The Federal Tax Credits Blog

Posts Tagged ‘money’

Question: Why do you think a former Bush economic advisor is arguing for a carbon tax?

At yesterday’s Deals & Deal Makers Conference in New York, Glenn Hubbard, the Columbia Business School Dean and former Bush administration economic adviser, argued in favor of a carbon tax.

http://blogs.wsj.com/energy/2007/06/28/hubbard-argues-for-a-carbon-tax/

Hubbard supports either a carbon tax or a carbon cap and trade system in which the carbon credits are auctioned off. He does not support a cap and trade system in which the credits are given away, because then the government isn’t getting any funds from the process.

Hubbard basically feels that the government can redistribute funds from a carbon tax to reduce other taxes and have no net tax increase.

This is no liberal. This is a former Bush economic advisor who was instrumental in Bush’s 2003 tax cuts

http://en.wikipedia.org/wiki/Glenn_Hubbard_(economics)

What do you think about this conservative economist pushing for a carbon tax?

Answer: Think when I heard him on NPR he mentioned a carbon tax is a good idea if it is offset by a tax reduction in some other area. A “no net gain” in taxes kind of thing. The economics of it makes sense – find a way to use less fuel (electricity included if made from fossil fuel), and pay less taxes – a good incentive. He also mentioned that the taxes should be used for developing alternative fuels and such.

This would help spur innovation to reduce global warming (think that is the point of the carbon tax), but unfortunately more needs to happen.

Travel companies get creative with paperwork

Whether you are bumped from a flight, forced to cancel a cruise or filing an insurance claim, you have rights. Problem is, companies are getting creative with their definitions. Insurance – Recreation – United States – Business – Financial Services

Don’t Panic! Carbon Tax for YouTube users next?

Question: How will the crisis among sub-prime borrowers affect the housing market and the overall economy?

The American economy is driven first and foremost by consumer spending. Some think that this crisis will trickle down into the rest of the economy and snag businesses and people who have poor credit ratings and limit everyone’s ability to finance large purchases, thus hurting those who are selling those large purchases, thus… well, you can see the dominos… Also, the net worth of the average consumer is sliding as the value of his home corrects. Others believe that this is far smaller than past crises such as the S&L shakedown during the 80’s. The economy then barely burbed. Please give me your opinion, and more importantly, direct me to an interesting article on the subject.

Oh, and one more thing, New Jersey, your property taxes are atrocious, and I’m leaving your economy by the end of the year.

Answer: As I have been stating for the last six months, it is not just the sub prime market, that was the beginning, now we are seeing the Alt-A, and the prime market taking a hit. The hit will be more pronounced in the next few months as the ARM’s are getting ready to adjust. Consumer spending drives the economy but what happened is housing inflated at double digit rates, energy has doubled, income has only gone up an average of 3.9%, and people treated their homes as giant ATM machines, now the bills are due. The artificially inflated worth of homes compared to rise of income is similiar to the dot com bubble of 10 years ago, and has now come home to roost. The tightening of credit put less buyers in the market, yet the foreclosure’s put more homes on the market leading to depreciating worth. It’s a cycle. Now we see the economy loosing jobs. We are heading into a recession, the naysayers have been blaming the lenders, and the sub prime market but it goies well beyind that.

New rules, big changes coming for financial world

Big changes are in store for the financial world from a government crackdown more than a year in the making.

Tax Credit for First Time Home Buyer Mortgage, $8000 Government Assistance Program for Home Finance

Question: Will there be a 2009 tax stimulus rebate?

I know this has already been asked, but most of the answers are from 3 months ago. I see websites saying will get a tax credit next year and others saying we’ll get a check and others saying we get nothing at all except a TINY bit less taken out on our taxes. So what is it really?

Answer: None of the above.

Obama released his stimulus plan, and they mostly are tax credits for buying things that will stimulate the economy. That means you will pay the government less in income taxes if you purchase certain items. For example, if you are buying your first house, you will pay $8,000 less in income tax for 2009. If you install a solar system or wind generator on your house, you will pay $3,500 dollar less in taxes, depending on how much your wind / solar system cost you. Buy a brand new car off of the show room floor, and you will pay less income tax equal to the amount of state sales tax you paid on the new car.

So on almost all of the tax breaks, you must first purchase something to stimulate the economy. If you don’t purchase anything, you don’t get the tax break. So Obama’s plan basically benefits only those wealthy enough to purchase expensive things.

The amount of with holding ( taxes taken out of your pay check ) was reduced. But the tax schedules were not lowered, so you will have to pay taxes on the money not with held from your pay check at the end of the tax year. That gives you a few dollars more to spend, but you should be saving those few dollars to pay back at the end of the tax year.

Most people don’t realize that with less money being with held out of their pay check, at the end of the year, the may have to pay money to the government to meet the taxes owed. They won’t get a refund because less money was taken out of their pay checks.

Brazil State Bank Rejects Calls to Curb Lending

Brazil’s state development bank President Luciano Coutinho rejected criticism that record lending is placing a burden on the central bank to keep inflation in check and slowing the reduction of public debt.

Recovery: Vehicle Tax Deduction – June 09

Question: Can you claim child tax credit and still work part time? (UK)?

I know when I’m on maternity leave I can claim child tax credit and my partner can claim working tax credit, but once my maternity leave is over can I still claim child tax credit if Im working 6 hours a week?

Im abit unsure and confused about it all. What can I claim?

Answer: Yes you can still claim child tax credit. It isn’t related to working hours you just have to be the main carer for the child. You should be able to claim the family element, and new baby element after your little one’s born.

Your husband can still claim his working tax credits as long as your total household income doesn’t go over the threshold (£13K I think – may have gone up since I worked with people claiming tax credits).

UK makes sharpest cuts in decades in new budget

Britain’s Treasury chief unveiled on Tuesday the toughest cuts to public spending in decades, a raft of tax rises and a new levy on banks in an emergency budget aimed at restoring the country’s ravaged public…

Welfare Benefits and Tax Credits Handbook 2005/06 $68.20 …

Tax Tip 10: Working Tax Credits – you may qualify

Question: can i qualify for $8000 tax credit if my parent is primary borrower but i am on sales contract and loan?

i am going to grad school so my income will not qualify me. this is first time home purchase and i will live there for at least 4 years. my mom can qualify for the loan and put me on as a purchaser on the sales contract. i would also be on the loan if necessary. Can i qualify for the tax credit under these conditions? thank you.

Answer: Probably not – sounds like your mom is really buying the house, not you.

BofA NY headquarters loan in unique CMBS, muni deal

A debt package tied to a New York office tower will be the first of its kind to tap property securitization and public finance markets together, sources close to the deal said on Monday.

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The New Reverse Mortgage Formula: How to Convert Home Equity into Tax-Free Income $8.90 The New Reverse Mortgage Formula explains reverse mortgages in easy language so seniors and their family members can fully understand and benefit from these useful loan products. Reverse loans allow seniors to convert part of their home equity into tax-free income, letting seniors easily borrow against the value of their home without selling it. Safer than ever, today’s reverse mortgages are non…

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Tax Credit for First Time Home Buyer Loans, FHA and Government Mortgage Incentive Program