AFFORDABILITY CRI$IS

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "AFFORDABILITY CRI$IS"

Transcription

1 RECLAIM NEW Y ORK Center For Government Reform & Accountability NEW YORK AFFORDABILITY CRI$IS Long Island Edition METHODOLOGY

2 RECLAIM NEW YORK Affordability Crisis Methodology Income Tax Calculation Methodology of Income Tax: Our sample household has the following attributes: o Married, filing jointly o Renting a home in Suffolk County, Town of Brookhaven, Shirley, William Floyd School District o Earns the median income for Shirley ($82,557 1 /year) o Takes a standard income tax deduction o Two dependents, both under the age of 17 o For calculation purposes this study assumes all income is W2 income. Federal and State income taxes were calculated at the 2014 rate schedule. Income tax was determined using an online tax calculator. 2 Federal Income Tax Tax Bracket Calculation Marginal Tax $0.00+ $18, x 10.00% $ $18, $35, x 15.00% $5, Child Tax Credit ($2,000.00) Total $5, FICA $5, Medicare $1, State Income Tax Tax Bracket Calculation Marginal Tax $0.00+ $16, x 4% $ $16, $6, x 4.5% $ $22, $18, x 5.25% $ $41, $24, x 5.9% $1, Total $3, o Federal + FICA + Medicare + State = Total Income Tax Burden $5,246 + $5,119 + $1,197 + $3,435 = $14,997 For homeowners and households with incomes above $100,000, itemized deductions were used instead of the standard deduction. At this income level the itemized deduction provides greater savings for the tax filer. 2

3 NEW YORK AFFORDABILITY CRISIS REPORT Calculation Methodology of Itemized Deductions: Our sample household has the following attributes: o Married filing jointly o Owns a home in Suffolk County, Town of Huntington, Huntington, Huntington School District o Earns the median income for Huntington ($118,222 3 /per year) o Two dependents, both under the age of 17 Federal Itemized Deductions ($22,427): Property Taxes o Annual State Income Tax: $4,480 o Annual Local Income Tax: (zero in Suffolk County) o Annual Property Tax: $10,416 Details of calculations included in property tax section o Annual Mortgage Interest Payment: $7,531 Details of calculations included in property tax section o Charitable Donations: (assume zero) o Medical Expenses: (assume zero dollars over 10% of AGI) The report identifies the $100,000 income level as the minimum threshold for a family of four to accrue the savings necessary (in under five years) to afford the down payment and closing costs on a home. This conclusion is supported by US Census Bureau data which shows that in Suffolk County, home ownership and renting roughly splits equally 4 at this level. Therefore the study treats all income levels below $100,000 as renters. For renters, US Census Bureau data identifies the percentage of household income spent on gross rent, down to the zip code level. These percentages were used to determine annual rent. Annual rent was assumed to be equivalent to annual mortgage payment, which includes home owner s insurance, upkeep and maintenance, and PMI. This allows for calculation of the home value and subsequently the property tax. o For the sample household earning $82,557 per year, 42.4% 5, 6 (or $2,917 per month) of household income goes toward annual rent. If this were the monthly mortgage payment, it would equate to a home value of $251, based on the variables and calculations below. With the home value, total property tax rate, (3.26%) and location (William Floyd School District) known we can calculate annual property taxes on the property, $8,198. One assumption in this calculation the full pass-through of property taxes from the landlord to the renter. A fair argument could be made that the landlord would pay the property tax. To be sure, the landlord is the person that makes this payment to government. But considering current vacancy rates and market demand it seems reasonable to assume that a profit-conscious landlord will pass along to the renter as many of the housing costs as possible. To account for the landlord assuming a portion of this payment the study accounts for the renter paying 75% of the total bill, $6,148 per year. 3

4 RECLAIM NEW YORK Estimating home value and subsequently calculating the property taxes as described above involves multiple variables and an online calculator. The study models the approach around the process of a person attempting to buy a home today. The model assesses the value of a home a person with a given income would own. To accurately assess how much home you can own we used the process for securing a mortgage loan to identify a potential maximum affordable home value. o The average credit score in New York State as o With this credit score, we calculated an attainable mortgage interest rate of 3.85% 10 o A 15% down payment 11, 30 year loan term were applied. o Home owner s insurance, and estimated annual maintenance costs of 1.5% were included. 12 o Collectively, this information facilitates an estimate of how much home you can afford. A family of four with these financial characteristics can qualify for a home loan worth $386,489. These attributes represent a sample family in Huntington in the Town of Huntington in Suffolk County earning the median annual income: o Credit Score: 680, 3.85% APR, 30 year loan o Annual income of $118,222 o Down payment of $57,973(15%) o Closing costs of $10,725 o Mortgage Title Transfer Tax of $1,109 o Annual maintenance (Insurance, Repairs) 13 of $5, o Annual mortgage interest payment of $7,531 o Estimated annual property tax of 2.69% 14 To verify the accuracy of our estimate, we compared the results to US Census Bureau data that identifies the ratio of home value to household income. To ensure we did not overstate the value of home Suffolk County households own, and therefore annual home expense, we kept ratios on the lower end of the scale. As income rises, so does the loan value a person qualifies to secure. And as income rises, the US Census Bureau data shows, so does ratio of home value to income. At an income of $117,694, the multiplier is 2.3; at $1,000,000 the multiplier increases to Finally, the values are in line with the 28% rule a real estate industry rule for evaluating mortgage loan applications by the ratio of housing expenses (including principal and interest on the mortgage, as well as property taxes and insurance) to gross income. A loan is considered safe when the ratio is at or below 28%. No property tax exemptions were included, as they are not guaranteed by the state. The calculation below is for a home market value of $386,489, which is considered affordable for a household income of $118,222. Multiply the home market value by each of the tax rates: o $386,489 x 0.289% Suffolk County Tax Rate 4

