The Tax Picture in NH

We'll admit it: The telephone pole property tax sounds like a dry topic for the 2012 Legislative session at first glance.

And at second glance, for that matter.

But fortunately for us, John Toole of the Eagle-Tribune took a third look, rustled up some sources, facts, and stats, and managed to make the story not only interesting, but also compelling. We highly recommend you check out his article.

There’s National Pi Day...that’s P-I for the mathematicians.

There’s talk like a Pirate Day....ARRRGH... and then there’s today- January 27th, the IRS’s Earned Income Tax Credit Day.

Who knew?

Usually infomercials sound too good to be true, right?

“The Ginsu 2000 can saw a lead pipe and still slice a tomato like this. The legend is back..” 

You expect this kind of shtick from a company peddling steak knives.

But the IRS?

“Oh the things you would do if you just had some extra money, right? Well, maybe you do have money waiting for you....At the IRS....You’re kidding, right?”

They’re not.

The IRS says every year taxpayers leave billions of on the table.

Today for our Issue Tuesday's series. We'll look at the Republican Presidential Candidates and where they stand on taxes, Social Security, Medicare, Medicaid and balancing budgets.

Amid the kerfluffle over the payroll tax, you might now know how teachers, ethanol producers, and even American Samoans are getting dinged this year.

The Bi-Partisan Congressional Super-committee failed last week to reach a deficit reduction agreement.  That means automatic spending cuts kick in, in twenty thirteen…and President Obama says he’ll veto any attempt avoid those.  We talk with two economists about what this all means…and about the rocky political and economic roads ahead.

Guests

Tax collections were off in the month of October by $4 million dollars. The drop in tobacco revenue makes up the majority of the shortfall.

The tobacco tax brought in $2.6 million less than expected in October.

That shortfall has prompted criticism of the GOP push to cut the tax by a dime back in June.

In a sharply worded press release about the overall budget House Democrats said it doesn’t make sense to “make college more expensive and cigarettes cheaper.”

GOP Majority Leader Representative D.J. Bettencourt said it’s too early to gauge the impact of reducing the tobacco tax.

The congressional “super committee” is only tasked with cutting one point two trillion dollars from the federal debt. But Second District Republican Congressman Charlie Bass is asking the panel to cut even deeper, even if it taxes are thrown into the mix.

Bass is joining ninety nine of his colleagues from both sides of the aisle in asking the “super committee” to set four trillion dollars in budget cuts as its target. In a letter the group says it can support big budget cuts even if it includes increasing federal revenue – a position that’s anathema to most of the G-O-P. Bass has pledged he won’t support any net tax increases. But he says he doesn’t mind risking a primary challenge for supporting this bi-partisan effort.