Month: November 2012

The Millionaires Who Pay the Highest Tax Rate
Published: Friday, 23 Nov 2012 | 11:05 AM ET Text Size
By: Robert Frank
CNBC Reporter & Editor

Warren Buffett and Mitt Romney have managed to create one of the enduring myths of our tax debate: that the rich pay a lower rate than the rest of America.

This may be individually true. Buffett pays a lower rate than his secretary and Romney pays a lower rate than most of us who make our living from salaries.

But nationally, the tax code is still broadly progressive. The more your make, the more taxes you pay as a percentage of your income.

According to new data from the IRS, people who make $1 million or more had an average tax rate of 20.4 percent in 2010. Tax filers who earned $30,000 to $50,000 paid an average rate of 4.8 percent, while those who made between $50,000 and $100,000 paid 7.7 percent. Those making under $30,000 had a negative effective rate, meaning they paid no federal income taxes after deductions and credits.

Put another way, millionaires pay a rate that’s more than four times that of the middle class.

https://www.cnbc.com/id/49939444

The Fiscal Cliff: A Primer
November 13, 2012
By TF Staff
Special Report No. 204: The Fiscal Cliff: A Primer

Introduction
On December 31, 2012, a large swath of the federal income tax code is scheduled to expire, an event which has come to be known as the “fiscal cliff.” Among the expiring provisions are the 2001 and 2003 tax cuts enacted under President Bush, a compromise on the estate tax, a “patch” in the Alternative Minimum Tax (AMT) reducing its impact, the temporary 2 percent payroll tax holiday, increased business expensing, and the “extenders” package of miscellaneous tax deductions. On January 1, 2013, five taxes enacted as part of the Patient Protection and Affordable Care Act (PPACA)—popularly referred to as Obamacare—also take effect, along with sequester spending reductions of $109 billion due to the failure of the “supercommittee” to reach consensus on budget reductions. Taken together this “fiscal cliff,” or “Taxmageddon,” could potentially reduce economic output by hundreds of billions of dollars.[1]

Congress and the President will have little time to rest after the New Year: in late February, the U.S. government will hit the debt ceiling, exhausting its ability to borrow to finance ongoing spending without an increase by Congress. Finally, the federal government’s continuing resolution appropriating spending expires on March 27, 2013.

The fiscal cliff is the culmination of a decade of “temporary” tax and budget bills that have postponed resolution of key policy differences. Should the tax code be used to heavily promote income distribution or aim instead to raise revenue in the least distortive manner possible? How large should federal spending be? Should PPACA be modified or repealed? Should there be a federal estate tax and if so, at what level? Should the payroll tax be reduced and if so, how should we fund Social Security and Medicare? What should Social Security, Medicare, and Medicaid look like as the population ages?

https://taxfoundation.org/article/fiscal-cliff-primer

North Jersey merchants see meager traffic gains on Small Business Saturday

SATURDAY NOVEMBER 24, 2012, 11:19 PM
BY STEPHANIE AKIN
STAFF WRITER
THE RECORD

It’s been billed as a way for locally owned stores to cash in on the post-Thanksgiving retail rush, but Small Business Saturday — observed by hundreds of local businesses on Saturday — has yet to truly catch on in North Jersey, several shoppers and business owners said.

Owners of downtown stores throughout the region praised the idea, which started as an American Express marketing campaign in 2010 and has since been embraced by politicians and trade groups throughout the country. But several participating store owners said this year’s foot traffic was about the same, or even slower, than any other Saturday.

Marissa Rizkalla, co-owner of The Couture Baby in Ridgewood, was one of the merchants who took advantage of some of the free publicity.

“I’d do it again next year because it doesn’t hurt,” said Rizkalla, whose shop opened on Ridgewood’s main shopping drag two months ago. “But a lot of people didn’t know about it or didn’t understand how it worked.”

