Time To Get Out Of Market: Layoffs Spread Far And Wide, Capital Gains Taxes Will Skyrocket, JC Penny Report A 26.1% Drop In Same-store Sales, Greek 5bn Bond Expires Next Friday And No Solution Yet, And Bankers About To Be Arrested In LIBOR CASE
November 9th, 2012
Layoffs spread far and wide
Earlier today, Twitchy related some heartbreaking stories of small business owners laying off workers to avoid the economic impact of the Obamacare tax that isn’t a tax. Comedian Jon Lovitz, a small business owner himself, was no barrel of laughs either as his timeline filled with stories of impending downsizing. So, what about those big corporations? Boeing’s defense division announced yesterday it would cut 30 percent of management staff, and the company was not alone, we’re learning.
Why US Economy May Be Headed for Another Recession
Capital Gains Taxes Will Skyrocket In The New Year––Here’s How To Cope
Come Jan. 1, you can kiss those 0 percent long-term gains tax rates goodbye. Instead, there will be a minimum 10 percent federal tax on long-term gains, with the cap raised from its current 15 percent to 20 percent.
Then there’s the Medicare contribution tax to consider. High-earning taxpayers will see an extra 3.8 percent levied against net investment income, including long-term capital gains –– bringing the highest possible tax rate on gains to 23.8 percent.