5 NEW YORK AFFORDABILITY CRISIS REPORT = $1,117 per year on County Property Tax o $386,489 x 0.320% Town of Huntington/Special District Tax Rate = $1,237 per year on Town Tax o $386,486 x 2.086% Huntington School District Tax Rate = $8,062 per year on School District Property Tax County Tax + Town/Special District Tax + School District Tax = Total Property Tax Burden $1,117 + $1,237 + $8,062 = $10,416 (Tax Burden on a home in Huntington School District with a market value of $386,489) The adage of quality data-in, quality data-out rings true for calculating property taxes. The effective property tax rates used in this study are based on data from the Office of the State Comptroller. The State Comptrollers site offers tax rates which we applied against sample property values. From this calculation estimates are produced. Where the data reported to the State Comptroller and posted on their website does not reflect actual homestead rates, actual tax bills will differ. In localities where assessments are out of date, or which have an unofficial practice of over-assessing commercial property differences will exist. During the research phase of this study, it became clear that citizens without an advanced level understanding of property tax procedures, would struggle to compare property taxes between localities. Multiple conversations with town assessors and requests for current property tax rates produced few and often inaccurate results. To date, the best resource for property tax calculations and comparison is the Empire Center for Public Policy. Their online calculator 15 uses the State Comptroller data in a useful and simple tool that assists citizens in calculating and comparing results. Sales Tax New York State defines goods as either taxable or non-taxable. Counties do not hold jurisdiction over this decision. New York State also stipulates specific services which are taxable. To calculate the sales tax, each expenditure has to be evaluated accordingly. (Note: sales tax has been removed from expenditures in Wake-Up section) The Consumer Expenditure Survey (CES) which tracks consumption of goods across the US is the backbone of data the study uses to estimate purchases. The CES organizes data into groups and subgroups. Each of these groups were analyzed to the product level when possible and included if they were considered taxable in New York. For example, at an income of $108,977 the CES shows that a household consumes $132 dollars of candy and chewing gum in a year. In New York, candy and chewing gum are taxable goods. By cross-referencing the list of taxable goods in New York State, with all dollars spent by a household, we can calculate total expenditures on taxable goods. We can then apply that total against a local sales tax rate to derive annual dollars spent on sales tax. As with all data, a proper sample size is important for accurate estimation. One of the deficiencies of the CES data is the decreasing sample size as we move further from the median. In this study it was important to project expenditures at all incomes level, thus modeling was used to estimate consumption at income points toward the ends of the spectrum. For example, we ll use the candy and chewing gum consumption habits to illustrate the model. 5

6 RECLAIM NEW YORK By taking a given income bracket we can model consumption habits at other income points. At the $88,974 level, candy expenditures falls to $99. By identifying consumption relationships between goods we can then estimate other income levels. This method is not perfect, nor applicable to all people, but it is the most comprehensive data available. The results it has produced appear reasonable and the logic is repeatable for assessment purposes. Other key factors in consumption in addition to income level include size of household and location. The CES accounts for all of these variables and provides data point that isolate for each. Again, the data is limited by the sample size and collection accuracy. * Description of excise tax is given below the Wake-Up Cost sections Wake-Up Cost In addition to the oppressive tax burden, this study assesses how much New Yorkers have to pay just to Wake-Up each morning. No matter what state you happen to live in, you ll need to pay for transportation, housing, and 21st century necessities like cellphone service. But in New York, all these things cost far more because of our inefficient government. The CES is again used to estimate consumption. But, where local data like energy consumption or the cost of LIRR passes can be supplemented, this data was used. Below, the data and assumptions for each Wake-Up Cost are described. (Note: sales tax has been pulled from the following expenditures) Wake-Up Cost Food 2.6 people consume $ 9, in food annually, We normed 17 for regional adjustments (1.07% decrease) and family size (4, instead of 2.6 for 24.8% increase) and then removed sales tax (8.625%), Sample family in Shirley, $7,242 annually, $603 monthly. Wake-Up Cost Transportation Shirley spends $12,996 annually or $1,083 monthly. Normed for household size, regional change and decreases in sales and excise taxes individually for each cost item below. LIRR costs are projected for one monthly ticket to Penn Station. Total Transportation Expenses Vehicle Purchase/Payment: $3,878 annually, $323 monthly, Gasoline: $2,357 annually, $196 monthly, Other vehicle (insurance, maintenance, finance, rentals): $2,237 annually, $186 monthly, LIRR (assumed to leave from Ronkonkoma, zone 10): $4,524 annually, $377 monthly. Wake-Up Cost Energy Electricity: $2,027 annually, $169 monthly Usage of 10,8884 kwh per year 18 Rate.193/kwh 19 (2014 statewide average) 6

7 NEW YORK AFFORDABILITY CRISIS REPORT Natural Gas: $985 annually, $82 monthly Average NYS household consumption = 68 mcf 20 Average NYS price per mcf = $ Wake-Up Cost Water Billed quarterly by the Suffolk County Water Authority for annual cost of $241 Consumption of gallons of water per day per person (or 1,950 gallons per month). Household consumes 260 gallons per day (or 7,800 per month) Rate of plus quarterly service charge of $ Wake Up Cost Health Insurance A family of four (non-smokers) qualifies for a bronze Empire plan of 12,000/year. 24 The Kaiser Family Foundation 2013 Report on Employer Health Benefits reported that employees who have health insurance coverage through work pay an average of 18% of their premiums for single coverage and 29% of their premiums for family coverage. 25 Our sample household would pay $4,329 per year Wake Up Cost Renter s Insurance $210 annually, $18 monthly Policy for $50,000 worth of property protection Only applies to non-home owners Wake Up Cost Media Cell Phone The following are the average monthly cell phone bills for a family plan (4 lines) for the four major cell phone providers: Verizon: $ Sprint: $ AT&T: $ T-Mobile: $ $1,384 annually, $115 monthly (before taxes & surcharges) Wake Up Cost Media Telephone/Internet/Cable Current rate for Optimum Triple Play $79.95/month for first year, $89.95/month for second year $1,020 annually, $85 monthly 30 7

8 RECLAIM NEW YORK Excise Taxes Excise Tax Motor Fuel Average price per gallon of gasoline in New York: $ $2,955 / $2.56 = 1,154 gallons purchased. 1,154 gallons x $ (NYS Fuel Quality Tax 32 ) = $ ,154 gallons x $ (NYS Business Petroleum Tax 33 ) = $ ,154 gallons x $ (NYS Oil Spill Fund Tax 34 ) = $ ,154 gallons x $.08 (NYS Excise Tax 35 ) = $ ,154 gallons x $ (Federal Excise Tax 36 ) = $ Total Motor Fuel Oil Excise Tax Burden = $ Excise Tax Alcohol Beer Average price per gallon of beer: $ $ (amount spent) / $15.00 (average price per gallon) = gallons purchased in year One gallon = 128 ounces gallons = ounces purchased in year ounces / 12 ounces = ounce cans purchased in year cans x $0.05 (Federal Rate 38 ) = $ gallons x $0.14 (New York State Rate 39 ) = $1.73 Total Excise Tax Burden on Beer = $8.32 Excise Tax Alcohol Wine Average price per gallon of wine: $ $ (amount spent on wine) / $76.80 (average price per gallon) = 1.80 gallons purchased in year 1.80 gallons x $1.07 (Federal Rate 41 ) = $ gallons x $0.30 (State Rate 42 ) = $ 0.54` Total Excise Tax Burden on Wine = $ 2.47 Excise Tax Alcohol Liquor Average price for a 750 ml bottle of distilled spirit at 80 proof in U.S. in 2012: $ $ (amount spent) / $14.42 (average price per bottle) = bottles purchased in year 750 ml =.750 liters x bottles = 8.28 liters purchased in year One gallon = 3.70 liters 8.28 liters purchased / 3.70 liters = 2.67 Gallons purchased in year 8

