By Chris Isidore; CNN Money
With income tax rates set to go up on Dec. 31, Congress is hotly debating what to do next. But most economists agree: Keep them where they are.
One option, to let the tax cuts passed during the Bush administration expire for only the richest 3% of taxpayers while renewing them for everyone else, is popular among Democrats and the choice of the Obama… Read more »
By John D. McKinnon; Wall Street Journal
The uncertainty over looming tax increases is starting to affect both investing and corporate decision-making.
The economy remains the biggest factor in many investors' and businesses' decisions. But worries over whether Congress will extend some or all of the expiring Bush-era tax breaks are emerging as an important one.
Stock prices of… Read more »
Friends:
We’ve hearing a lot of rhetoric from Washington lately about the economy and job creation, but very little action. This week, President Obama announced a new “stimulus” plan for the economy that includes $50 billion in infrastructure spending and an extension of the research and development tax credit for some businesses. Although the White House claims these initiatives could… Read more »
Associated Press
House Republican Leader John Boehner on Wednesday proposed a two-year freeze on all tax rates and a cut in government spending to the levels of 2008, before a deep recession took hold of the economy.
In a broadcast interview, the Ohio Republican said he was offering a "bipartisan" alternative to the package of business tax incentives and infrastructure spending that… Read more »
By Caroline Harris; The Washington Times
As our economy meanders down the road to recovery, yet to hit its stride, the American dream slides out of reach for too many. Nearly one in 10 Americans can't find work. If you consider those who have given up looking or settled for part-time work, that number jumps to nearly one in five.
Things are bad - and they are about to get worse. On… Read more »
By Walter Alarkon; The Hill
The U.S. economy faces a “lost decade” like the one Japan suffered through in the 1990s if the government continues to spend and rack up debt, Rep. Paul Ryan (R-Wis.) said Monday.
Ryan, one of the GOP’s leading voices on the economy, said the White House and congressional Democrats have spent too much and pushed policies that have created too much… Read more »
By David Lerman and Liz Smith; Bloomberg BusinessWeek
Sales are off by 20 percent this year at Image Computer, which repairs printers in suburban Detroit. So President Steve Olis is worried about whether he can continue paying the $71,000 a year it costs him to provide health insurance for his employees.
The Obama Administration's answer for Olis and other small-business owners: a… Read more »
Dear Friends:
According to a recent CBS poll, more than 80 percent of Americans think the economy is in bad shape and 34 percent believe things are going to get even worse. Fears of a “double-dip” recession are gaining momentum, particularly as we learn that economic growth shrank during the second quarter and housing sales collapsed in July. It is now clearer than ever that the… Read more »
By Martin Vaughan and Corey Boles; Wall Street Journal
Karen Port of St. Louis fears that President Barack Obama's plan to let tax rates rise for top earners will be a double whammy for her hot-tub dealership.
Not only would the company—which takes in between $1 million and $3 million annually in gross sales—pay taxes at a higher rate, but the tax increases could leave less money… Read more »
