Why the Fiscal Cliff May Cost You $6,000 in 2013
You can’t turn on the television or open a magazine these days without hearing the term “fiscal cliff.” The media is awash with reports of President Obama and Speaker Boehner’s negotiations over tax increases and spending cuts set to go into effect on January 1, and of the likely dire macroeconomic effects of going over said cliff. What gets less sustained attention is how the cliff, should it fail to be averted, will affect the individual taxpayer. This is primarily because the American tax code is very complicated, and the changes set to go into affect are manifold — so when the time comes, each of us is going to experience our own private cliff dive. The well-off will be the hardest hit in dollar terms. Besides large marginal tax rate increases, the wealthy are most exposed when it comes to big hikes in capital gains and dividend increases, because they tend to generate more of their income from investments than those lower down the income ladder. And the more money you make, ...
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Interview: Paul Volcker on why U.S. presidents still call on the former Fed chief
Monday, October 15, 2012 - 14:00 Alex Wong/Getty Images Former Federal Reserve Board Chairman Paul Volcker at the Senate on May 9, 2012. Marketplace for Monday, October 15, 2012 Paul Volcker is the Federal Reserve chairman who served under five American presidents, helped end the gold standard under President Nixon and warned early about the mortgage crisis. He is also the man, of course, who inspired the Volcker Rule in the Dodd-Frank financial reform act. Now Volcker is the subject of a new book called "Paul Volcker: The Triumph of Persistence" by financial historian William Silber. Both Volcker and Silber both joined Marketplace host Kai Ryssdal in the studio to discuss why the former Fed chief is widely considered to be the most influential Fed chairman that's served, about the "lack of discipline in economic policymaking," and what concerns him about today's economy. Kai Ryssdal: Thanks for being here, you guys. Paul Volcker: Nice to be with you at a distance. William Silber: Nice to ...
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Who lost the middle class?
Monday, October 1, 2012 - 14:04 iStockphoto Who will save the middle class? Who lost the middle class? That's the question confronting President Obama and Mitt Romney as they march toward voting day. Their answers are predictable: Romney blames regulations and big government; Obama points to policies favoring rich guys like Romney. Sadly for the embattled American middle class, both viewpoints miss the mark. The great stagnation in median incomes since the early 1990s stems from a failure to calibrate domestic policy to the demands of a rapidly changing world economy. Whether Democrats tax too much or Republicans too little is irrelevant against the sweeping economic disruptions caused by two decades of unprecedented globalization. Global money flows have grown exponentially as restrictions on trade and investment have eased. But the exchange rates used to price these money flows have become distorted. China's manipulation of its currency has reduced the price of its exports in dollar terms. ...
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Who lost the midde class?
Monday, October 1, 2012 - 14:04 iStockphoto Who will save the middle class? Who lost the middle class? That's the question confronting President Obama and Mitt Romney as they march toward voting day. Their answers are predictable: Romney blames regulations and big government; Obama points to policies favoring rich guys like Romney. Sadly for the embattled American middle class, both viewpoints miss the mark. The great stagnation in median incomes since the early 1990s stems from a failure to calibrate domestic policy to the demands of a rapidly changing world economy. Whether Democrats tax too much or Republicans too little is irrelevant against the sweeping economic disruptions caused by two decades of unprecedented globalization. Global money flows have grown exponentially as restrictions on trade and investment have eased. But the exchange rates used to price these money flows have become distorted. China's manipulation of its currency has reduced the price of its exports in dollar terms. ...
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competitiveness
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dependence
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evisceration
globalization
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istockphoto
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