What Do You Think About Obama’s Plan To Reduce Charitable Giving Tax Deductions?
March 11, 2009 by Erik Folgate
Filed under Economic Policy, Giving, Politics
When President Obama announced his budget plan, one of his tax proposals was glossed over by the media, and I wanted to get your opinion about it.
Starting in 2011, President Obama plans to reduce the charitable giving tax deduction from 100% to 28% of your charitable contribution for families who earn over $250,000 in adjusted gross income. Right now, if you give $100 to your local charity, you can deduct $100 from your adjusted gross income, which determines how much tax you owe on your annual federal taxes. Obama has coined families making more than $250,000 per year as “wealthy”, so he is imposing a reduction in this tax deduction to 28 percent. For families that this applies to, they will only be able to deduct $28 per $100 they give to charity on their taxes.
Will Obama’s Housing Rescue Plan Work?
March 4, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Politics, Real Estate
Obama is making an effort to rekindle the housing market, and here is a good article outlining his propose plan.
I think the housing market is the key to jumpstarting our economy again. Everyone is focusing on the financial services and auto industry, but I think the real estate industry is the key to an economic recovery. I don’t like the idea of bailing out people, not because I don’t have a heart, but because buying a home is a risk. Failure is not always such a bad thing. Anyway, we are going to bail them out, and we’ll see how Americans respond to this gift.
The Final Breakdown For The 2009 Economic Stimulus Bill
February 17, 2009 by Erik Folgate
Filed under Economic Policy, Economy
President Obama signed the economic stimulus bill into law today in Denver. The Wall Street Journal has a great breakdown of the final allocations of money inside the bill. It is broken down by categories, and I love that they designate one category as “Spending”, because that’s exactly what quite a bit of this bill has in it. There is a ton of money allocated to projects that definitely could have been left out of a bill coined as an economic stimulus bill. But, it is what it is, and we need to hope and pray that it does something to bring the economy back to what it was a couple of years ago.
The Stimulus Package Passed: Should You Factor In An Extra $10,000 to Your Debt Snowball?
February 13, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Taxes
According to the House Minority Leader in Congress, the American people will be taking on an average of $10,000 in debt per person due to this stimulus package that just passed.
“With a price tag of more than $1 trillion when you factor in interest, it costs every family almost $10,000 in added debt. This is an act of generational theft that our children and grandchildren will be paying for far into the future.”
Update On the Final Version Of The 2009 Economic Stimulus Plan
February 12, 2009 by Erik Folgate
Filed under Economic Policy, Economy
Tidbits of the final version of the economic stimulus plan are being released, and I am guessing that not many people will be happy about it.
Here is the full story from the AP wire, via Fox News. (this is an AP story, not a Fox News story)
$13 More Per Week in Everyone’s Paycheck . . .
It looks like these tax cuts are not going to be tax credits like last year’s checks which were advances on a tax credit created for 2008. They will merely restructure the tax brackets, which on average, will put another $13 a week in your pocket. Doesn’t sound too exciting, does it? Will this change your world and help you pay your bills more? Please comment below.
The Proposed $15,000 Tax Credit For Home Buyers in 2009
February 9, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Real Estate
If you were thinking about buying a house this year, you might need to get serious about buying wthin the next few months. There have been rumors that the final economic recovery bill currently being debated by the Senate could include an amendment to help stimulate home buying in the coming year. A few Senators have proposed a $15,000 tax credit for ALL home buyers from the date that the bill is signed into law extending for one full year.
Last July, a bill was signed into law that included a $7,500 tax “credit” for first-time home buyers. Here are the differences between the credit that is active now and the one that has been proposed.
Should Obama Limited CEO Compensation?
February 5, 2009 by Erik Folgate
Filed under Banking, Careers, Economic Policy
Yesterday, President Obama announced that he would limit CEO compensation of private corporations that received bailout money from the federal government. The moment that a private company receives government money, they are taking taxpayer’s money. The government doesn’t have their own money. They have our money. So, Obama and many Ameriicans want this bailout money being used responsibly by these private corporations. They don’t want them using the money for executive bonuses, vacation retreats, and corporate jets. I agree and disagree with this issue.
Why I Agree With What Obama Did
Don’t Miss Out On the 2008 Stimulus Plan Tax Credit
February 2, 2009 by Erik Folgate
Filed under Economic Policy, Economy
For those of you who did not qualify last year for the stimulus refund money or you did not receive it in 2008, you still have a chance to receive the money in the form of a tax credit for your 2008 tax return.
How can I still get the last stimulus plan’s money?
The House Passes Obama’s Massive Economic Stimulus Recovery Plan
January 28, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Politics
To read the whole story about the house of representatives passing the stimulus bill, CLICK HERE.
This bill is chalked full of spending that has nothing to do with stimulating the economy. Philosophically, I disagree with spending and building infrastructure to stimulate an economy. I think cutting taxes stimulates an economy better, because it puts more money into the hands of businesses and individuals. When businesses have more money, they have more room to expand and create jobs.
Obama Tries To Scare Us Into Another Stimulus Plan
January 8, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Politics
Obama spoke of doom and gloom today after giving his strongest charge for nearly a $1 trillion dollar spending bill.
When you listen to him, it’s obvious that he’s trying to gain support from the American people by scaring us into believing that we need to spend more money to fix a problem. As a money crasher reader, do not take after the government when it comes to your personal finances. If you are going through financial problems, do not try to spend your way out of it. The smart thing to do is cut spending, save money, and do anything and everything you can to increase your monthly income.
