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burmangabriel

Fiscal cliff: Obama, Boehner trade proposals - 1 views

www.abc15.com/...-obama-boehner-trade-proposals

Gabriel Ami trade proposals obama cliff

shared by burmangabriel on 12 Dec 12 - No Cached
  • prevent economy-damaging tax increases on the middle class at year's end, conferring by phone after a secretive exchange of proposals.
  • to reduce his initial demand for $1.6 trillion in higher tax revenue over a decade to $1.4 trillion
  • The longer the White House slow-walks this process, the closer our economy gets to the fiscal cliff," he said, declaring that Obama had yet to identify specific cuts to government benefit programs that as part of an agreement that also would raise federal tax revenue
  • ...14 more annotations...
  • attempts to avert a "fiscal cliff," across-the-board tax increases and cuts in defense and domestic programs that economists say could send the economy into recession
  • numerous proposals Obama has made to cut spending, including recommendations to cull $340 billion from Medicare over a decade and an additional $250 billion from other government benefit programs
  • Republicans "sent the White House a counteroffer that would achieve tax and entitlement reform to solve our looming debt crisis and create more American jobs
  • a deal to prevent damage to the economy,
  • Republicans struggle with Obama's demands to raise taxes, but Reid has privately told his rank and file they could soon be feeling the same distress if discussions grow serious on cuts to benefit programs
  • we need to strengthen Social Security, we need to strengthen Medicare for future generations, the current path is not sustainable because we've got an aging population and health care costs are shooting up so quickly
  • Republicans want to curtail annual cost-of-living benefits for Social Security and other government benefits, as well as raise the age of eligibility for Medicare from 65 to 67 beginning at some point in the future
  • president seems to think that if all he talks about are taxes, and that's all reporters write about, somehow the rest of us will magically forget that government spending is completely out of control and that he himself has been insisting on balance,
  • Obama's plan would raise $1.6 trillion in revenue over 10 years, in part by raising tax rates on incomes over $200,000 for individuals and $250,000 for couples. He has recommended $400 billion in spending cuts over a decade.
  • seeking extension of the Social Security payroll tax cut due to expire on Jan. 1, a continuation in long-term unemployment benefits and steps to help hard-pressed homeowners and doctors who treat Medicare patients
  • Obama last year signed legislation to cut more than $1 trillion from government programs over a decade, and was proposing $600 billion in additional savings from benefit programs.
  • health care law that Obama signed into law showed savings of $100 billion. Much or all of that funding came from Medicare, even though Obama's aides insisted during his successful campaign for re-election that he had not made any cuts in that program
  • Boehner's plan, in addition to calling for $800 billion in new revenue, envisions $600 billion in savings over a decade from Medicare, Medicaid and other government health programs as well as $300 billion from other benefit programs and another $300 billion from other domestic programs.
  • It would trim annual increases in Social Security payments to beneficiaries, and it calls for gradually raising the eligibility age for Medicare from 65 to 67, beginning in a decade
  • burmangabriel on 12 Dec 12
     
    1) Which proposal do you think is better? More cuts or more taxes 2) Do you think that going off the "cliff" is less detrimental than picking the other parties proposal?
  • Aron Joshua Tolentino on 14 Dec 12
     
    1.) More taxes because people in the lower bracket income won't get affected as much. Thus, not further hardening their way of life. 2.) No. they believe the measures negatively affect them. It would affect defense spending, domestic spending and taxes negatively. All the citizens of america will get affected. No exceptions.
  • Samson Luong on 17 Dec 12
     
    1. I believe more taxes would benefit the economy more because it would be geared more towards the higher income earners that have the foundation to deal with the taxes opposed to the lower incomes earners that already struggle. 2. Not exactly because going off the "cliff" affects several important factors such as federal tax, boarder tax, domestic spending, etc. Thus, it would seem that going off the "cliff" serves the economy and citizens more negatively than siding with the other parties' proposal.
Brijesh Patel

