At the end of 2012 one of the most popular media and water cooler topics was the so-called "Fiscal Cliff." The Fiscal Cliff was such a frequent topic of discussion and debate because it referred to the serious financial ramifications that the United States would face if the Budget Control Act of 2011 went into effect on December 31, 2012. These financial changes would have meant an end to the temporary payroll tax cuts, resulting in a 2% tax increase for employees, the end to several tax breaks for businesses, a change to the alternative minimum tax, a rollback of the "Bush tax cuts", and the beginning of taxes related to the Affordable Care Act. However, mere hours before midnight on December 31st, a deal was struck to avoid a financial crisis, and President Obama signed the American Taxpayer Relief Act of 2012 (the "Act"). Among other things this resolution impacted taxes related testamentary and inter vivos gift-giving that may impact estate planning for some.
Thursday, November 28, 2013
Thursday, November 14, 2013
Monday, November 11, 2013
Using the 5 most populous states (Illinois – 12,875,255; Florida – 19,317,568; New York – 19,570,261; Texas – 26,059,203; and California – 38,041,430) and comparing the living wage (as calculated by MIT's Living Wage Calculator) to the minimum wage as reported by Minimum-Wage.org, it's easy to see the wage gap – only 13% of food workers earn a living wage.
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