The event, held on the Saturday after Thanksgiving, is meant to remind shoppers of the advantages of buying locally after the chain stores’ Black Friday fever has passed. American Express card holders who enroll early get $25 back on a purchase of $25 or more at participating stores. The credit-card company also provides free advertising and marketing materials for participating businesses, and many stores and downtown business districts plan their own sales, in-store giveaways and holiday events — in Paterson, for example, shoppers were entertained by roving jugglers and Dickens carolers.

https://www.northjersey.com/community/shopping/North_Jersey_merchants_see_meager_traffic_gains_on_Small_Business_Saturday.html

Ridgewood Police Chief John Ward have a Safe Holiday 

From the Chiefs Desk

With the holiday season upon us, most people are preoccupied with the details of holiday planning and shopping. Unfortunately, the safety precautions we normally take can be forgotten as the excitement of the season causes us to let our guard down. I want this to be a safe holiday season for all, so I would like to remind you to follow these simple tips while you enjoy the season.

Leaving the house for a bit? Be sure to lock your doors and windows! Don’t leave the drapes open with your presents in plain view. Christmas presents displayed around your tree can be a pretty sight, but can also be quite tempting to burglars. It’s better to scatter the gifts around the house, in closets or cupboards, where they can’t be so easily seen.
Out of town for the holidays? If you are leaving town for the holidays, make sure your home appears occupied. Leave inside and outside lights on timers and have your neighbors pick up newspapers, mail, and take flyers off your door. Ask neighbors to park in your driveway. Put a timer on a talk radio station for several hours a day. Contact our department and have you home placed on our confidential vacant house list.
Going shopping? During this time, many of us will be busy shopping and running errands. We must not forget that criminals will also be out and about looking for easy targets to make a big score. Here is some Holiday Crime Prevention Tips While Shopping:
• Stay alert to your surroundings and the people around you particularly when walking through parking lots.
• Shop with a friend, there is safety in numbers.
• Avoid carrying large amounts of cash.
• Pay for purchases with a check, credit or debit card.
• If possible, carry only your driver’s license, personal checks, or necessary credit or debit cards.
• If you must carry a purse, do not wrap the straps around your arms or shoulders. Carry a clutch purse tightly under your arm or wear a fanny pack.
• Do not carry a wallet in a back pocket. It should be placed in a front pocket of your pants for safety.
• Be alert that crooks look for the “high dollar” shopping bags with your purchases. When possible, slip bags/purchases in a plain nondescript bag.
• Watch purchases while eating in mall food courts; bags can easily be switched or taken.
• Educate your children about what to do if they are lost as well as “Stranger Danger”.
• Don’t overburden yourself with too many packages. Use store’s package pick-up.
• Have your car keys ready in hand before leaving the store.
• If you do return to your vehicle to unload purchases, place them in the trunk of the vehicle.
• Try not to shop until the store closes. Remember, fewer people are present at this time.
‘Tis the season to be jolly, but it is also the season to be wary of burglars, thieves, pickpockets, and other holiday grinches. Nothing can ruin the holiday spirit faster than becoming the victim of a crime. But remember, just by using a little planning and some good common sense, most holiday crimes can be avoided.
Finally come visit the Village’s Central Business and shopping district, offering safe and convenient access to a wide variety of retail shops and eateries.

Chief John Ward.

Mortgage rates drop to record lows
By Adolfo Flores

November 21, 2012, 1:12 p.m.

Fixed mortgage rates fell to record lows for the second week in a row, a welcome sign for a recovering housing market, economists said.

The average rate on a 30-year loan was 3.31%, the lowest since 1971, according to figures released Wednesday by mortgage giant Freddie Mac. That’s down from 3.34%  last week.

The average on 15-year loans was 2.63%, down from last week’s 2.65%, also setting a record. A year ago it averaged 3.30%.

https://www.latimes.com/business/money/la-fi-mo-mortgage-rates-20121121,0,696811.story

Local real estate conditions are changing and your Market Insider provides valuable, up-to-date information about the communities important to you. View critical information about what is happening now, so you can be a “Market Insider”!

Price Trends – Sold vs. Listed
The median list price in November for single family homes in Ridgewood is $774,900. The list prices increased by 4.85% from the previous month.
The price per square foot for listings in this area is $269.
The median sale price in August for single family homes is $600,000. The sale prices dropped by -4.38% from the previous month.

Buying or selling a home involves many factors. Stay on top of current community trends by viewing these listing and sale prices, demographics, school performance, area comparisons, and more. Of course, you can always call or email for help understanding what this information really means for you.

