Thursday, May 23 2013 7:22 PM EDT2013-05-23 23:22:56 GMT
The Alabama Accountability Act has been controversial from its first introduction into the Alabama Legislature by the Alabama republican party through its passage into law along with its subsequent amendments.More >>
The Alabama Accountability Act has been controversial from its first introduction into the Alabama Legislature by the Alabama republican party through its passage into law along with its subsequent amendments. Now, the Justice Department has questions about how HB 84 came to pass.More >>
Thursday, May 23 2013 6:36 PM EDT2013-05-23 22:36:06 GMT
Antibiotic-resistant bacteria can be difficult to detect, and survival depends on a quick diagnosis and treatment. However, an Auburn University research team has created a test using a biosensor thatMore >>
Antibiotic-resistant bacteria can be difficult to detect, and survival depends on a quick diagnosis and treatment.
However, an Auburn University research team has created a test using a biosensor that will help doctors go from hours to minutes in identifying super bacteria like MRSA, a type of staph bacteria that can cause deadly skin infections.More >>
Wednesday, May 22 2013 2:14 AM EDT2013-05-22 06:14:07 GMT
As reports emerge from Moore, Oklahoma, that nation has learned that schools caught the full impact of Monday's EF-5 tornado.Alabamians have also seen their share of devastation. Eight students died atMore >>
Tuesday, reporter Karen Church investigated how Alabama's newest schools, like Concord Elementary, are being designed to save lives. More >>
Should students go home or stay inside school buildings when the weather becomes dangerous?More >>
What exactly is the fiscal cliff. It is a combination of tax breaks all set to expire at the same time, in 50 days.
About 50% of the tax breaks are what are often called Bush era tax cuts of 2001 and 2003 which were renewed by President Obama in 2009. Those are income tax breaks for all Americans. At issue is whether to allow the breaks for Americans making over $250,000 a year.
20% of the tax increase would come from the end of about 80 tax breaks, mostly for businesses.
20% of the taxes involve the expiration of a Social Security tax cut enacted in 2010, which is technically separate from some of these other issues but because it expires at the same time, it is being rolled into the other discussion.
Finally the remaining 10% of the tax increases would come mainly from the alternative minimum tax. It would hit 30 million Americans, up from 4 million now. The costly AMT was designed to prevent rich people from exploiting loopholes and deductions to avoid any income tax. But the AMT wasn't indexed for inflation, so it's increasingly threatened middle-income taxpayers.
And that is the cliff, allowing all these tax breaks to expire at the same time. What would be the end result.
That question is too complicated to answer in just one segment. Tonight, the Bush era tax cuts.
This is the largest number of tax breaks and where the biggest fight may emerge.
What happens if a deal doesn't get done on the Bush era tax cuts? According to the non-partisan Tax Policy Center, people in every tax bracket will pay more.
10% bracket becomes 15%
25% becomes 28%
28% becomes 31%
33% becomes 36%
35% becomes 39.6%
Capital gains tax increase from 15% to 20%.
Families that claim a child tax credit, right now, get a $1,000 dollar credit but that will drop to $500.
Estate tax rates will go up.
Dividend taxes will increase dramatically from 15% to 39.6%.
The payroll tax cut, that meant savings of $1000 in 2011 and 2012 for someone making $50,000 a year, will expire. If it expires, paychecks will shrink beginning in January.
President Obama says he is ready to sign an extension of all those tax breaks except for the breaks on income over $250,000 a year. House republicans are saying they are sticking with their pledge to not raise tax rates.
Forbes Magazine released the Top 10 most dangerous U.S. cities. Check out which cities made the list.More >>
While most violent crimes dropped by 10 percent in the U.S., the national average is five times the rate it was in 2011. Forbes Magazine released the Top 10 most dangerous U.S. cities. Check out which cities made the list.More >>