In its latest 14-page report on the impact the “fiscal cliff” would have on the economy in 2013 and beyond, the non-partisan Congressional Budget Office (CBO) provided enough ammunition to both sides of the debate to guarantee a standoff in Washington. It would have simplified matters greatly if Doug Elmendorf, the CBO’s director, had simply said: “Pay me now or pay me later. You decide.”
A Heritage Foundation study has concluded that a full employment recovery from the Great Recession isn't likely until after the next presidential election in 2016, and even that may be too optimistic.
Although the Treasury warned that government borrowing would hit the debt ceiling before the end of the year, it also said it would use "extraordinary measures" to push off the debt ceiling conversation until the 113th Congress is seated, where it's more likely to be raised without a fuss.
Small business owners, some of whom have spent their lifetimes building their businesses, are unloading them before the end of the year in order to save taxes.
The current capital gains tax rate is 15 percent, but in January it is scheduled to increase to 20 percent, plus the ObamaCare tax of 3.8 percent added on top brings it to 23.8 percent, a jump of 58 percent. Even if a lame-duck Congress extends the present rate of 15 percent, there is no conversation in Washington about repealing the ObamaCare tax, so at best capital gains taxes will increase by 25 percent after the first of the year.
Friday’s jobs report from the Bureau of Labor Statistics (BLS) stated that “total non-farm payroll employment increased by 171,000 in October, and the unemployment rate was essentially unchanged [from September] at 7.9 percent.”
After learning that the White House had failed to enforce the law in order to protect President Obama’s reelection chances from potential negative feedback, Senator James Inhofe (R-Okla.) wrote a letter dated October 25 asking the president to comply with the legal requirement that agencies publish their regulatory agendas on a semiannual basis.
The Heritage Foundation's calculations of Taxmageddon's impact on American taxpayers is only one of four impending disasters ready to hit on midnight, December 31st.
On Monday the Bureau of Labor Statistics (BLS) said it was doing everything it could to make sure that Friday’s jobs report — the last one before the election — would come out on time, despite Hurricane Sandy.
Hurricane Sandy's impact on the 50 million people living in her path is expected to exceed that of Hurricane Katrina's. Her impact on next Tuesday's election is expected to be far less.
The preliminary report from the Bureau of Economic Analysis on Friday about the nation's economic activity during the last quarter was called "a nasty surprise" by an analyst at the American Enterprise Institute.