9 NEW YORK AFFORDABILITY CRISIS REPORT bottles x $2.14 (Federal Rate 44 ) = $ gallons x $6.43 (New York State Rate 45 ) = $ Total Excise Tax Burden on Liquor = $

10 RECLAIM NEW YORK (Endnotes) (effective 03/25/15) 11 15% is currently the lowest percentage down payment that we found to offer a home loan. Offering below 15% does produce an online quote An average of 1.5% of total home value is used to calculate annual upkeep expense (p.67)

11 NEW YORK AFFORDABILITY CRISIS REPORT Ibid. 34 Ibid. 35 Ibid There is no average price of beer as the price of beer varies per brand, therefore the study takes a sample price of a $10.00 six pack of beer which equate to $15.00 per gallon of beer There is no average price of wine as the price of wine varies, therefore the study takes a sample price of a $15.00 bottle of wine which equates to $79.20 for a gallon of wine

Property Tax Policy Questions Answered by an Indiana Household Model

Property Tax Policy Questions Answered by an Indiana Household Model Property Tax Policy Questions Answered by an Indiana Household Model Larry DeBoer, Professor of Agricultural Economics, Purdue University February 2008 An abbreviated version of this article, The Impact

More information

Executive Summary. 204 N. First St., Suite C PO Box 7 Silverton, OR 97381 www.ocpp.org 503-873-1201 fax 503-873-1947

Executive Summary. 204 N. First St., Suite C PO Box 7 Silverton, OR 97381 www.ocpp.org 503-873-1201 fax 503-873-1947 Executive Summary 204 N. First St., Suite C PO Box 7 Silverton, OR 97381 www.ocpp.org 503-873-1201 fax 503-873-1947 On Whose Backs? Tax Distribution, Income Inequality, and Plans for Raising Revenue By

More information

EDUCATIONAL ATTAINMENT. 2011-2013 American Community Survey 3-Year Estimates

EDUCATIONAL ATTAINMENT. 2011-2013 American Community Survey 3-Year Estimates S1501 EDUCATIONAL ATTAINMENT 2011-2013 American Community Survey 3-Year Estimates Supporting documentation on code lists, subject definitions, data accuracy, and statistical testing can be found on the

More information

Tax Rates and Tax Burdens Washington Metropolitan Area

Tax Rates and Tax Burdens Washington Metropolitan Area Government of the District of Columbia Vincent C. Gray Mayor Natwar M. Gandhi Chief Financial Officer Tax Rates and Tax Burdens Washington Metropolitan Area Including: Washington, DC Maryland Virginia

More information

Kentucky and its Neighbors: How Different, How Similar Taxes?

Kentucky and its Neighbors: How Different, How Similar Taxes? and its Neighbors: How Different, How Similar Taxes? William Hoyt While there are significant differences in the tax instruments used by and its neighbors, the level of total state and local taxes and,

More information

How do the 2016 Presidential Tax Plans Compare So Far?

How do the 2016 Presidential Tax Plans Compare So Far? How do the 2016 Presidential Tax Plans Compare So Far? 10-Year GDP Growth 10.0% 16.0% -1.0% 13.9% 15.0% -9.5% 11.5% 10-Year Capital Investment Growth 28.8% 46.6% -2.8% 43.9% 48.9% -18.6% 29% 10-Year Wage

More information

INCOME TAX REFORM. What Does It Mean for Taxpayers?

INCOME TAX REFORM. What Does It Mean for Taxpayers? BRIEFING PAPER INCOME TAX REFORM What Does It Mean for Taxpayers? Office of Legislative Research and General Counsel DECEMBER 2006 UTAH LEGISLATURE HIGHLIGHTS SB 4001, passed in the 2006 4th Special Session,

More information

Housing Affordability Analysis in Support of a Development Impact Fee Study. Town of Fort Mill, South Carolina

Housing Affordability Analysis in Support of a Development Impact Fee Study. Town of Fort Mill, South Carolina Housing Affordability Analysis in Support of a Development Impact Fee Study Town of Fort Mill, South Carolina Final Document February 23, 2015 The South Carolina Development Impact Fee Act (Code of Laws

More information

The Shares of Indiana Taxes Paid by Businesses and Individuals: An Update for 2006

The Shares of Indiana Taxes Paid by Businesses and Individuals: An Update for 2006 The s of Indiana Taxes Paid by es and Individuals: An Update for 2006 Larry DeBoer Department of Agricultural Economics Purdue University October 2007 Summary The s of Indiana Taxes Paid by es and Individuals:

More information

A JOINT RESOLUTION OF THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA REVISING THE OFFICIAL

A JOINT RESOLUTION OF THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA REVISING THE OFFICIAL SJ00.0 SENATE JOINT RESOLUTION NO. INTRODUCED BY B. TUTVEDT A JOINT RESOLUTION OF THE SENATE AND THE HOUSE OF REPRESENTATIVES OF THE STATE OF MONTANA REVISING THE OFFICIAL ESTIMATE OF THE STATE'S GENERAL

More information

Comparison Profile prepared by the New Mexico Economic Development Department State Data Center. Page 1 of 5

Comparison Profile prepared by the New Mexico Economic Development Department State Data Center. Page 1 of 5 Comparing New Mexico to Colorado DEMOGRAPHICS Colorado New Mexico Population estimates, July 1, 2014 5,355,866 2,085,572 Population, percent change - April 1, 2010 to July 1, 2014 1.4% 1.4% Population

More information

2012 VERMONT TAX STATISTICS

2012 VERMONT TAX STATISTICS A Summary of 2012 VERMONT TAX STATISTICS PERSONAL INCOME TAX RETURNS PROPERTY TAX ADJUSTMENTS CIRCUIT BREAKER ADJUSTMENTS RENTER REBATES Vermont Department of Taxes 133 State Street Montpelier, Vermont

