 2014 1 Photo 4 Stories

  • Child Tax Credit_Hass.jpg House votes to boost child tax credit for some

    With nearly all Republicans voting in favor and most Democrats opposed, the bill cleared the House by a vote of 237-173. The White House threatened to veto the bill, though the Democratic-controlled Senate is unlikely to pass it.

    July 25, 2014 2 Photos

  • Oil-Covered Owls_1_JN.jpg Caretaker: One of 2 oil-covered owls has died

    Jean Neal and her husband, Jim, of Fairview, have been caring for the owls since Tuesday, July 22, 2014, when they received them from Oklahoma Department of Wildlife Conservation, which is investigating the incident and the death of several other birds found at a neglected oil field tank site.

    July 25, 2014 2 Photos

  • Virginia Storm_Hass.jpg 2 dead, dozens hurt after storm at Va. campground

    "All hell broke loose. We got an emergency message on a cellphone and within 30 seconds, the thing hit and it blew down 40, 50 trees in the park." — Joe Colony, who has been coming to the campground for 30 years

    July 24, 2014 7 Photos

  • money.jpg Affordable Care Act 80/20 rule will provide refunds to many Oklahomans

    According to Alex Kotran, spokesman for the U.S. Department of Health and Human Services, Oklahoma residents will get $6.7 million in refunds from health insurance companies this summer.

    July 24, 2014 1 Photo

  • Oil Drilling Earthqua_Hass.jpg Oil company geologist to talk Okla. earthquakes

    Continental Resources' Vice President of Geology Glen Brown will deliver a luncheon address Wednesday to members of the Oklahoma Geological Society.

    July 23, 2014 1 Photo

Featured Ads
AP Video
US Ready to Slap New Sanctions on Russia Kerry: Not Worried About Israeli Criticism Boater Rescued From Edge of Kentucky Dam Girl Struck by Plane on Florida Beach Dies Rodents Rampant in Gardens Around Louvre House to Vote on Slimmed-down Bill for Border Looming Demand Could Undercut Flight Safety Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming Traditional African Dishes Teach Healthy Eating
NDN Video
'Hunger Games: Mockingjay Part 1' Sneak Peek NOW TRENDING: Peyton Manning dancing at practice Chapter Two: Designing for Naomi Watts "The Bachelorette" Makes Her Decision Thieves pick the wrong gas station to rob Golden Sisters on '50 Shades' trailer: 'Look At That Chest!' Staten Island Man's Emotional Dunk Over NYPD Car - @TheBuzzeronFOX GMA: Dog passes out from excitment to see owner Baseball Hall of Famers Inducted Florida Keys Webcam Captures Turtles Hatching Morgan Freeman Sucks Down Helium on 'Tonight Show' Robin Wright Can Dance! (WATCH) She's Back! See Paris Hilton's New Carl's Jr. Ad Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now!
House Ads
Facebook