Ridgewood  $765,380 Median Listing Price ,61 Median Days on Market ,158 Active Listings,1.3% Distressed Listings (foreclosures and short sales)

Michael Fidanza

The Nuber Team
Keller Williams Village Square Realty
Office phone: 201.445.4300 x 307
Cell / Text: 201.248.6605
Email: Michael@YourNorthJerseyHome.com
Website: YourNorthJerseyHome.com

 

Shop Small on Saturday, November 24th 2012
by Karen Mills, SBA Administrator

In between the Black Friday sales and the Cyber Monday deals is Small Business Saturday (November 24th) – a day set aside to support the small businesses that play a vital role in creating jobs and economic opportunities all across the country.

Small businesses are the back bone of our communities. And when we shop small, we not only get great products and services, but we support our neighbors and strengthen our local economies.

Over the last two decades, small and new businesses have been responsible for creating two out of every three net new jobs in the U.S., and today over half of all working Americans own or work for a small business.

Last year, Small Business Saturday gave a boost to many of these Main Street businesses, with more than 100 million Americans shopping at independently-owned small businesses. And this year we can do even better!

So what can you do to participate?

If you are a business owner, you can receive free Small Business Saturday promotional materials at www.shopsmall.com. You can also make sure you’re prepared for the holiday season by checking out SBA’s advice at www.sba.gov/saturday.
If you are a customer, learn which businesses in your community are participating in Small Business Saturday at www.shopsmall.com.  The website provides information on businesses currently registered and how you can rally your community to support the initiative.

By shopping small, we can help America’s small businesses do what they do best: grow their businesses, create good jobs, and ensure that our communities are vibrant.

I encourage you to join small business owners and the more than one hundred million people who were part of Small Business Saturday last year.

Help Write History!

The Bolger Heritage Center of the Ridgewood Public Library would like to add your Ridgewood experience of Hurricane Sandy and its aftermath to our Archive. What were your experiences during the Hurricane? Did you lose power? How did you manage? What did you do for fun? How did friends and neighbors help? Please share what you witnessed and experienced, through photos and words, on the Bolger Heritage Center Facebook page, https://www.facebook.com/pages/Bolger-Heritage-Center-Ridgewood-Public-Library/279348035520307?fref=ts

Or email stories and images to heritagecenter@ridgewoodlibrary.org. We can accept Word documents, pdfs and jpegs.

The Bolger Heritage Center keeps an Archive of Ridgewood History, and our oldest item is from 1698. Thank you for your contributions!

https://www.facebook.com/pages/Bolger-Heritage-Center-Ridgewood-Public-Library/279348035520307

Ridgewood Police Department and PBA local 20 with Bogg Bag pitch in to help the cleanup and recovery effort at the Jersey Shore.
November 23,2012

Ridgewood NJ, The Ridgewood PBA has teamed up with Kim Vaccarella the creator of “Bogg Bag” – a beach bag created on and for the love of the Jersey Shore. The Vacarella’s have donated over 800 Bogg Bags, which are perfect for the elements the homeowners are facing since they are large, sturdy, tip-proof, waterproof, antimicrobial and washable. Local drives have been held to collect cleaning supplies, masks, cough drops, gloves, hand warmers, bleach, flashlights, batteries, paper towels, wipes, rags and more. The Home Depot also donated masks and gloves.

Today we are handing out the Bogg Bags and allowing the residents to take supplies as they enter their homes this weekend. The Ridgewood PBA has made a financial donation to offset the cost of shipping the bags from Seattle to the Jersey Shore. Members of the Ridgewood Police Department have donated their time to help unload the tractor-trailer full of the bags. After unloading the truck earlier this week they took the pallets the bags were on, broke them up and delivered them to the local Police Officers manning the checkpoints for use in their burning barrels which they are using to keep warm. We have spoken with several local Police Officers, some who have lost their own homes and they appreciate our support. The bags are being distributed in Ortley Beach today, Saturday and Sunday on 6th Avenue and Route 35 South near the (First Aid Building). For more information you can visit the Bogg Bag FB page.

https://www.facebook.com/pages/Ridgewood-Police-Department/273366552726385?fref=ts

