Infrastructure Stymies New Projects

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You know I’ve been complaining about our failure to upgrade our infrastructure for years.  But, what you may not know is what this failure has been doing to our need to incorporate alternative energy sources into our power supply.  If you are under that (mis)conception, then you are NOT going to like the post today.

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Norfolk Southern and its Manifold Derailments

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Brooklyn rail Yard I was a huge fan of trains growing up. My grandparents lived right to the vast Pennsylvania Railroad Depot- and I could sit by the windows for hours watching the workers move, coalesce, breakdown, and reroute trains.  (Of course, my Victrola was also playing music to entertain my auditory senses at the same time.)

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The IRS makes it easier to respond!

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I hope most of you have not been bamboozled by the GOP claims that the new funds we (that means the budget) have provided the IRS have only on purpose.   And that was purported to be to hound the general (read lower half or 60%) population taxpayer.  Sorry, folks,  nothing could be further from the truth.

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Getting the Right Amount of Withholdings

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Since the passage of the Tax Cut and Jobs Act (December 2017), it has become more difficult to discern how to prepare payroll withholding to ensure there is no balance due when failing taxes.  (You do know it’s not a great idea to over withhold, since the IRS does not provide interest on your money that they will return later.  Sure you get it in one big pile, but you can probable do better investing the extra funds during the year.)

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Most of the State’s Middle Class Tax Rebates won’t be taxed by the Feds

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Many of you heard about the Middle Class Tax Cut that California and New York (and Virginia and about 20 other states) issued this year.  I warned clients  (and the tax preparation firm I advise)  when these began showing up as 1099s that we’ll have to see how that $ 200 to $ 1050 payments made by California (some 23 million Californians will be depositing about $ 9 billion for to cover inflation and higher gas prices);  an average of $ 270 to those residing in New York (bottom portion of the income scale); Oregon with its $ 600 payment for low-income folks; Virginia’s hopes that theirs  will be considered a tax refund (not a stimulus, sift o no itemization it would mean it is not taxable); and Georgia with $ 500 who filed a 2021 return, among others like Colorado, Illinois and South Carolina.)

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