Just Explain It: Why the Fiscal Cliff May Trigger a Recession

Lawmakers in Washington appear to be making little to no progress in avoiding the impending so-called fiscal cliff.  House Speaker John Boehner, R-Ohio, said Friday the negotiations are "almost nowhere." On Thursday Boehner rejected a proposal from the Obama administration saying that the Democrats need to "get serious about real spending cuts."President Obama's offer continues to call for higher...

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Decent jobs report despite slowdown in hiring pace

WASHINGTON (Reuters) - The pace of U.S. job growth slowed a bit in December, keeping the unemployment rate steady at 7.8 percent, but details of the Labor Department's U.S. employment report were fairly encouraging.* Nonfarm payrolls increased 155,000, but job gains for the previous month were revised up to show 15,0000 more positions created than previously reported.* Construction employment rebounded...

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Bank of America, other banks move closer to ending mortgage mess

CHARLOTTE/WASHINGTON (Reuters) - Bank of America Corp announced more than $14 billion of legal settlements over bad mortgages it sold to investors and flaws in its foreclosure process, taking the bank a step closer to ending the home loan problems that have dogged it for years.About $3 billion of Bank of America's Monday's settlements were part of a larger $8.5 billion deal between 10 big mortgage...

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Disney On Ice: Rockin’ Ever After Tickets Skate to Top of Most Popular List on BuyAnySeat.com

Disney on Ice: Rockin’ Ever After is performing to packed houses at the Wells Fargo Center in Philadelphia all this week, before gliding on to the Quicken Loans Arena in Cleveland, Ohio from January 11 – 21, 2013. The show, resplendent with its classic Disney characters and musical hits, skated to the top of the Most Popular Theatre Tickets list last week, said Felina Martinez at online ticket marketplace...

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Larson Electronics Releases a 277 Volt AC A19 LED Bulb for the Industrial Marketplace

In an ongoing effort to meet the needs of the industrial marketplace, Larson Electronics announced the addition of their LED-A19-10-E26 A19 LED bulb. The unique feature of the Larson Electronics A19 LED bulb, which is a replacement for the standard 100 watt incandescent light bulb, is that it operates on voltages ranging from 120 to 277 VAC.Kemp, TX (PRWEB) January 04, 2013Larson Electronics announced...

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HealthCompare Remains Confident about Business-as-Usual in Light of New States Being Added to the New Insurance Exchanges

HealthCompare remains confident as state health exchanges are being formed across the country.Orange, CA (PRWEB) January 04, 2013HealthCompare remains confident as state health exchanges are being formed across the country."In 10 months, consumers in all 50 states will have access to a new marketplace where they will be able to easily purchase affordable, high quality health insurance plans,” said...

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Republicans see some leverage in "fiscal cliff" talks

WASHINGTON (Reuters) - U.S. Republicans may have some leverage in their fiscal cliffhanger with President Barack Obama: the threat of forcing a disproportionate number of Democrats to pay the so-called alternative minimum tax.Under U.S. law, taxpayers each year must pay the greater of regular federal income tax, or the AMT. The latter requires taxpayers to give up certain tax breaks, typically exemptions...

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Toll Brothers 4Q net income soars on tax benefit

 Toll Brothers says its fiscal fourth-quarter net income soared, helped by a large income tax benefit and a 48 percent rise in revenue. The luxury homebuilder delivered more homes and its order backlog increased.CEO Douglas C. Yearley Jr. said in a statement on Tuesday that higher home prices, low interest rates, pent-up demand and improving consumer confidence prompted buyers to return to the...

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IRS finalizes new tax for medical devices in healthcare law

The U.S. Internal Revenue Service on Wednesday released final rules for a new tax on medical devices, products ranging from surgical sutures to knee replacement implants, that starts next year as part of President Barack Obama's 2010 healthcare law.The 2.3-percent tax must be paid, effective after December 31, by device-makers on their gross sales. The tax is expected to raise $29 billion in government...

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H&R Block 2Q loss narrows as revenue rises

 H&R Block's fiscal second-quarter loss narrowed, helped by cost-cutting efforts. Revenue climbed mostly because of a strong tax season in Australia.The nation's largest tax preparation company typically turns in a loss in the August-to-October period because it takes in most of its revenue during the U.S. tax season. H&R Block's quarterly performance beat analysts' estimates and its...

