Early in the morning of January 1, Congress finally got around to dealing with the tax part of the fiscal cliff drama by passing what is inaccurately named the American Taxpayer Relief Act of 2012. Thanks to the demise of the so-called payroll tax holiday, all workers will pay higher taxes this year, but the new law cancels federal income tax increases that would have resulted in added misery for [...]
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by James Smith, Activist Post: On the 18th of December, 2012 I wrote a story about how the Department of Homeland Security (DHS) had requested, through the Federal Law Enforcement Training Center (FLETC), an order for 200,000 rounds of 180 Grain, Jacketed Hollow Point Ammunition. Despite the fact that FLETC orders more ammunition that a human could possible expend in a lifetime. And to be quite frank, these solicitations are very tiresome because we ask questions and [...] We know that Americans have questions related to the Fiscal Cliff. In fact, two of the top searches on Yahoo! this week have been [what is the fiscal cliff] and [definition of fiscal cliff]. Yahoo! Finance and the White House have teamed up today to answer questions on the Fiscal Cliff and the American Taxpayer Relief Act of 2012.
Join @YahooFinance and @WHLive today, January 4th at 11:30am ET for a live Twitter Q&A. [...] 
Experts: Stock Market Relief Over Fiscal Cliff Deal Will Be Brief. First Quarter Is Going To Be Choppy The stock market bounce following the deal avoiding the fiscal cliff will probably be brief, as financial markets face a rough two months ahead, experts told CNBC. Congress begins its true test when it starts talks over increasing the government’s debt ceiling. And the stakes are even higher. Failure to raise the limit would mean [...] Story here: Here’s the pattern: 1. Lobbyists for U.S. “defense” contractors persuade politicians to give out billions of U.S. taxpayer money in foreign aid… 2. Country recieving such aid is required to use a large percentage to buy American-made military weaponry… 3. U.S. defense contractors (private companies) sell their goods, profiting handsomely off the American taxpayer… 4. Country involved in transaction falls out of favor with U.S. and war breaks out… 5. Same defense contractors profit [...] by WashingtonsBlog Government Was Just Trying to “Foam the Runway” to Help Giant Banks We pointed out last year: Huffington Post notes, in a story entitled “New Obama Foreclosure Plan Helps Banks At Taxpayers’ Expense “: A key new condition in the plan would shift the financial liability for refinanced loans from Wall Street banks to the American taxpayer. *** The newly expanded program would expunge legal liabilities associated with mortgages refinanced through the program for the original lenders of [...] Well read this post from zerohedge.. Last month, the Fed announced that it was formulating a plan to “expand its tool kit”. This includes an openly admitted possibility of a third round of quantitative easing starting as early as September: This timeline appears to coincide perfectly with the breakdown of the EU, which may also see a climax event in September. In that month, EU policymakers will return from summer holiday. German [...] Washington Post Graham Spanier might have been ousted from his post at the helm of Penn State over the sex-abuse scandal that engulfed the university, but it seems he’s found a backup employer: the American taxpayer. Only a disgraced public figure would consider joining the much-maligned ranks of the federal workforce as a step up, reputation-wise. We can assume there were no openings for a used-car salesman. Spanier was faulted in [...] Graham Spanier might have been ousted from his post at the helm of Penn State over the sex-abuse scandal that engulfed the university, but it seems he’s found a backup employer: the American taxpayer. Spanier was faulted in an internal Penn State report after the conviction on child-molestation charges of former assistant football coach Jerry Sandusky. The report said he, head coach Joe Paterno and others helped cover up Sandusky’s abuse. Only a disgraced [...] Not even the Fourth of July could stop the Pentagon from an absolutely massive week of defense spending. Stuck indoors due to the massive heatwave sweeping the nation, the Department of Defense spent more than $9.2 billion in a mere four days. That’s up from $4 billion the week before. But we did our best to find the most compelling contracts of the 90 concluded in the first week of July and [...] Not so long ago, the term “bleeding heart liberal” had currency in American politics as a way to accuse someone of costly naïveté. Here was a label that could be slapped on anyone who advocated policies that aimed for fairness and decency, pursuing feel-good outcomes at the supposed expense of taxpayer interest, public safety and common sense. These days we need a new term to describe a strain of politics that [...] James Hall The one inescapable drag on the economy and every American taxpayer or government dependent is the interest obligation paid on the national debt. Indebtedness is nothing new to this country, but the inability to service the public debt stretches over the last half