More information

Governor Walker's Tax Reform Initiative. Wisconsin Department of Revenue February 2013

Governor Walker's Tax Reform Initiative. Wisconsin Department of Revenue February 2013 Governor Walker's Tax Reform Initiative Wisconsin Department of Revenue February 2013 1 Tax Reform Goals Reduce Wisconsin's high tax burden Put more money in people's pockets Make Wisconsin more competitive

More information

PERSONAL FINANCE TASK 3: CREATE A PERSONAL BUDGET. VE Departments Involved All Employees. Month for Activity/Time Frame Early October / Five Days

PERSONAL FINANCE TASK 3: CREATE A PERSONAL BUDGET. VE Departments Involved All Employees. Month for Activity/Time Frame Early October / Five Days PERSONAL FINANCE TASK 3: CREATE A PERSONAL BUDGET VE Departments Involved All Employees Month for Activity/Time Frame Early October / Five Days Note: o The activities in Personal Finance Task 3 have been

More information

Tax Rate and Base Adjustments

Tax Rate and Base Adjustments and Base Adjustments Sales and Use Taxes Prior to the first quarter of 1970, sales and use taxes were remitted on a quarterly basis. Beginning with January 1970 sales tax collections, sales and use taxes

More information

Housing Affordability in New York State

Housing Affordability in New York State Housing Affordability in New York State March 2014 Thomas P. DiNapoli New York State Comptroller Prepared by the Office of Budget and Policy Analysis Additional copies of this report may be obtained from:

More information

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION January 8, 2013 JCX-2-13 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL

More information

PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS

PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS American Taxpayer Relief Act January 1, 2013 Here are the act s main tax features: Individual tax rates All the individual marginal tax rates

More information

Tax Subsidies for Health Insurance An Issue Brief

Tax Subsidies for Health Insurance An Issue Brief Tax Subsidies for Health Insurance An Issue Brief Prepared by the Kaiser Family Foundation July 2008 Tax Subsidies for Health Insurance Most workers pay both federal and state taxes for wages paid to them

More information

Hawaii Individual Income Tax Statistics

Hawaii Individual Income Tax Statistics Hawaii Individual Income Tax Statistics Tax Year 2012 Department of Taxation State of Hawaii Hawaii Individual Income Tax Statistics Tax Year 2012 Department of Taxation State of Hawaii November 2014 Prepared

More information

Unit 4: Taxes. Read this unit including websites. You may want to take your own notes.

Unit 4: Taxes. Read this unit including websites. You may want to take your own notes. Taxes Read Chapter 4 in the text. Read Chapter 7 of The Financial Checkup. Read this unit including websites. You may want to take your own notes. Are taxes your favorite topic? They are not the favorite

More information

Effective Strategies for Personal Money Management

Effective Strategies for Personal Money Management Effective Strategies for Personal Money Management The key to successful money management is developing and following a personal financial plan. Research has shown that people with a financial plan tend

More information

Policy Brief: Property Tax Relief for Low- and Middle-Income Property New Yorkers Must Remain a Priority

Policy Brief: Property Tax Relief for Low- and Middle-Income Property New Yorkers Must Remain a Priority Policy Brief: Property Tax Relief for Low- and Middle-Income Property New Yorkers Must Remain a Priority May 27, 2015 Of the two competing property tax relief plans the Legislature is expected to consider

More information

Summary of Legislative Changes Rhode Island Department of Revenue Division of Taxation July 22, 2015

Summary of Legislative Changes Rhode Island Department of Revenue Division of Taxation July 22, 2015 Summary of Legislative Changes Rhode Island Department of Revenue Division of Taxation July 22, 2015 Following is a summary of tax law changes in the FY 2016 budget bill enacted June 30, 2015. 1 SECTION

More information

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015

OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015 OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2015 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION March 30, 2015 JCX-70-15 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL

More information

INTERPROVINCIAL COMPARISON of TAXES and BASIC HOUSEHOLD COSTS TABLES

INTERPROVINCIAL COMPARISON of TAXES and BASIC HOUSEHOLD COSTS TABLES 2015 Comparison of Taxes and Basic Household Costs Single Person with a disability: $25,000 Provincial Income Tax 85 0 (243) (170) (442) (214) 247 417 869 676 Health Premiums 307 0 0 0 300 715 0 0 0 0

More information

SERVE THIS FORM ON THE OTHER PARTY. DO NOT FILE WITH THE COURT. INTERIM MONTHLY INCOME AND EXPENSES STATEMENT 1 (fixed percentage for child expenses)

SERVE THIS FORM ON THE OTHER PARTY. DO NOT FILE WITH THE COURT. INTERIM MONTHLY INCOME AND EXPENSES STATEMENT 1 (fixed percentage for child expenses) 4A-212. Interim monthly income and expenses statement. [For use with Rule 1-122 NMRA] STATE OF NEW MEXICO COUNTY OF JUDICIAL DISTRICT, Petitioner, v. No., Respondent. SERVE THIS FORM ON THE OTHER PARTY.

More information

*Brackets adjusted for inflation in future years. 2015 Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%*

*Brackets adjusted for inflation in future years. 2015 Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%* Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,

More information

New Mexico. Comparison Profile prepared by the New Mexico Economic Development Department State Data Center. Page 1 of 5

New Mexico. Comparison Profile prepared by the New Mexico Economic Development Department State Data Center. Page 1 of 5 DEMOGRAPHICS Population estimates, July 1, 2014 2,085,572 Population, percent change - April 1, 2010 to July 1, 2014 1.4% Population estimates, July 1, 2013 2,085,287 Population, percent change - April

More information

Issue Brief: California Compared Fuel Taxes and Fees

Issue Brief: California Compared Fuel Taxes and Fees Issue Brief: California Compared Fuel Taxes and Fees California Compared Fuel Taxes and Fees Why are California Gasoline Prices Higher and more Variable than other States? Although price levels rise and

More information

THE MORTGAGE INTEREST DEDUCTION ACROSS ZIP CODES. Benjamin H. Harris and Lucie Parker Urban-Brookings Tax Policy Center December 4, 2014 ABSTRACT

THE MORTGAGE INTEREST DEDUCTION ACROSS ZIP CODES. Benjamin H. Harris and Lucie Parker Urban-Brookings Tax Policy Center December 4, 2014 ABSTRACT THE MORTGAGE INTEREST DEDUCTION ACROSS ZIP CODES Benjamin H. Harris and Lucie Parker Urban-Brookings Tax Policy Center December 4, 2014 ABSTRACT This brief examines characteristics of the mortgage interest

