Tag Archives: fiscal cliff

WORLD ECONOMIC SUMMIT OPENS IN DAVOS

01/22/2013 Bill Maher

The annual gathering of the world’s most influential has began in Davos, Switzerland. It is thought there will be around 50 world leaders attending, including Russian President Dmitri Medvedev, British Prime Minister David Cameron, German Chancellor Angela Merkel, and Italian Prime Minister Mario Monti. There will also be leaders from the media, business, and academia.

In the run up to the conference the founder of the World Economic Forum, Professor Klaus Schwab, has said the mood this year is more optimistic than last, but has warned that the global economy could still collapse if more is not done to promote growth.

On the agenda will be the continuing eurozone crisis, the US Fiscal Cliff, weak economic growth, soaring national debts, and the latest stimulus program in Japan.

The World Economic Forum seeks to promote a global governance platform to address the global issues that national governments alone can not tackle.

AMERICA HEADS OVER THE CLIFF

12/31/2012 Bill Maher 2 Comments

Democrats and Republicans failed to vote on a deal to stop America falling over the fiscal cliff. The $607 billion of tax hikes and spending cuts take effect at midnight.

President Obama said that a deal had been within sight.

It is believed Congress will meet again Tuesday and come up with a deal to reverse the tax hikes and spending cuts, before any serious damage is done.

However, if they fail, it is widely predicted the fiscal cliff will plunge America back into recession, and the global economy into turmoil.

News

AS FISCAL CLIFF FAST APPROACHES STILL NO DEAL

12/31/2012 Bill Maher

As the fiscal cliff deadline fast approaches there are still significant differences between law makers on Capitol Hill. It had been hoped that negotiators would have a deal ready to be voted on over the weekend, but this failed to materialize.

Democrats were unhappy about Republican plans to change the way benefits are calculated, leading to a gradual reduction in benefit payments; whereas Republicans were angered that the President’s plans appeared to use increased tax hikes in new spending plans.

“The biggest obstacle we face is that President Obama and Majority Leader Reid continue to insist on new taxes that will be used to fund more new spending, not for meaningful deficit reduction,” said Alabama Sen. Jeff Sessions, the ranking Republican on the Senate Budget Committee.

If a deal is not ready to be voted on, the President has told Senate Democratic Leader Harry Reid to present a bare bones plan to be voted on. This will see tax increases on families making more than $250,000 and extend unemployment insurance.

Wall Street traders are bracing themselves for volatility in the markets as the uncertainty increases.

So How Much Will This Fiscal Cliff (tax increase) Really Cost You?

11/14/2012 Ken Cole 2 Comments

That depends, of course, on how much you make. The more you make, the more it hurts.

The nonpartisan Tax Policy Center (TPC) says the average household would have to fork over an extra $3,400 more to Washington next year.

Here’s the average taxpayers will have to pay in addition to last years taxes, broken down by income group, according to the TPC:

–Lowest fifth of households (average income: $11,239): $412

–Second-lowest fifth (average income: $29,204): $1,231

–Middle fifth (average income: $49,842): $1,984

–Second-highest fifth (average income: $80,080): $3,540

–Highest fifth (average income: $178,020): $14,173

–Top 1 percent (average income: about $1.3 million): $120,537

News

President Barack Obama facing fiscal cliff as stock markets fall – Telegraph

11/07/2012 Bill Maher 3 Comments

President Obama had little time to celebrate his re-election, as stock markets across the globe tumbled in fear of the fiscal cliff fast approaching.

More than $600bn (£380bn) of tax rises and cuts in government spending are due in early January.

If law-makers in Washington fail to reach a deal to avoid this “taxmaggedon” it will seriously damage the fragile economic recovery, and have repercussions across the globe.

via President Barack Obama facing fiscal cliff as stock markets fall – Telegraph.

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