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At this stage in the negotiations, it appears almost certain that a deal to avert sequestration will not be reached in time to prevent $85 billion in budget cuts from going into effect on Friday. Congress and the Executive Branch…
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Continue ReadingThe 25 largest banks in the country had a rather exciting first week of January. According to data released by the Federal Reserve, depositors withdrew an astounding $114.1 billion during the week ending January 9. A significant portion of this withdrawal can be attributed to the expiration of the Transaction Account Guarantee [...]
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Continue ReadingCongress’ solution to the fiscal cliff focuses almost entirely on taxes with almost no consideration given to spending, setting up another contentious battle within the next two months to address the debt ceiling (the legal borrowing limit of the federal government) and spending cuts.
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Continue ReadingIt now looks highly unlikely that a deal to avert the fiscal cliff will be passed before Christmas, if at all. In a stunning turn of events, the Speaker of the House John Boehner was unable to muster enough support from…
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Continue ReadingFiscal cliff negotiations between the Speaker of the House and the President have suddenly turned chilly and acrimonious. As both sides failed to reach an acceptable compromise yesterday, the House of Representatives will vote on a “Plan B” to partially avert the fiscal cliff.
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Continue ReadingMonday proved to be an important day in the fiscal cliff negotiations. Both President Obama and Speaker Boehner made important concessions to their positions in the hopes of striking a deal. On which taxpayers should see an increase in tax…
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Continue ReadingA key point of contention during the fiscal cliff negotiations has been the level of taxation—specifically marginal tax rates—on people earning higher incomes. For the first time, a potential compromise has been proposed on this thorny issue.
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Continue ReadingTreasury Secretary Timothy Geithner indicated that tax rate increases on the top 2 percent of households in the country must be part of any final agreement to avert the fiscal cliff.
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Continue ReadingThe Gross Domestic Product of the U.S. grew at 2.7 percent during the 3rd quarter, the highest return this year. GDP is the best and broadest measure of economic conditions. The U.S. economy growth was primarily due to three factors: government spending, inventory purchases from companies and exports.
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Continue ReadingEven though reports of a framework for a fiscal cliff deal are starting to emerge, we know one tax that will go into effect next year regardless of what happens with that negotiation: The Patient Protection and Affordable Care Act (also known as Obamacare) provision will tax “unearned net investment income”.
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