More information

Facts and Figures on the Middle-Class Squeeze in Idaho

Facts and Figures on the Middle-Class Squeeze in Idaho Facts and Figures on the Middle-Class Squeeze in Idaho For hard-working, middle-class families all over the country, life during the Bush presidency has grown less affordable and less secure. President

More information

Homestead Tax Credit

Homestead Tax Credit Homestead Tax Credit Prepared by Al Runde Wisconsin Legislative Fiscal Bureau One East Main, Suite 301 Madison, WI 53703 Homestead Tax Credit Introduction The homestead tax credit program directs property

More information

Denver Tax Group, LLC CHADWICK ELLIOTT 1888 Sherman Street SUITE 650 DENVER, CO 80203 (0) Organizer Mailing Slip

Denver Tax Group, LLC CHADWICK ELLIOTT 1888 Sherman Street SUITE 650 DENVER, CO 80203 (0) Organizer Mailing Slip Denver Tax Group, LLC CHADWICK ELLIOTT Sherman Street SUITE 0 DENVER, CO 00, (0) Organizer Mailing Slip TAX ORGANIZER TO:, FROM: Denver Tax Group, LLC Sherman Street SUITE 0 DENVER CO 00 (0) -0 Enclosed

More information

INDIVIDUALS -- 2000 DEPARTMENT OF TAXATION -- STATE OF HAWAII

INDIVIDUALS -- 2000 DEPARTMENT OF TAXATION -- STATE OF HAWAII hawaii income patterns INDIVIDUALS -- 2000 DEPARTMENT OF TAXATION -- STATE OF HAWAII STATE OF HAWAII Benjamin J. Cayetano, Governor DEPARTMENT OF TAXATION Marie Y. Okamura, Director Grant B. Tanimoto,

More information

TAX CHANGES IN THE HEALTHCARE REFORM ACT

TAX CHANGES IN THE HEALTHCARE REFORM ACT TAX CHANGES IN THE HEALTHCARE REFORM ACT Paul Varner 1 June 3, 2010 Jackson, Mississippi 2010 Butler, Snow, O Mara, Stevens & Cannada, PLLC. All rights reserved. Tax Law Changes In Healthcare Reform THREE

More information

MICHIGAN EARNED INCOME TAX CREDIT Tax Year 2013

MICHIGAN EARNED INCOME TAX CREDIT Tax Year 2013 MICHIGAN EARNED INCOME TAX CREDIT Office of Revenue and Tax Analysis Michigan Department of Treasury February 2015 MICHIGAN EARNED INCOME TAX CREDIT Office of Revenue and Tax Analysis Michigan Department

More information

The Citizens Budget Commission Review of Circuit Breakers

The Citizens Budget Commission Review of Circuit Breakers CITIZENS BUDGET One Penn Plaza Suite 640 New York, NY 10119 COMMISSION The Citizens Budget Commission Review of Circuit Breakers The Citizens Budget Commission recently looked at the option of expanding

More information

Faculty Paper Series

Faculty Paper Series Faculty Paper Series TEXAS TAXES: A COMPARISON WITH OTHER STATES FP98-8 April 1998 Judith I. Stallmann Texas Agricultural Extension Service and Department of Agricultural Economics, Texas A&M University,

More information

TRADITIONAL TAX PLANNING

TRADITIONAL TAX PLANNING Partners David R. Brzezniak CPA Daniel P. Schreiber CPA William T. Botzum CPA Thomas C. Zonaras CPA Oliver R. McElroy CPA Re: 2014 Year-End Tax Planning For Individuals As 2014 draws to a close, we are

More information

INDIVIDUAL TAX STRATEGIES

INDIVIDUAL TAX STRATEGIES BY SCOTT HENSLEY SHENSLEY@STANCILCPA.COM DECEMBER 4, 2014 STANCIL & COMPANY CERTIFIED PUBLIC ACCOUNTANTS 4909 WINDY HILL DRIVE RALEIGH, NC 27609 919-872-1260 TOPICS TO BE COVERED TODAY WHAT IS TAX PLANNING

More information

Methodology for Massachusetts Economic Independence Index 2013

Methodology for Massachusetts Economic Independence Index 2013 Methodology for Massachusetts Economic Independence Index 2013 This report outlines the methodological approach, resources, and assumptions applied in calculating each budget item of the Massachusetts

More information

*149980110000* $.00 x.20 = 2 $.00. Personal information Your social security number (SSN)

*149980110000* $.00 x.20 = 2 $.00. Personal information Your social security number (SSN) Government of the District of Columbia 2014 SCHEDULE H Homeowner and Renter Property Tax Credit Important: Read eligibility requirements before completing. Print in CAPITAL letters using black ink. Personal

More information

NAR Frequently Asked Questions Health Insurance Reform

NAR Frequently Asked Questions Health Insurance Reform NEW MEDICARE TAX ON UNEARNED NET INVESTMENT INCOME Q-1: Who will be subject to the new taxes imposed in the health legislation? A: A new 3.8% tax will apply to the unearned income of High Income taxpayers.

More information

2013 TAX PLANNING TIPS FOR INDIVIDUALS

2013 TAX PLANNING TIPS FOR INDIVIDUALS 2013 TAX PLANNING TIPS FOR INDIVIDUALS The 2012 American Taxpayer Relief Act, which was enacted in early January 2013, was a sweeping tax package that included permanent extension of the Bush-era tax cuts

More information

Client Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012

Client Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012 Client Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012 Dear Client, On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (the Act) into law.

