This bill passed in the House back in January by a wide margin of 357 – 70. It has since been stalled in the Senate.
But Senate Majority Leader Schumer announced yesterday that he is putting the bill up for a vote tomorrow. The bill includes…
1 – A scaled-back version of the Enhanced Child Tax Credit
2 – The ability to deduct Research and Development Expenses in the year incurred
3 – A revival of 100% Bonus Depreciation
4 – Additions to Disaster Tax Relief
5 – Improvements to the Low-Income Housing Credit
6 – Changes to Interest Expensing
7 – An increase to the reporting threshold for Independent Contractors from $600 to $1,000 with an annual adjustment for inflation
Since the bill passed the House, Senate Republicans have come out against the measure as it now sits. They’ve been asking for an open amendment process to change individual provisions in the bill.
Democratic Leadership has rejected this and has scheduled a vote. The timing of this, right before a Senate recess and during the heat of the national campaign, shows that Democratic Leadership is trying to get the Republicans on record for their votes.
We’ll see if this measure passes.
Let me leave you with this…
Every summer brings the Chicago Summer Rental Market. As leases expire and college students and families move before the beginning of the school year, demand for housing heats up.
This is also when prices increase as well.
This year, the average cost of an apartment has increased more than $120 or 7.1% in the past three months alone. According to Zillow, the average cost of an apartment in Chicago is now $2,200 per month.
For an urban dweller to comfortably afford that rent, the payment can’t constitute more than 30% of their income. This means that in order to easily afford that rent, a tenant must earn a whopping $88,000 annually.
Wages have certainly been rising in Chicagoland. But the 4.3% increase we’ve seen on average in wages over the past year doesn’t come close to the increase in housing costs.
I’m remembering the $400 per month apartment I had when I graduated from college. It was a huge one bedroom with a separate dining room not far from my Mother’s home in Bowmanville.
Once I paid a small electric bill, the $17,250 salary I had created a reasonable lifestyle. Things have definitely changed.
We’ve made jokes for years about how Chicago is slowly becoming New York, but it just isn’t funny anymore.
Landlords are getting squeezed. Property taxes, insurance, utility costs, and maintenance expenses continue to climb with no end in sight.
When you look at the higher interest rates many have to pay on their variable rate loans, the rental increases usually don’t compensate for the increased expenses. Most property owners are having difficulties paying their bills in the first place.
And there’s no end in sight…
We’re all going to get through this. Let’s get through it together.
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