Drowning In Debt? - 2 views

www.theglobeandmail.com/...article7354916

shared by Brijesh Patel on 17 Jan 13 - No Cached
  • Some basic tips: “Don’t add any more to your debt,” Mr. Schwartz said, “Put your credit cards away. Stop using your line of credit. Live on cash or debit.”
  • Canadian borrowing levels have hit record levels, with household debt-to-income ratio recently reaching a high of 164.6 per cent, according to Statistics Canada.
  • But consulting a trustee, which comes with no charge, doesn’t always mean filing for bankruptcy, he explained. Trustees can help set budgets, steer consumers toward consolidation loans, mortgage refinancing or consumer proposals as a way to climb out of debt, he said.
  • ...1 more annotation...
  • Pay down the debt with the biggest interest rate first, or select a small debt, and pay it off.
  • Brijesh Patel on 18 Jan 13
     
    Pay down the debt with the biggest interest rate first
  • Brijesh Patel on 18 Jan 13
     
    In 2011, 77,993 consumers filed for bankruptcy
Erica Yeo

Federal Budget 2012: It's time to address income inequality, think-tank says - thestar.com - 0 views

www.thestar.com/...ome-inequality-think-tank-says

inequality canada income gap challenges star

shared by Erica Yeo on 16 Jan 13 - No Cached
  • Income inequality in Canada is at a 30-year high, rising at a faster pace than in the U.S.
  • The group urges the government to tackle this situation with wide-ranging reforms to the tax system.
  • to address poverty through improved education, pension, affordable housing and pharmacare programs. It also urges Ottawa to adopt a national child care plan.
  • ...2 more annotations...
  • The CCPA’s proposals include raising the income tax rate for those making more than $250,000 a year, repealing corporate income tax cuts, reducing capital gains tax breaks
  • scrap costly programs like new prisons and fighter jets that don’t reflect the priorities of mainstream Canada.”
S C

Dealing with Debt: A Consumer's Guide - Office of the Superintendent of Bankruptcy Canada - 0 views

www.ic.gc.ca/...br01861.html

debt consumer guide canada government

shared by S C on 17 Jan 13 - No Cached
  • You have a debt problem, or are going to have one, if: you continually go over your spending limit or you use your credit cards as a necessity rather than a convenience; you are always borrowing money to make it from one payday to the next; your wages have been garnisheed to pay for outstanding debts; you pay only interest or service charges monthly and do not reduce your total debt over many months; creditors pressure you for payment, threaten to sue or repossess your car, furniture or television, or hire a collection agency to recover the money for them; or utility companies cut off service because your bills have gone unpaid.
  • Possible Solutions
  • Contact your creditors Explain why you can't make your payments and suggest making lower payments over a longer period of time. You may be surprised by how many creditors are willing to accept such arrangements.
  • ...5 more annotations...
  • It is important to stop buying on credit. Continuing to use credit could make your debt load too great for you to handle.
  • Under the Bankruptcy and Insolvency Act you may make a consumer proposal to your creditors to reduce the amount of your debts, extend the time you have to pay off the debt, or provide some combination of both.
  • If none of the above methods solves your debt problem, you may choose to declare bankruptcy. Bankruptcy should be a last resort if you cannot meet your financial obligations through affordable payments over a specific period of time. Bankruptcy is a legal process performed under the Bankruptcy and Insolvency Act. Because of your inability to pay your debts, you assign all of your assets, except those exempt by law, to a licensed trustee in bankruptcy. This process relieves you of most debts, and legal proceedings against you by creditors should stop.
  • How does one declare bankruptcy? First, you meet with a trustee in bankruptcy who will assess your financial situation and explain the options available to you as described earlier. If you decide to declare bankruptcy, the trustee will help you complete several forms that you will have to sign. You are considered a bankrupt only when the trustee files these forms with the Official Receiver.
  • What is the effect of a bankruptcy discharge? The bankrupt is released of most debts. Some debts are not released, however, such as an award for damages in respect of an assault; a claim for alimony, spousal or child support; any court fine; a debt arising out of fraud or misleading representation; or debts or obligations for student loans if the bankruptcy occurs while the debtor was still a student or within seven years after the bankrupt ceased to be a student
  • S C on 17 Jan 13
     
    Canadian government article advising consumers about debt, such as recognizing danger signs, various methods to deal with it, and information on declaring bankruptcy in case consumers are unable to pay off their debts.
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