More information

Tax Reform & Tax Relief Package

Tax Reform & Tax Relief Package Tax Reform & Tax Relief Package The New Credit System Summary The new tax reform plan (LD 1495) uses new household credits in place of personal exemptions and standard and itemized deductions. These credits

More information

58% 61% 17% 24% 12% 20% PROFILE. ASSetS & opportunity ProfILe: NewArk. key HIgHLIgHtS ABOUT THE PROFILE ASSETS & OPPORTUNITY

58% 61% 17% 24% 12% 20% PROFILE. ASSetS & opportunity ProfILe: NewArk. key HIgHLIgHtS ABOUT THE PROFILE ASSETS & OPPORTUNITY ASSetS & opportunity ProfILe: NewArk ASSETS & OPPORTUNITY PROFILE key HIgHLIgHtS 58% of Newark residents live in asset poverty Cities have long been thought of as places of opportunity for low-income workers

More information

Ohio State University Extension, 2120 Fyffe Road, Columbus, OH 43210

Ohio State University Extension, 2120 Fyffe Road, Columbus, OH 43210 FACT SHEET Ohio State University Extension, 2120 Fyffe Road, Columbus, OH 43210 Shale Oil and Gas Development Fact Sheet Series Income Tax Management of Oil and Gas Lease Payments Introduction Chris Zoller

More information

Lake County. Government Finance Study. Supplemental Material by Geography. Prepared by the Indiana Business Research Center

Lake County. Government Finance Study. Supplemental Material by Geography. Prepared by the Indiana Business Research Center County Government Finance Study Supplemental Material by Geography Prepared by the Indiana Business Research www.ibrc.indiana.edu for Sustainable Regional Vitality www.iun.edu/~csrv/index.shtml west Indiana

More information

Tax Subsidies for Private Health Insurance

Tax Subsidies for Private Health Insurance Tax Subsidies for Private Health Insurance Matthew Rae, Gary Claxton, Nirmita Panchal, Larry Levitt The federal and state tax systems provide significant financial benefits for people with private health

More information

2015 Tax Relief for the Elderly Ordinance

2015 Tax Relief for the Elderly Ordinance 2015 Tax Relief for the Elderly Ordinance General and Administration Sections Section 1. The Town of Easton amends and restates the ordinance relating to tax relief for elderly homeowners, adopted pursuant

More information

INCOME APPROACH Gross Income Estimate - $198,000 Vacancy and Rent Loss - $9,900

INCOME APPROACH Gross Income Estimate - $198,000 Vacancy and Rent Loss - $9,900 INCOME APPROACH The Income Approach considers the return on Investment and is similar to the method that investors typically use to make their investment decisions. It is most directly applicable to income

More information

Would the Senate Democrats proposed excise tax on highcost employer-paid health insurance benefits be progressive?

Would the Senate Democrats proposed excise tax on highcost employer-paid health insurance benefits be progressive? Citizens for Tax Justice December 11, 2009 Would the Senate Democrats proposed excise tax on highcost employer-paid health insurance benefits be progressive? Summary Senate Democrats have proposed a new,

More information

I. Introduction to Taxation

I. Introduction to Taxation University of Pacific-Economics 53 Lecture Notes #17 I. Introduction to Taxation Government plays an important role in most modern economies. In the United States, the role of the government extends from

More information

Cut here and give this certificate to your employer. Keep the top portion for your records. North Carolina Department of Revenue

Cut here and give this certificate to your employer. Keep the top portion for your records. North Carolina Department of Revenue Web 2-15 NC-4 Employee s Withholding Allowance Certificate PURPOSE - Complete Form NC-4, Employee s Withholding Allowance Certificate, so that your employer can withhold the correct amount of State income

More information

business owner issues and depreciation deductions

business owner issues and depreciation deductions business owner issues and depreciation deductions Individuals who are owners of a business, whether as sole proprietors or through a partnership, limited liability company or S corporation, have specific

More information

Estimated U.S. household energy costs as percentage of after tax income

Estimated U.S. household energy costs as percentage of after tax income Energy Cost Impacts on American Families Rising electricity prices and declining family incomes are straining the budgets of America s lower- and middle-income families. U.S. households with pre-tax annual

More information

Withholding Certificate for Pension or Annuity Payments

Withholding Certificate for Pension or Annuity Payments Web 12-14 NC-4P Withholding Certificate for Pension or Annuity Payments PURPOSE. Form NC-4P is for North Carolina residents who are recipients of income from pensions, annuities, and certain other deferred

More information

Families. 2014 Tax Bill. Provision What Changed? Who Qualifies? What's the Benefit? Working Family Credit. Marriage Penalty Relief

Families. 2014 Tax Bill. Provision What Changed? Who Qualifies? What's the Benefit? Working Family Credit. Marriage Penalty Relief Working Family 2014 Tax Bill Families Increased benefit for all who receive the credit. Simpler calculation that s easier to understand. 330,000 current and 13,000 new single or married taxpayers who meet

More information

Course Objectives. What are Property Taxes? 2/14/2012. Tax Settlements

Course Objectives. What are Property Taxes? 2/14/2012. Tax Settlements 2/14/2012 Tax Settlements Presented by: Local Government Services 1 Course Objectives To enhance your understanding of how to read and record the information contained on your tax settlement sheets To

More information

A Quick Guide to Long Term Care Medicaid

A Quick Guide to Long Term Care Medicaid COMMISSIONERS Jimmy Dimora Timothy F. Hagan Peter Lawson Jones A Quick Guide to Long Term Care Medicaid DSAS Services & Solutions for Better Living INTRODUCTION The Department of Senior & Adult Services

More information

Upon closer analysis, however, there are circumstances when renting a car instead of driving your own may indeed be the economically wise choice.

Upon closer analysis, however, there are circumstances when renting a car instead of driving your own may indeed be the economically wise choice. Summary The decision to rent a vehicle vs. using the one in your garage for a weekend getaway is often shaped by such factors as the need for a different size or a more attractive appearance. But when

More information

The Affordable Care Act. How the law could impact health care costs and potentially create retirement planning opportunities

The Affordable Care Act. How the law could impact health care costs and potentially create retirement planning opportunities The Affordable Care Act How the law could impact health care costs and potentially create retirement planning opportunities Nationwide Financial is committed to helping people prepare for and live in retirement

More information

CBO STAFF DISTRIBUTIONAL EFFECTS OF SUBSTITUTING A FLAT-RATE INCOME TAX AND AVALUE-ADDEDTAXFORCURRENT FEDERAL INCOME, PAYROLL, AND EXCISE TAXES

CBO STAFF DISTRIBUTIONAL EFFECTS OF SUBSTITUTING A FLAT-RATE INCOME TAX AND AVALUE-ADDEDTAXFORCURRENT FEDERAL INCOME, PAYROLL, AND EXCISE TAXES CBO STAFF MEMORANDUM DISTRIBUTIONAL EFFECTS OF SUBSTITUTING A FLAT-RATE INCOME TAX AND AVALUE-ADDEDTAXFORCURRENT FEDERAL INCOME, PAYROLL, AND EXCISE TAXES April 1992 CONGRESSIONAL BUDGET OFFICE SECOND

More information

UNITED STATES DISTRICT COURT for the District of

UNITED STATES DISTRICT COURT for the District of Page 1 of 5 UNITED STATES DISTRICT COURT for the District of Plaintiff/Petitioner v. Civil Action No. Defendant/Respondent APPLICATION TO PROCEED IN DISTRICT COURT WITHOUT PREPAYING FEES OR COSTS (Long

More information

PROPERTY TAX RELIEF FOR DC S LOW-INCOME RESIDENTS: IMPROVEMENTS NEEDED IN DC'S "SCHEDULE H" CREDIT

PROPERTY TAX RELIEF FOR DC S LOW-INCOME RESIDENTS: IMPROVEMENTS NEEDED IN DC'S SCHEDULE H CREDIT An Affiliate of the Center on Budget and Policy Priorities 820 First Street NE, Suite 460 Washington, DC 20002 (202) 408-1080 Fax (202) 408-8173 April 8, 2007 PROPERTY TAX RELIEF FOR DC S LOW-INCOME RESIDENTS:

More information

Taxes and Income: Where Does Kentucky Stand?

