Mineral Wells Index (Mineral Wells, Tex.), Vol. 113, No. 150, Ed. 1 Tuesday, December 4, 2012 Page: 2 of 10
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Mineral Wells Index / Tuesday, December 4, 2012 ♦ Call Classifieds at 940-327-0838
PAGE 2
Local/Nation
Consider a tax-saving gift to
PPAF this holiday season
"Palo Pinto Area
FOUNDATION
The Palo Pinto Area Foundation
is a non-profit organization char-
tered in 1969. Its sole purpose is to
financially support the Palo Pinto
County Hospital District, the hos-
pital administration and its board
of directors in the health care needs
of the surrounding community and
Palo Pinto County.
"As you consider your year-
end tax planning, we hope you
will consider making good use of
the income tax charitable deduc-
tion," said Diane Brown, Palo
Pinto General Hospital's director
of Volunteer Services and
Foundation. "Our 2012 year-end
gift can significantly reduce your
income taxes while providing
meaningful support for us."
No matter the income, if item-
izing on your tax return you can
almost always lower the amount
of taxes owed through charitable
giving, Brown said. The amount
of tax savings will depend on the
person's or household's tax
bracket. Consider making more
charitable gifts in years when
you have the most income, and
are in the top federal income tax
brackets. If that is the case for
2012, consider accelerating future
charitable gifts into this year.
"Giving is, of course, much
more than tax brackets and chari-
table deductions," Brown stated.
"Your charitable gifts make an
important difference in what we
are able to accomplish at Palo
Pinto General Hospital."
Brown suggested some year-
end gift ideas.
GIFTS OF CASH
"If you itemize, you can lower
your 2012 income taxes by simply
writing us a check payable to the
Palo Pinto Area Foundation by
Dec. 31st. There is no easier way
to garner a 2012 year-end charita-
ble deduction! Gifts of cash are
fully deductible up to a maximum
of 50 percent of your adjusted
gross income. For example, if your
adjusted gross income for 2012 is
$50,000, up to $25,000 of charitable
gifts may be deducted in 2012."
GIFTS OF STOCK
"If you own stock, it is almost
always more beneficial to contrib-
ute stock than cash. This is
because a gift of appreciated
stock generally offers a two-fold
tax saving. First, you avoid pay-
ing any capital gains tax on the
increase in the value of the stock.
Second, you receive an income
tax charitable deduction for the
full fair market value of the stock
at the time of the gift. Make sure
you have owned the stock for a
'long-term' period of time (this
generally means that you have
held the stock for more than one
year) to qualify for these signifi-
cant tax advantages. Your gift of
stock should be postmarked by
December 31st. A stock broker or
trust officer can arrange for a
year-end gift of stock from your
account by consulting the Palo
Pinto Area Foundation broker."
GIFTS OF REAL ESTATE
"A residence, vacation home,
farm, acreage or vacant lot may
have so appreciated in value
through the years that its sale
would mean a sizable capital gains
tax. By making a year-end gift of
this property instead, you would
avoid the capital gains tax, and at
the same time, receive a charitable
deduction for the full fair market
value of the property."
GIFTS OF LIFE INSURANCE
"If you own a life insurance
policy that is no longer needed,
consider it as the perfect vehicle
for a 2012 year-end charitable gift.
To receive a charitable deduction,
name Palo Pinto Area Foundation
as both the owner and beneficiary
of the policy. If the policy has a
cash value, you can take a chari-
table deduction approximately
equal to the cash value at the time
of the gift."
BEQUESTS
"While you're considering your
2012 income tax savings, this may
also be a good time to consider
long-term tax planning. The fed-
eral estate tax can still save up to
55 percent of one's estate at the
time of death. That's a higher
penalty than the income tax! It
pays to do some advance plan-
ning with your attorney and other
professional advisors. We hope
you will consider a charitable
bequest in your will to benefit
Palo Pinto General Hospital while
you save estate tax dollars at the
same time."
TREE OF LIFE
"There is still yet another
means to give and that is through
the Area Foundation "Tree of
Life." This beautiful display is
located on the wall as you enter
the front entrance of the hospital.
The tree is designed with differ-
ent color leaves, acorns and
stones. The stones represent a
donation of $50,000 plus. Brass
leaves represent $5,000 to $9,999,
silver leaves represent $10,000 to
$14,999, gold leaves represent
$15,000 to $24,999 and acorns rep-
resent $25,000 to $49,999."
"You're not only leaving your
contributions to ensure quality
health care for your family and
children, but your grandchildren
and even great-grandchildren in
future generations," Brown said.
For more information, contact
Brown at (940) 328-6419 or by
e-mail at dbrown@ppgh.com.
Nov. 26-Dec. 3
Palo Pinto County
Clerk Janette Green
Marriages
• Colton William Watson
and Christine Ellen Waddel
- Nov. 21.
• Tye Allen Culberson and
Natalie Mae Taber - Nov.
25.
• Joseph Blake Ortiz and
Helen Leighanne Meador-
Nov. 24.
• David Curtis Hamilton
and Ashley Dawn Beitel -
Nov. 17.
• Terry Lee Wilson and
Anjyla Louisa Austin - Nov.
24.
• Erik Lira Calderon and
Angela Marie Vega - Nov.
24.
• James McDaniel
Ashworth and Kimberly
Rayleen Hampe - Nov. 23.
29th Judicial District
Clerk Janie Glover
Judge Jerry Ray
New civil cases
• Attorney General vs.
Martin Eusebio Rico and
Maria Angelita Valley -
other civil cases.
• Allstate Insurance
Company, as subrogee of
Tommy L. Lecroy vs.
Howard Owen - injury or
damage with motor vehicle.
• Millsap Independent
School District vs. estate of
Angela Williams, et al. -
tax case.