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Tax filing delay looms if no fix for minimum tax: IRS

WASHINGTON (Reuters) - The top U.S. tax collector warned on Thursday of a delayed start to 2013's tax season if Congress fails to reset the alternative minimum tax (AMT) on high-income taxpayers so that it does not sweep in millions of middle-income people.Without another adjustment by lawmakers soon to the AMT, "many of us will see a delayed filing season," said Steven Miller, named just last month...

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Analysis: Democrats' discord undercuts Obama estate tax push

 Divisions among Democrats are undermining President Barack Obama's push to raise the U.S. estate tax on inherited wealth, just weeks before the arrival of the "fiscal cliff" could drive the present estate tax rate even higher than Obama proposes.Action on the estate tax could be postponed. But in his successful re-election campaign, Obama called for wealthy Americans to pay more in taxes - and...

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Canadian year-to-date budget deficit narrows in September

 Canada's federal budget deficit dropped in the first six months of the fiscal year, falling to C$8.9 billion ($9.0 billion) in April to September from a C$11.8 billion shortfall in the same period of last year, the Department of Finance said on Friday.The monthly deficit in September fell slightly to C$2.69 billion from C$2.75 billion in September 2011.Revenues in the first six months of the...

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Number of ND 'income millionaires' jumps by 102

A record number of North Dakotans reported seven-figure incomes last year, many of whom are benefiting from the state's oil bonanza, the state Tax Department says.Figures released to The Associated Press show a record 634 people reported incomes of more than $1 million on their 2011 individual tax returns, up from 532 in 2010 and 384 in 2009. In 2006, while North Dakota's oil boom was in its infancy,...

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Obama says Republican "fiscal cliff" plan out of balance

 President Barack Obama rejected a Republican proposal to resolve a looming fiscal crisis on Tuesday as "still out of balance" and insisted any deal must include a rise in income tax rates on the wealthiest Americans.Obama told Bloomberg Television that the Republicans' reliance on eliminating tax deductions instead of letting taxes rise on Americans making more than $250,000 a year would not...

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Republicans see some leverage in "fiscal cliff" talks

U.S. Republicans may have some leverage in their fiscal cliffhanger with President Barack Obama: the threat of forcing a disproportionate number of Democrats to pay the so-called alternative minimum tax.Under U.S. law, taxpayers each year must pay the greater of regular federal income tax, or the AMT. The latter requires taxpayers to give up certain tax breaks, typically exemptions and deductions...

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Why scandal-tinged Berlusconi still beloved of many Italians

ROME (Reuters) - They call themselves "the club". A doctor, a business-owner, pensioners and engineers - united by their support for one of Europe's most controversial politicians, Silvio Berlusconi."We are all Berlusconiani. We do not want Monti. We don't want someone who takes orders from Brussels," said teacher Annalisa Lillo, 49, in the Rome antiques shop where the club meets to discuss politics...

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South Africa's soothing Ramaphosa leads ANC charm offensive

BLOEMFONTEIN, South Africa (Reuters) - South Africa's ruling ANC put its new No. 2 Cyril Ramaphosa at the head of a charm offensive on Friday as it sought to reassure both investors and a restless public it would tackle economic inequality without recourse to wholescale nationalization.Days after his appointment as party deputy to President Jacob Zuma, who was re-elected ANC chief this week, the anti-apartheid...

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S.Africa's soothing Ramaphosa leads ANC charm offensive

BLOEMFONTEIN, South Africa (Reuters) - South Africa's ruling ANC put its new No. 2 Cyril Ramaphosa at the head of a charm offensive on Friday as it sought to reassure both investors and a restless public it would tackle economic inequality without recourse to wholescale nationalisation.Days after his appointment as party deputy to President Jacob Zuma, who was re-elected ANC chief this week, the anti-apartheid...

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Fiscal cliff setback rattles shares, euro

LONDON (Reuters) - Global stock markets weakened on Friday and both the euro and gold slipped, as a new setback in talks to avert a U.S. fiscal crisis and evidence of Europe's ongoing economic difficulties stoked investor nerves. A proposal from Republican leader John Boehner to avoid the so-called fiscal cliff failed to get support from his party on Thursday, casting fresh...

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