century. This trend is so disturbing that politicians spend every waking hour avoiding the consequences of the ultimate outcome, the demise of the currency. [...] While it’s still early to peg this as a major trend change, prices are likely to meander lower in the short term. MINYANVILLE ORIGINAL Before I get into the charts, indulge me in a bit of a rant regarding some of the systemic fundamental problems facing the world. By now, everyone understands that Europe is in trouble. However, not everyone understands why Europe’s troubles should impact American stock markets. I’m going to try to [...] From Carpe Diem: This post has become an annual tradition at CD around April 15. Page 1 of the original IRS 1040 income tax form from 1913 appears above. There were only four pages in the original 1040 form, including two pages of worksheets, the actual 1040 form above, and only one page of instructions, view all four pages here. In contrast, just the current 1040 instructions, without any forms, runs 189 pages. Individual [...] From HUFFPOST: Grab your change purses, boys and girls, because a forced transition to the $1 coin may be upon us. At present, Congress is considering legislation that would see the $1 bill replaced — wiped out permanently — by a coin. A heavy, clunky, painfully old-fashioned coin that, if adopted, will soon be overburdening the pockets and purses of annoyed Americans everywhere. What’s more, it will cost them dearly. The legislation was [...] by Noelia de la Cruz H&R Block recently took an in-depth look at the average American taxpayer.Apparently, he’s got 1.4 dependents, earns $49,000 each year and (of course) e-files. So is he claiming a housing deduction? Check out the infographic below to find out: Feb. 17 (Bloomberg) — The U.S. Postal Service wants Congress to help it raise the price of a first-class stamp to 50 cents, an 11 percent increase, as part of its strategy to avoid annual losses as high as $18.2 billion by 2015. The Washington-based agency included the increase in a five-year business plan released yesterday. In a separate letter to Congress, the service said U.S. taxpayers will have to cover [...] Our national debt is over $14 trillion dollars. The interest rate on that debt is about 3.2% which means before spending on any government program, $460 billion dollars from the American taxpayer will be transferred to the holders of our debt. Contrary to popular belief neither China (8%) nor the combination of all major countries in the world own the majority of our debts,Americans do. During the last 30 years taxes [...] It’s the most expensive military hardware program EVER in the entire history of mankind, costing the US taxpayer fully $400 billion in today’s dollars between now and 2023 (and that’s assuming costs don’t go up any more than they already have). The total lifetime cost of the program is now estimated to cost the American taxpayer over $1 TRILLION. The program is now 5 years behind schedule. It is between 30 – [...] As Jon Stewart points out and HT has alluded to, the FED secretly loaned out 7.7 TRILLION dollars around the time that they also publicly loaned out almost a Trillion in TARP money. This is so much money that most of us cannot even wrap our minds around it. Where did the money go? Will it be paid back? Is the American taxpayer on the hook for it? If this sort of thing can happen [...] by Dr. Housing Buuble With the Federal Reserve promising to bailout the entire world it is hard to grab any headlines away from that kind of action. In spite of putting the American taxpayer at risk for global debt issues especially when we have big enough problems at home we have now reached an all-time high with foreclosure inventories. That is correct, the shadow inventory is still enormous and the number of homes owned by [...] Forum Post: Goldman Sachs threatens OWS credit union bank. I haven’t heard about the Credit Union being under investigation but seems like GS is panic mode: Goldman Sachs has threatened to to transfer credit union funds, worth about 1 billion dollars, if credit union does not shut down OWS bank account. I think we need to devise another banking system for OWS. A system that cannot be threatened by the likes of [...] Tune in tonight at 7 pm/ET for Bloomberg Television’s live one-hour special, “EU Breakthrough” with hosts Tom Keene and Sara Eisen.
Stocks in Europe jumped today after European leaders agreed to a deal on the debt crisis. Tonight, Bloomberg TV will go inside the “EU Breakthrough” and explore the questions the market wants to know. Who will fund the $1.4 trillion bailout fund? What does this historic event mean for [...] |
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Max Keiser & Jim Sinclair & Bill Gross: US Dollar Will Collapse In 2013. The Federal Reserve Has No Practical Option To End QE
A prominent economist tells Press TV that the United States so-called fiscal cliff is more like a ‘bottomless pit of debt’ that the country is diving into. He also added that the United States risks collapsing of dollar in 2013. US President Barack Obama has signed into law a bill backed by the Senate that averted the so-called fiscal cliff, the White House says. Obama signed the ‘American Taxpayer Relief [...]