Illinoisans
Beware: "Progressives" Seek Massive Tax Hike Again - (Mike
Shedlock at www.townhall.com) Illinois
"Progressives" (a single word to describe "economically
illiterate public union sympathizers") want to pick your pocket once
again. The Progressives want to hike the Illinois 2015 top tax rate from 3.75%
to a whopping 9%. Moreover the income tax rate will go up on a sliding scale
for everyone making over $18,000. Promises, Promises: Recall that On the
campaign trail in 2010, Gov. Pat Quinn told voters he'd veto any income tax hike that
would raise Illinois' rate over 4 percent. That was one of the quickest disclosed tax
lies in history. Here are a few snips from my January 13, 2011 post Business Owners Blast IL Tax Hikes;Quinn's Blatant
Lies;Neighboring States Gleeful, Mayor Daley Whines;Escape to Wisconsin;
Arrogance,Greed,Corruption
Heated
Start in the Trial on Detroit’s Fiscal Future - (www.nytimes.com) The
trial over Detroit’s eligibility for bankruptcy started Wednesday with starkly
different interpretations of the events leading up to the city’s historic Chapter 9
filing in
July. On one side were lawyers for the debt-ridden city, who argued that unions
and retirees stonewalled out-of-court negotiations that might have saved
Detroit from going bankrupt. But according to the unions and retirees, the
bankruptcy filing was nothing more than the final step in a concerted effort by
Michigan’s governor to take control of the state’s largest city.
Investors pile on record debt to buy record
highs - (www.cnbc.com) With
stocks near all-time highs, investors are taking on record levels of margin
debt, something that could accelerate a decline if the market turns south. Margin
levels, or the amount borrowed to purchase securities, climbed to a new record
of $401 billion in September, according to NYSE Euronext data released this
week. The monthly increase of 4.78 percent was also the largest gain since
January. The NYSE figures represent the margin accounts of member firms. "Investors
love going on margin in a rising market environment, but when the market
declines, it can be extremely painful" says Paul Hickey, co-founder of
Bespoke Investment Group. "Don't forget that if you go on margin you also
have to pay interest on that loan, and some brokers charge pretty high rates,
so you are already starting in the hole."
Exclusive:
JPMorgan settlement could cost bank closer to $9 billion - (www.reuters.com) JPMorgan
Chase & Co's preliminary $13 billion mortgage settlement with the U.S.
government could end up costing the bank closer to $9 billion after taxes,
because the majority of the deal is expected to be tax deductible, two sources
familiar with the matter said. The deduction also means the government is
getting less than it appears in this deal. Banks can
often deduct legal settlements from their taxes, but cannot get tax benefits
from penalties for violating laws.
Bank of America to cut 3,000 mortgage jobs:
Source - (www.cnbc.com) Bank of
America is
looking to cut 3,000 mortgage jobs before the end of the year to cope with
declines in refinancing and in its portfolio of delinquent home loans,
according to a source. About 1,200 mortgage employees received notice that
their position would be eliminated on Thursday. A majority of the 3,000 cuts
will come from temporary contractors, though full-time employees will also be
laid off, said the source. A Bank of America spokesman did not immediately
respond to a request for comment.
Sharp Japan export slowdown dents 'Abenomics', flags
Asia weakness - (www.reuters.com)
London House Prices Surge by an ‘Unsustainable’ 10%: Economy - (www.bloomberg.com)
London House Prices Surge by an ‘Unsustainable’ 10%: Economy - (www.bloomberg.com)
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