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Blog Entries from October 28, 2011

The American Jobs Act: Personal Income and Tax Cuts

The American Jobs Act Cover

Today the Bureau of Economic Analysis released personal income and outlays for September 2011. Personal income increased $17.3 billion, or 0.1 percent, and disposable personal income increased $12.9 billion, or 0.1 percent. That number is helped by the tax cuts in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 that cut social security withholding by 2 percentage points and that resulted in about $1000 per family per year in increased income.

Knowing that increasing personal income is vital to improving our economy, the President has proposed increasing this tax cut in his American Jobs Act. Under his proposal, the payroll tax cut would be extended to firms by cutting in half their payroll tax on the first $5 million in payroll. Next year, instead of paying 6.2 percent on their payroll expenses, firms would pay only 3.1 percent. The President’s plan would provide tax cuts for all firms, with focused relief on the 98% with less than $5 million in payroll.

For example, a construction firm with 50 workers earning an average of $50,000 a year – for a total payroll of $2.5 million – would receive a payroll tax cut of 3.1% of its total payroll, or about $80,000. The firm’s workers would receive an average tax cut of about $1,500 a year from the employee side payroll tax cut in the President’s plan.

Learn more about the President’s proposed American Jobs Act on the White House website.

Census Bureau Facts for Features: Halloween, 2011

Image of jack-o-lantern, pumpkin and spider web

The observance of Halloween, which dates back to Celtic rituals thousands of years ago, has long been associated with images of witches, ghosts and vampires. Over the years, Halloween customs and rituals have changed dramatically. Today, Halloween is celebrated many different ways, including wearing costumes, children trick or treating, carving pumpkins, and going to haunted houses and parties.

Facts for Features and Special Editions consist of collections of statistics from the Census Bureau's demographic and economic subject areas intended to commemorate anniversaries or observances or to provide background information for topics in the news.  Here is this year's edition of Facts for features: Halloween, October 31, 2011

Nation’s Newest Environmental Satellite Successfully Launched

An arc of light illuminates the pre-dawn sky at Vandenberg Air Force Base, Calif., as a Delta II rocket launches with the NPOESS Preparatory Project (NPP) spacecraft payload.

NPP is vital for NOAA’s weather forecast mission

America’s newest polar-orbiting satellite roared into orbit this morning, setting the stage for enhanced weather data NOAA scientists will use to develop life-saving severe weather forecasts days in advance.

The NPOESS Preparatory Project (NPP) satellite was launched from Vandenberg Air Force, Calif., at 2:48 a.m. PDT aboard a United Launch Alliance Delta II rocket. At approximately 3:45 a.m. PDT, the spacecraft separated from the Delta II to the delight of NOAA and NASA officials.

NPP is a NASA Earth-observing satellite and features five new instruments that will collect more detailed information about Earth’s atmosphere, land and oceans.  NASA will use NPP as a research mission, while NOAA will use the data for short and long-term weather forecasting and environmental monitoring.

“This year has been one for the record books for severe weather,” said Dr. Jane Lubchenco, under secretary of commerce for oceans and atmosphere and NOAA administrator. “The need for improved data from NPP and the next generation satellite system under development by NASA and NOAA has never been greater.  They will enhance our ability to alert the public with as much lead time as possible.”

In 2011, data from polar-orbiting satellites like NPP allowed emergency managers and communities to prepare for severe weather events . Five days before a destructive and deadly tornado outbreak in Alabama and parts of the Southeast in April, NOAA forecasters were able to see the early atmospheric signs of the storm system developing and issue timely warnings.  NOAA  full release