Disposed civil cases
• Benito Almaguer Jr. vs.
Texas Department of
Transportation - injury or
damage with motor vehicle;
non-suited or dismissed by
plaintiff.
• Educap Inc. vs. Cal H.
Parker - contractual debt;
non-suited or dismissed by
plaintiff.
New criminal cases
• The State of Texas vs.
John Christopher Stroud -
driving while intoxicated/
third or more offense.
Disposed criminal cases
• Kyle Logan Ousley -
convicted of criminal
mischief between $1,500
and $20,000; one year
confinement, $244 court
costs, $450 restitution.
• Larry Allen Perkinson -
convicted of delivery of
controlled substance less
than 1 gram; one year, two
months confinement,
$2,500 fine, $279 court
costs.
• Janet Marie Prescott -
convicted of theft of
property between $1,500
and $20,000; one year, four
months confinement,
$2,500 fine, $219 court
costs, $2,650 restitution.
• Matthew Albert Allen -
convicted of burglary of a
building - one year, six
months confinement,
$2,000 fine, $219 court
costs, $200 restitution.
• John Christopher Stroud
- convicted of driving while
intoxicated/third or more
offense; 10 years
suspended, 10 years
confinement, six years
probation, $2,500 fine,
$419 court costs.
GOP issues a
new ‘fiscal cliff’
offer to Obama
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From page 1
patio doors were open and
the loud music escaped to
nearby residences.
"They played for about
an hour," she said. "I
came up here and asked
our employees to close the
doors. I noticed it was
probably louder than it
was supposed to be."
Though she said
Fuzzy's takes responsibili-
ty for violating the ordi-
nance and is diligent in
preventing similar com-
plaints in the future, Devitt
said she wishes officers
had allowed employees to
correct the issue before
issuing a citation.
"The police officer that
was in there the previous
time said [officers] will
stay and do another read-
ing," she said. "That's not
what happened Saturday."
As for members of The
Riders, Devitt said they
were extremely apologetic
and shut down their show
early out of respect for
neighbors.
"We don't close until
one in the morning," she
said, explaining the band
packed up before 11 p.m.,
prompting many patrons
to leave shortly thereafter.
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WASHINGTON (AP)
— House Republicans on
Monday proposed a new
10-year, $2.2 trillion blue-
print to President Barack
Obama that calls for rais-
ing the eligibility age for
Medicare and lowering
cost-of-living hikes for
Social Security benefits, a
counteroffer to jump-start
stalled talks with the "fis-
cal cliff" just weeks away.
The proposal from
House Speaker John
Boehner, R-Ohio, and
other Republicans comes
in response to Obama's
plan last week to raise
taxes by $1.6 trillion over
the coming decade but
largely exempt Medicare
and Social Security from
budget cuts.
The GOP plan also pro-
poses to raise $800 billion
in higher tax revenue
over the decade but it
would keep the Bush-era
tax cuts — including
those for wealthier earn-
ers targeted by Obama —
in place for now.
Dismissing the idea of
raising any tax rates, the
Republicans said the new
revenue would come
from closing loopholes
and deductions while
lowering rates.
Boehner called the
GOP proposal a "credible
plan" and said he hopes
the administration will
"respond in a timely and
responsible way." The
offer comes after the
administration urged
Republicans to detail their
proposal to cut popular
benefit programs like
Medicare, Social Security
and Medicaid.
"After the election I
offered to speed this up by
putting revenue on the
table and unfortunately
the White House respond-
ed with their la-la land
offer that couldn't pass the
House, couldn't pass the
Senate and it was basically
the president's budget
from last February,"
Boehner said Monday.
The Boehner proposal
itself revives a host of
ideas from failed talks
with Obama in the sum-
mer of 2011. Then, Obama
was willing to discuss
politically risky ideas such
as raising the eligibility
age for Medicare, imple-
menting a new inflation
adjustment for Social
Security cost-of-living
adjustments and requiring
wealthier Medicare recipi-
ents to pay more for their
benefits.
Monday's Republican
plan contains few specific
and anticipates that myri-
ad details will have to be
filled in next year in legis-
lation overhauling the tax
code and curbing the
growth of benefit pro-
grams.
Obama did not
respond to questions from
reporters on his reaction
to the Republican coun-
teroffer or whether he
had seen the proposal. He
was asked about it during
an event in the Oval
Office with the Bulgarian
prime minister.
The clock is ticking
closer to the end-of-year
deadline to avert the fis-
cal cliff, which is a combi-
nation of expiring Bush-
era tax cuts and automat-
ic, across-the-board
spending cuts that are the
result of prior failures of
Congress and Obama to
make a budget deal.
Many economists say
such a one-two punch
could send the fragile
economy back into reces-
sion.
GOP aides said their
plan is based on one pre-
sented by Erskine Bowles
in testimony to a special
deficit "supercommittee"
last year — in effect a
milder version of the
highly controversial 2010
Bowles proposal that
caused both GOP and
Democratic leaders in
Congress to recoil.
Unlike Bowles' official
2010 plan, drafted with
former GOP Sen. Alan
Simpson, the version
released Monday drops
the earlier endorsement
of Obama's proposal to
increase tax rates on fami-
ly income exceeding
$250,000 back to Clinton-
era levels, with the top
rate jumping from 35 per-
cent to 39.6 percent.
The White House
insists Obama won't sign
any measure that fails to
increase tax rates on
upper-income earners.
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May, David. Mineral Wells Index (Mineral Wells, Tex.), Vol. 113, No. 150, Ed. 1 Tuesday, December 4, 2012, newspaper, December 4, 2012; Mineral Wells, Texas. (https://texashistory.unt.edu/ark:/67531/metapth707143/m1/2/: accessed June 20, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Boyce Ditto Public Library.