Taxes and Income: Where Does Kentucky Stand? Taxes and Income: Where Does Stand? William H. Hoyt Much recent debate has focused on the substantial tax burden on lower-income households in relative to other states and relative to higher-income households

More information

Withholding Certificate for Pension or Annuity Payments

Withholding Certificate for Pension or Annuity Payments NC-4P Web 11-13! Withholding Certificate for Pension or Annuity Payments North Carolina Department of Revenue Important: You must complete a new Form NC-4P for tax year 2014. As a result of recent law

More information

How Can You Reduce Your Taxes?

How Can You Reduce Your Taxes? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.

More information

ENACTED LEGISLATION 10/24/2013. Updated references to January 1, 2013

ENACTED LEGISLATION 10/24/2013. Updated references to January 1, 2013 Jim McNulty ENACTED LEGISLATION Internal Revenue Code (IRC) Update Bill (SF106) Updated references to January 1, 2013 Includes changes to American Taxpayer Relief Act of 2012 Coupled with all items except

More information

New Estimates Of Personal Taxes In Consumer Expenditure Survey

New Estimates Of Personal Taxes In Consumer Expenditure Survey APRIL 2015 New Estimates Of Personal Taxes In Consumer Expenditure Survey Aaron E. Cobet The Consumer Expenditure Survey provides information on the buying habits of American consumers, their income, and

More information

SCHOOL FINANCE 101. Presented by Brenda Burkett, CPA, SFO Chief Financial Officer Norman Public Schools. February 2015

SCHOOL FINANCE 101. Presented by Brenda Burkett, CPA, SFO Chief Financial Officer Norman Public Schools. February 2015 SCHOOL FINANCE 101 Presented by Brenda Burkett, CPA, SFO Chief Financial Officer Norman Public Schools February 2015 Budget and Funding Timeline JUN JUL AUG SEP OCT NOV Final State Aid Allocation from

More information

ATTENTION: NEW NC-4 WITHHOLDING FORMS ENCLOSED

ATTENTION: NEW NC-4 WITHHOLDING FORMS ENCLOSED North Carolina Department of Revenue ATTENTION: NEW NC-4 WITHHOLDING FORMS ENCLOSED IMMEDIATE ACTION REQUIRED North Carolina Department of Revenue TO: IMPORTANT NOTICE: NEW NC-4 REQUIRED FOR PAYMENTS BEGINNING

More information

PRESCOTT UNIFIED SCHOOL DISTRICT District Instructional Guide Revised 6/3/15

PRESCOTT UNIFIED SCHOOL DISTRICT District Instructional Guide Revised 6/3/15 PRESCOTT UNIFIED SCHOOL DISTRICT District Instructional Guide Revised 6/3/15 Grade Level: ll th and l2th Subject: Business Tech Math Quarter/Semester:l/l Core Text: Business Math Time Block Unit / Theme

More information

What s New for the 2009 Income Tax Return and the 2010 Tax Year

What s New for the 2009 Income Tax Return and the 2010 Tax Year LAW OFFICES OF BLOOM, BLOOM & ASSOCIATES, P.C. 31275 NORTHWESTERN HIGHWAY SUITE 145 FARMINGTON HILLS, MI 48334-2531 (248) 932-5200 WWW.BLOOMLAWFIRM.COM E-MAIL INFO@BLOOMLAWFIRM.COM KENNETH J. BLOOM*+ FACSIMILE

More information

The FY 2015 Budget Takes Steps toward Correcting DC s Unbalanced Tax System

The FY 2015 Budget Takes Steps toward Correcting DC s Unbalanced Tax System DRAFTDRA An Affiliate of the Center on Budget and Policy Priorities 820 First Street NE, Suite 460 Washington, DC 20002 (202) 408-1080 Fax (202) 325-8839 www.dcfpi.org Testimony of Jenny Reed, Policy Director

More information

Q UANTITATIVE E CONOMICS & S TATISTICS AUGUST 25, 2005. Virginia Taxes Paid by Manufacturers

Q UANTITATIVE E CONOMICS & S TATISTICS AUGUST 25, 2005. Virginia Taxes Paid by Manufacturers Q UANTITATIVE E CONOMICS & S TATISTICS AUGUST 25, 2005 Virginia Taxes Paid by Manufacturers $16 $14 $12 $10 $8 $6 $12.5 $12.2 $10.7 $10.8 $4 $2 $0 19992000200120022003 Introduction This study provides

More information

Check if this is an amended filing

Check if this is an amended filing Fill in this information to identify your case: Debtor 1 Debtor 2 (Spouse, if filing) United States Bankruptcy Court for the: District of of Case number (If known) Check if this is an amended filing Official

More information

Are we being asked to pay enough to support our national highway and transit network?

Are we being asked to pay enough to support our national highway and transit network? Are we being asked to pay enough to support our national highway and transit network? Highlights: Last year, the average American driver traveled 11,400 miles in their car or light truck, bought 529 gallons

More information

Utah Family Energy Costs as Percentage of After-Tax Income

Utah Family Energy Costs as Percentage of After-Tax Income Energy Cost Impacts on Utah Families, 2009 Energy prices, high unemployment, and stagnant incomes are straining the budgets of Utah s middle class, and impoverishing lower-income families. In 2009, Utah

More information

Targeting Property Tax Relief: A Design to Expand Illinois Circuit Breaker

Targeting Property Tax Relief: A Design to Expand Illinois Circuit Breaker Targeting Relief: A Design to Expand Illinois Circuit Breaker This paper proposes to expand the current Illinois Circuit Breaker Program and provide property tax credits to up to 4.7 million households

