Friday, September 28, 2012

FIRST LOOK AT AGENDA

We may need our sleeping bags. Monday's agenda  contains 3 Discussion items, 33 Resolutions, and 2 new ordinances.
..However,9 Resolutions  are either  for liens due to work performed by Public Works or refunds  of performance bonds., and 5 are for tax refunds.  That leaves 19 for some consideration. More about the significant ones  after I can review the  support material.

Missing are any Resolutions from the Corporation Counsel's office and Administration. Surely there is some unfinished business that Administration was responsible and Corporation Counsel usually adds a few at the meeting.

A quick scan  notes two interesting Resolutions; one is to approve authorization for the Temporary appointment of an acting CFO, and the  other is to "Authorize approval to certify review of the 2012 best practices inventory as prepared by the CFO". That is a rather convoluted sentence.

And Myth #3 


3. Many high-income people game the system to pay no income tax.
Our jerry-rigged tax code leaves many Americans with a nagging sense that other people are exploiting loopholes to avoid taxes — and the rest of us have to make up the difference. Sadly, there's an element of truth to that. But gimmickry by high-income taxpayers has essentially nothing to do with who does and doesn't pay income taxes. Our colleagues at the Tax Policy Center estimate, for example, that households with cash incomes of $200,000 or more account for less than 0.1 percent of the 47 percent.
The vast majority of people who pay no federal income tax have low earnings, are elderly or have children at home. They are exempt from the income tax because of features Congress added to the tax code, thanks to bipartisan efforts, to help these groups. For example, Presidents Ronald Reagan and Bill Clinton both favored the earned-income tax credit (EITC), which has helped millions of families stave off poverty.
About half of these households don't pay federal income tax simply because their incomes are low. More than one-fifth are retirees who benefit from tax breaks for seniors, including an exemption for most Social Security benefits. And another one-seventh are working families with children whose income tax liability is eliminated because of the child tax credit, the EITC, or the child and dependent care credit. Together, these three groups of taxpayers account for almost 90 percent of the households that pay no federal income tax.
 

2 comments:

  1. The liens for cleanups reminds me that DPW has been busy patching bad sections of roads around town. They are milling out the old area and then paving - this is not pothole filling but significant repairs. They did about 5 or 6 on Woodland at Randolph, one on Grant at Sheridan, and I also noticed one on E. Sixth at Franklin. Seems like they are really getting into the road repairs. Hope it keeps up.

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  2. Michael, glad to hear that the city is using the equipment they bought over a decade ago. PW under Erick Jackson is the one shining star department under this administration.Now if only they would do preventive maintenance.

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