Speaker John Boehner has proposed allowing tax rates to rise for the wealthiest Americans if President Barack Obama agrees to major entitlement cuts, according to several sources close to the talks.
It is the first time Boehner has offered any boost in marginal tax rates for any income group, and it would represent a major concession for the Ohio Republican. Boehner suggested hiking the Bush-era tax rates for top wage earners, [...]
From Carpe Diem:
The chart above is based on data in the recently-released CBO report “Distribution of Household Income and Federal Taxes, 2008 and 2009,” showing the share of federal income taxes paid by income group in 2009.
In 2009, almost all (94.1%) federal income taxes collected were paid by just one-fifth of Americans (top quintile) and the top 1% paid almost 39% of all taxes collected.
In contrast, the lowest and second [...]
Vanguard Group Inc., whose $148.2 billion of Treasuries makes it the largest private owner ofU.S. debt, says the nation has until 2016 to contain its borrowings before bond investors revolt and drive up interest rates.
“In the absence of a long-term credible plan, we are somewhere around four years away on where the markets are going to say ‘enough is enough,’” said Robert Auwaerter, head of theValley Forge, Pennsylvania-based Vanguard’s fixed-income group [...]
From WSJ:
The Obamas: 23.4%
The Romneys: 15.4% (preliminary)
The Bidens: 30.5%
The figures above are the percentage of adjusted gross income (AGI) each candidate and his wife paid in 2011 federal income and payroll (Social Security and Medicare) taxes, according to a new infographic from the Tax Policy Center in Washington. While all three candidates had incomes putting them in the top 5% of American households last year, their effective tax rates were very [...]
From Bloomberg:
President Barack Obama’s 2013 budget plan would raise taxes for 27 percent of U.S. households in 2013, far more than the administration estimates, according to a nonpartisan study. The study released today comes from the Tax Policy Center, a research group in Washington that analyzes proposals from presidential candidates in both parties.
Obama focuses the tax increases in his 2013 budget on corporations and the top 2 percent of individual [...]
by ZH
As investors proceed happily through the forest that is this week’s potentially epic fail, Nomura asks the question on every European is asking – What’s in my wallet? Investors holding EUR-denominated assets and obligations face potential redenomination of contracts into new currencies. Based on the current misalignment of the real exchange rate and future inflation risk estimates, the fixed income group sees very material depreciation risks in most of [...]
WASHINGTON, D.C. – As House Republicans put forth a budget proposal that seeks to reshape the government-run healthcare programs Medicare and Medicaid, Gallup finds that 1 in 4 U.S. adults, including at least 1 in 10 American adults across all age groups, benefit from one of these programs or military/veterans’ benefits. Seniors and young adults are the most likely to report having government-based health [...]
by ZH
One chart as usual does more to convey a simple message than all the Fed speeches equating the economy with the Russell 2000 ever could. Below we demonstrate the performance of three key market data points since the August Woods Hole speech: the performance of the S&P (via the ES), the price change in the 10 Year bond (TY1 inverse scale), and of course [...]
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