Amid intense political drama Congress passed the American Taxpayer Relief Act on New Year’s Day to avert massive tax increases for nearly all earners that were slated for January 1st. The best comment I’ve read thus far on the legislation comes from David Lifson an accountant at Crowe Horwath in New York.
Well here we are on December 31 and there’s still no deal on Capitol Hill to avoid the Fiscal Cliff. Negotiations on Sunday had Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell holding closed-door meetings. Their goal was to reach a compromise by mid-day but they fell short even as Vice president Joe Biden joined in.
“When we meet real tragedy in life we can react in two ways — either by losing hope and falling into self-destructive habits or by using the challenge to find our inner strength.” That inspiring thought comes from the Dalai Lama and it is certainly applicable in the wake of the unfathomable tragedy in Newtown Connecticut.
For anyone who wonders if Apple can maintain its creative edge and remain on top without Steve Jobs Bill Frezza a fellow at the Competitive Enterprise Institute and a Boston-based venture capitalist poses another simple question – Remember Polaroid?
Nina Easton’s recent article “Stop Beating Up the Rich” begins by quoting the French historian Alexis de Tocqueville who chronicled American society’s often contradictory pursuit of both equality and the almighty dollar.
Think back to America History class. Do you remember learning about the Glass-Steagall Act? The law dates back to the Great Depression and enforced a strict separation between banks that take deposits and those that invest in capital markets – that is until it was repealed in 1999.
The ominous term “fiscal cliff” has crept into our lexicon but just what does it mean? The fiscal cliff is a perfect storm of disastrous events that could push our recovering economy back into recession. First there’s the scheduled expiration of the Bush tax cuts at the end of this year.
According to the World Wealth Report 2012 from Capgemini and RBC Wealth Management last year was the second most volatile period in the last 15 years. While the number of people with over $1 million of investable assets increased by 0.8% worldwide the number of ultra-high-net-worth individuals with $30 million decreased by 2.5% losing 4.9% of their wealth.
Did you know that stocks rally in the year leading up to a U.S. presidential election? Although market volatility remains this year’s story a solid rally has been the historical trend.
What does the slim victory of Greece’s pro-bailout party mean for the country that has been at the center of the European debt crisis?