Bogg Bag for the beaches
Bogg bag has partnered up with family, friends, local businesses and corporations to bring over 800 bogg bags filled with basic necessities to those people affected at the beaches. Bogg bags will be filled with rubber gloves, garbage bags, cleaning supplies, paper goods, hand sanitizer and more….

https://www.facebook.com/boggbag

Governor Chris Christie estimates damage from Sandy costing at $29.4B
November 23,2012
the staff of the ridgewood blog

Ridgewood Nj ,Governor Chris Christie estimates it will cost an estimated $29.4 billion to pay for all of the damage that superstorm Sandy caused across the state . This figure includes making up for revenues lost by businesses and rebuilding the state’s transportation and utility systems. This comes after New York state officials estimated the storm’s damage there at $33 billion.

In a statement Christie issued late Friday the Governor said he plans to press the federal government for funds to help pay for the losses .“I stand ready to work with our congressional delegation and the Obama administration to get the funding support New Jersey expects and deserves in the aftermath of this catastrophe,”

Christie also said the storm’s impact on the state’s $38 billion-a-year tourism industry was still being measured and that the cost estimate is “preliminary,” and may increase “in the weeks ahead.

Christie has said he expects Sandy to be the second-most expensive storm in U.S. history, ranking just behind Hurricane Katrina, which caused $81 billion in damage in 2005. Officials with the Federal Emergency Management Agency said Friday an estimate for Sandy’s total cost in all of the states affected was not yet available.

Not so fast on removal of meters
Friday, November 23, 2012
The Ridgewood News
https://www.northjersey.com/news/opinions/180560451_Letter__Not_so_fast_on_removal_of_meters.html

Not so fast on removal of meters

The following letter was also sent to the Ridgewood mayor and council.

To the editor:

I am writing in response to the article in the Nov. 16 edition of The Ridgewood News titled “Meters on their way out?” (Page A1). This rebuttal is an opinion of mine as a shop owner, not as president of The Ridgewood Guild.

A more in-depth study needs to be conducted before it is decided to remove the parking meters within the CBD. Free street parking does not necessarily mean ample parking for customers. In my opinion, it gives the opportunity for commuters to park free of charge on the street the entire day. Streets such as North Broad, South Broad and Chestnut would be filled with commuters taking up much needed consumer parking.

Who wouldn’t choose to park free on the street instead of paying $12 a day for a commuter lot? I’m sure many commuters would walk three or four blocks to the train station if we offered free street parking, thus infringing on consumer parking spaces. Not to mention the shop and restaurant employees who would take advantage of this. Employees parking on the street are already a problem. I watch employees feeding the street meters all day long to prevent being ticketed.

Furthermore, all towns comparable to Ridgewood have metered parking. Montclair, Englewood, Westfield, etc. We cannot compare ourselves to adjacent towns who are a fraction of the size of Ridgewood. A more viable solution to the ticketing problem would be to raise the time span on the meters. If the meters had a three- or four-hour limit, our customers would spend more time shopping, dining and using our professional services with less worries about getting ticketed.

If we are going to promote ourselves as a shopping and dining haven, we need to be more “customer friendly.” We have frustrated enough locals and non-residents throughout the years, myself included. We are giving our customers the option of shopping in Woodcliff Lake and/or the many nearby malls where parking is free and ample. It is time to bring their business back to town so that we can all make a decent living and see the town thrive again.

Tony Damiano

Ridgewood

https://www.northjersey.com/news/opinions/180560451_Letter__Not_so_fast_on_removal_of_meters.html

Sandy Seen Boosting U.S. With as Much as $240 Billion Rebuilding

John Cataneo is working his 20 employees overtime and still can’t keep up with demand from customers who need plumbing repaired after Superstorm Sandy. He says he’s hired two new workers and may need more.

“We’re just not getting to some people that are asking for help,” said Cataneo, co-owner of Gateway Plumbing & Heating in Manhattan. “But we’re doing the best we can.” (Kearns, Park & Buhayar/Bloomberg)

https://www.bloomberg.com/news/2012-11-23/sandy-seen-boosting-u-s-with-as-much-as-240-billion-rebuilding.html