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THE TRUTH ABOUT TAXES: Here’s How High Today’s Rates Really Are
History of the top income tax bracket, 1913-2008.
As the US struggles with a massive budget deficit, the conversation has obviously turned to taxes.
Specifically, what should be done with them.
Obviously, no one likes paying higher taxes, and everyone likes paying lower taxes. But we live in the real world, not fantasy-land. And in the real world, sometimes people have to do things they would prefer not to do–like pay taxes.
But the disagreement on this issue, as well as the facts surrounding it, is intense.
Democrats, to the extent they care about the budget deficit, want to raise taxes, which they say are too low–especially on rich people.
Republicans, meanwhile, generally say that taxes are far too high and that the budget deficit should be addressed with spending cuts.
Brand New Electronics ‘Already Tainted With Malware’
Some computers and other electronic imports are packed with malware before theyre even out of the box, a congressional expert on cybersecurity warns. Hackers overseas planning cyber attacks are planting bad codes in components headed for the US, Rep. Jim Langevin tells Reuters. “Corrupting hardware and software is embedded in the supply chain. We have a real challenge on our hands to better secure the supply chain,” says Langevin, sponsor of the Executive Cyberspace Coordination Act of 2011.
The problem is affecting consumer electronics as well as systems that hold corporate and government data, according to Langevin, who sits on the House committees on Armed Service and Intelligence. The tainted supply chain is “not something that a lot of people have thought about in the past. They should have thought about it,” says a cybersecurity expert at Roger Williams University.
John Boehner Just Gave Up Hope For A “Big” Debt Deal
No grand bargain on the debt and the debt ceiling.
New goal: A small deal, somewhere around $2 trillion in spending cuts.
John Boehner just put out the following:
“Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes. I believe the best approach may be to focus on producing a smaller measure, based on the cuts identified in the Biden-led negotiations, that still meets our call for spending reforms and cuts greater than the amount of any debt limit increase.”
There are a couple interesting things here.
One is that Boehner seems to think a smaller deal could pass his House.
He’s also saying that the Biden talks were somewhat productive, which further emphasizes how calculated and political it was when Eric Cantor walked out of the negotiations.
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S&P: Greek Rescue Plan Would Count as a Default
Greece got yet more bad news today, when Standard & Poors issued a statement saying that a proposed rescue plan from banks in France “would likely amount to a default” as far as it was concerned. French banks planned to roll over their holdings in the countrys debt, and German banks had said theyd consider doing the same. But S&P says that counts as defaulting, because the banks would wind up with “less value than the promise of the original securities,” according to the AP.
The statement threw cold water on European markets that had been buoyed by Greeces Austerity vote, and put a major monkey wrench in Europes rescue plans. “A default is exactly what the European politicians want to avoid,” says one market analyst.
Toilet Paper Being Rationed in Coney Island Bathrooms
New York City’s financial woes seem to be taking a toll on its toilets: Public restroom attendants are rationing toilet paper on the Coney Island boardwalk, the New York Post reports following an on-site investigation. With dispensers left empty, women must form “ration lines” to get their squares, while men’s rooms simply have no paper at all. “Never in my life have I experienced anything like this,” said one bathroomgoer.
“I walked toward a stall, and a bathroom attendant stopped me by shouting, ‘Hey, mami! Theres no toilet paper here,’ and she whipped out a big roll for me to grab some.” A parks official said there was a “consistent” supply of toilet paper. “Theres no need to ration, and well make certain our staff does not do so,” she said. But restroom attendants say
The Nikkei Is Surging, And It’s Getting Closer To Erasing ALL Its Post-Earthquake Losses
Another remarkable aspect of the rally.
The Nikkei is up to 10,178, up over 1% this morning.
What’s most remarkable is that it’s just a few hundred points away from erasing ALL of its March earthquake losses.
Meanwhile, US futures aren’t doing anything. Obviously all eyes are on NFP at 8:30 AM ET
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Minara Resources Nickel Production On Standby
SYDNEY — Nickel production from Minara Resources Ltd.’s Murrin Murrin mine and plant has been suspended after the failure of a heat exchanger last week, the company said Wednesday.
The acid plant at Murrin Murrin remains offline, the company said, after a heat exchanger in the acid plant –where acid is run through the ore to extract a nickel-rich solution– failed last week.
At the time of the failure last week, production was continuing at reduced rates. However, Minara said today that metal production is now on standby.
Minara is 72%-owned by Glencore International PLC .
In an update in April, the company said it expects to produce 33,000 metric tons to 37,000 tons of nickel over the year to the end of December, around 2%-3% of global mined nickel production. It said Wednesday that it was still assessing the impact of the failure on those forecasts.