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All posts for the day January 9th, 2013
#4. The Supreme Court Upholds The Affordable Care Act –As a result, insurers must cover contraception for women without requiring a copay. According to Planned Parenthood, the APA will result in savings of up to $600 in savings annually for individual women. The Supreme Court’s decision also shows a federal commitment to making sure women have access to drugs that are used to treat many medical conditions in addition to preventing pregnancy.
#3. New Hampshire Makes History By Electing First-Ever All-Women Delegation – With the November 6 election, New Hampshire became the first state to have its executive and all of its national representatives be female. Newly elected Gov. Maggie Hassan (D) and Reps. Carol Shea-Porter (D) and Ann McLane Kuster (D) joined sitting U.S. Senators Jeanne Shaheen (D) and Kelly Ayotte (R).
#2. Women Win More Seats In Congress- Thanks to victories in the Nov. 6 congressional elections, women now hold 81 of the 435 seats in the House of Representatives and a groundbreaking 20 percent of the Senate is now female. That’s still much less than 50 percent, but the additional seats do make this a historic year. For perhaps the first time ever, there were enough women in the Senate that there was a line for the bathroom. (Read how we’d furnish a hypothetical expanded Senate ladies room.)
#1. Single Women Elect The President – “Barack Obama owes his re-election victory to the unmarried women,” according to research by the Women’s Voices Women Vote Action fund, the Guardian reported. The data showed that single women made up 23 percent of Americans who turned out to vote on Nov. 6, and 67 percent of them cast their ballot for Obama.
FISCAL CLIFF AGREEMENT: Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers. These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. These thresholds have been increased and are indexed for inflation and will rise over time. Under the formula, the amount of adjusted gross income above the threshold is multiplied by 3%. That amount is then used to reduce the total value of the filer’s itemized deductions. The total
amount of reduction cannot exceed 80% of the filer’s itemized deductions.
These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years. They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012.
Capital Gains
Capital Gains rate stays at 15% for those at the top rate of $400,000 individual and $450,000 joint return. After that, any gains above those amounts will be taxed at 20%. The $250/$500k exclusion for the sale of a principal residence remains in place.
Estate Tax
The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that, the rate will be 40%, up from 35%. The exemption amounts are indexed for inflation.