More information

Section 8.1. I. Percent per hundred

Section 8.1. I. Percent per hundred 1 Section 8.1 I. Percent per hundred a. Fractions to Percents: 1. Write the fraction as an improper fraction 2. Divide the numerator by the denominator 3. Multiply by 100 (Move the decimal two times Right)

More information

How to Cut Your Taxes to 10% or Less

How to Cut Your Taxes to 10% or Less How to Cut Your Taxes to 10% or Less $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ During the worst economic collapse in our lifetime, your number one asset is your hard earned cash$ Presented by: Andrew

More information

IRS Virtual Town Hall Series: Tax Impacts of Health Insurance Coverage for Individuals & Families in 2014

IRS Virtual Town Hall Series: Tax Impacts of Health Insurance Coverage for Individuals & Families in 2014 IRS Series: Tax Impacts of Health Insurance Coverage for Individuals & Families in 2014 The information contained in this presentation is current as of 10/23/2013. For the latest information about tax

More information

How Much Do Americans Pay in Federal Taxes? April 15, 2014

How Much Do Americans Pay in Federal Taxes? April 15, 2014 How Much Do Americans Pay in Federal Taxes? April 15, 2014 One of the most hotly debated issues of our time is the fairness of our federal tax system. But too often, discussions are clouded and confused

More information

Procedure 20345: Moving and Relocation Expenses

Procedure 20345: Moving and Relocation Expenses Procedure 20345: Moving and Relocation Expenses The university may reimburse moving and relocation expenses in accordance with the Commonwealth of Virginia and Internal Revenue Service (IRS) policies and

More information

You Can Buy a Home The keys to Homeownership

You Can Buy a Home The keys to Homeownership You Can Buy a Home The keys to Homeownership The keys to homeownership Buying a home is one of the most important purchases you ll ever make. Owning your own home helps you build wealth, save on taxes

More information

Creating Your Financial Plan

Creating Your Financial Plan Chapter 3 Creating Your Financial Plan Chapter 3 helps you create a spending and savings plan. In Chapter 2 you set your goal and estimated how much you need to save each month and for how long to achieve

More information

Dr. Debra Sherrill Central Piedmont Community College

Dr. Debra Sherrill Central Piedmont Community College Dr. Debra Sherrill Central Piedmont Community College 1 2 Describe the benefits and pitfalls of renting versus owning a home. List the steps required to obtain a mortgage loan. Identify mortgage options

More information

2014 Tax Newsletter HIGHLIGHTS. Potential Tax Reform. 2014 Income Tax Rates. 2014 Tax Extenders. Repair Regulations. Affordable Care Act

2014 Tax Newsletter HIGHLIGHTS. Potential Tax Reform. 2014 Income Tax Rates. 2014 Tax Extenders. Repair Regulations. Affordable Care Act 5700 Crooks Rd., Ste. 201 Troy, MI 48098 Phone: 248.649.1600 2014 Tax Newsletter Dear Client: 1785 W. Stadium Blvd., Ste. 101 Ann Arbor, MI 48103 Phone: 734.665.6688 www.smcpafirm.com Although 2014 was

More information

ESTIMATED COSTS TO ALASKANS OF THE PROPOSED 1993 BTU ENERGY TAX PREPARED FOR. Alaska Housing Finance Corporation PREPARED BY.

ESTIMATED COSTS TO ALASKANS OF THE PROPOSED 1993 BTU ENERGY TAX PREPARED FOR. Alaska Housing Finance Corporation PREPARED BY. ESTIMATED COSTS TO ALASKANS OF THE PROPOSED 1993 BTU ENERGY TAX PREPARED FOR Alaska Housing Finance Corporation PREPARED BY Steve Colt INSTITUTE OF SOCIAL AND ECONOMIC RESEARCH UNIVERSITY OF ALASKA ANCHORAGE

More information

We ll help you open the door.

We ll help you open the door. We ll help you open the door. The Citizens Guide to Home Financing Lori Customer Table of Contents Before you look 4 The costs of purchasing a home 4 Getting a head start: Pre-approval 6 Choosing a mortgage

More information

Recommendations of the State and Local Fiscal Modernization Study Commission to the General Assembly:

Recommendations of the State and Local Fiscal Modernization Study Commission to the General Assembly: Recommendations of the State and Local Fiscal Modernization Study Commission to the General Assembly: The following recommendations have been identified as high priority items by the State and Local Fiscal

More information

Obama Tax Compromise APPROVED by Congress

Obama Tax Compromise APPROVED by Congress December 17, 2010 Obama Tax Compromise APPROVED by Congress on Thursday, December 16, 2010 The $858 billion tax deal negotiated by President Obama and Republican leadership was overwhelmingly approved

More information

Presented by Tony Dias

Presented by Tony Dias Presented by Tony Dias Veterans United Home Loans of Hawaii is a VA approved lender that is not affiliated with any government agencies, including the VA. We are a private company who has made educating

More information

FINAL EXAM. True or False. Multiple Choice. 21. False 22. False 23. False KEY. 10. False. 24. True. 31. True. 4. False. 26. True 27. True 28.

FINAL EXAM. True or False. Multiple Choice. 21. False 22. False 23. False KEY. 10. False. 24. True. 31. True. 4. False. 26. True 27. True 28. FINAL EXAM KEY True or False 1. False 2. True 3. True 4. False 5. False 6. False 7. True 8. True 9. False 10. False 11. False 12. False 13. False 14. True 15. True 16. False 17. True 18. False 19. True

More information

A Primer on the Basic Allowance for Housing (BAH)

A Primer on the Basic Allowance for Housing (BAH) DEFENSE TRAVEL MANAGEMENT OFFICE A Primer on the Basic Allowance for Housing (BAH) For the Uniformed Services The purpose of this Basic Allowance for Housing (BAH) primer is to explain to members how their

More information

Liquor Wine Beer Other taxes

Liquor Wine Beer Other taxes 6-Feb-5 State Alcohol Excise Tax Rates 205 State Tax Rate ($ per gallon) Sales tax applied? Liquor Wine Beer Tax Rate Sales tax Tax Rate Sales tax ($ per gallon) applied? ($ per gallon) applied? Alabama

More information

EDUCATIONAL BENEFITS GROUP Providing solutions to make college an affordable reality. Cash Flow Planning for College & Retirement

EDUCATIONAL BENEFITS GROUP Providing solutions to make college an affordable reality. Cash Flow Planning for College & Retirement EDUCATIONAL BENEFITS GROUP Providing solutions to make college an affordable reality Cash Flow Planning for College & Retirement Table of Contents Cash Flow Planning for College & Retirement Introduction

More information