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New York Mortgage Trust Inc. Message Board

  • katzmon389 katzmon389 Sep 29, 2012 6:06 PM Flag

    Looming fiscal cliff now ranks as "the greatest hazard to the global economy"

    "The Congressional Budget Office recently laid out the grim consequences of dropping off the fiscal cliff. Starting Jan. 1, tax cuts signed by President George W. Bush expire as do Obama’s cuts to payroll taxes. Federal spending on defense and other domestic programs will drop, while emergency unemployment benefits run out."

    "The combined effect off all these changes would shrink the economy nearly 3 percent at an annual rate in the first half of next year, the CBO estimates, and push unemployment up to 9.1 percent by the fall. Recent surveys of businesses suggest the threat is already weighing on the minds of executives when they’re making hiring and spending plans."

    "For the world’s biggest money managers, the fiscal cliff now ranks as the greatest hazard to the global economy, according to Bank of America’s most recent fund manager survey. It topped the European debt crisis, a collapse in Chinese real estate and even a war between Israel and Iran."

    ****://***.theblaze.***/stories/investors-brace-for-the-fiscal-cliff-as-obama-gains-in-the-polls/

    How Will Tax Rate Changes Affect You?

    2013 + (Without Any Further Legislation)
    The individual income tax rates will revert to 15, 25, 28, 36 and 39.6 percent. The capital gains rate will increase to 20% and dividends will be taxed at ordinary income rates.

    Beginning in 2013, the 3.8% Medicare contribution tax on net investment income in excess of $200,000 ($250,000 for joint filers and $125,000 for married filing separately) will apply. Also 0.9% additional Medicare tax on earned income in excess of $200,000 ($250,000 for joint filers and $125,000 for married filing separately) will apply.

    ****://***.cpabr.***/tax_articles/tax_rate_changes.html

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