'Fiscal cliff' looms large in Montana

Publié le par brightshine

If Congress doesn’t prevent the large tax hikes and spending cuts known as the “fiscal cliff” from kicking in next month, the effects would be widespread in Montana.

Nearly all Montanans would pay more taxes. A family of four earning $65,700 could see its income taxes rise by $2,200, according to a report from the National Economic Council and Council of Economic Advisors. About 400,000 people in Montana would be affected, the report said.

Those who rely on federal programs to heat their homes, insure their crops,A research team headed up by the University of Houston is on track to develop a superconducting wire for wind power generators. train for a new job, educate a special-needs child, or get other services could find it harder to get help. Doctors, hospitals and other Medicare providers would be paid less.

Payments to rural schools could be affected,There are many brands and makes of industrial washing machine, they are all basically the same in principle and function.The Solar Centre's range of solar charger will power nearly all portable devices. as could local governments that rely on Payments in Lieu of Taxes (PILT) — federal funds that help offset property-tax revenue lost due to the presence of nontaxable federal land within their boundaries.

Federal employees in Montana could be furloughed, defense contractors in the state would see less money from the Pentagon, and family farms worth more than $1 million would face a top tax rate of 55 percent when passed on to heirs.

As a result, the state’s economy could shrink by about 1.9 percent, which could lead to massive job losses, the National Economic Council predicted.

“There are implications for consumers in the state. There are implications for people trying to prepare taxes,” said David Parker, an associate political science professor at Montana State University in Bozeman. “It’s bad news.”

The fiscal cliff includes $1.2 trillion in automatic spending cuts over the next decade — to defense and non-defense programs — included in 2011 legislation to raise the nation’s debt limit. The cuts were designed to prod Congress to find a less drastic way to reduce the debt, but lawmakers have failed to do that.

In addition, $500 billion in tax breaks are set to expire at the end of the year. Those include the Wind Production Tax Credit, which has helped pay for wind turbines across Montana and the expanded Child Tax Credit.

In addition, the amount of an estate exempt from federal tax would drop from $5 million to $1 million per person.

Such a massive combination of tax increases and spending cuts would probably throw the economy into a recession, economists say. Some states would feel the impact more than others, but all would be affected.

In Virginia,The first production laser marker was used to drill holes in diamond dies. which is more dependent on federal spending than most states, the Legislature has established a $30 million contingency fund and state agencies are preparing for across-the-board cuts.

Officials in Montana are less concerned, primarily because the state ended the last fiscal year with a $453 million surplus.

“We kept money for a rainy day,” said Kevin O’Brien, spokesman for Montana Gov.-elect Steve Bullock, a Democrat. “That fiscal position puts us in a much better situation than nearly every other state.A pendant lamp with candle accents can also be updated easily.”

“Let’s get it done,” he said Thursday. “Find a reasonable, balanced approach and get it done.”

Heading into Christmas week, President Barack Obama and House Speaker John Boehner, an Ohio Republican, remained at a stalemate over plans to avert the fiscal cliff.

“It’s unacceptable,” Baucus said. “We shouldn’t be in this spot. We should have come together and solved this by now. But we are where we are. So I will keep working.”

Publié dans led light

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