Missouri Republican Senator Roy Blunt says if the country goes over the fiscal cliff, Democrats will be to blame.
Blunt and his Congressional colleagues will convene later today in a last-ditch attempt to avoid the automatic tax hikes and spending cuts that would take effect Tuesday.
In this week's GOP radio address, Blunt says the Republican-led House, has already taken passed legislation that would extend the Bush-era tax cuts and make what he called more responsible reductions in spending
Originally published on Fri December 28, 2012 5:50 pm
Days before a budget crisis deadline will hit the U.S. economy, President Obama says, "I'm optimistic we may still be able to reach an agreement that can pass both houses in time."
The details of that agreement, which could avert automatic spending cuts and tax increases that are set to take effect on Jan. 1, would likely come from discussions between Senate Minority Leader Mitch McConnell (R-Ky.), and Majority Leader Harry Reid (D-Nev.).
Illinois Comptroller Judy Baar Topinka estimates a $1 billion impact on the state budget if automatic federal spending cuts and tax increases take effect.
Topinka sent out a release Friday detailing the impact on the Illinois budget if Congress and President Barack Obama don't prevent the federal government from going over the fiscal cliff. Topinka says the fallout from the fiscal cliff could push Illinois into recession. Topinka estimates Social Security and income tax increases would lower Illinois tax revenues by up to $500 million.
It’s said that one of the certainties in life is taxes. However, taxes for 2012 are to some degree, uncertain because of ongoing negotiations over the so-called fiscal cliff.
Host Don Marsh talked with tax expert Lance Weiss, C.P.A., of SFW Partners, LLC about end-of-year tax preparations and what can be done to minimize the amount owed on federal and state income tax returns due in April.