U.S. taxpayers claimed 60.4 percent more in capital gains in 2012 than 2011, locking in lower tax rates before the 2013 tax increase took effect, according to Internal Revenue Service data released today.
President Barack Obama has interviewed Rebecca Blank, a labor economist at the Commerce Department, to replace Austan Goolsbee as head of the White House Council of Economic Advisers, according to a person familiar with the matter.
Washington loves its panaceas. A few years ago, it was Army General David Petraeus who could fix any problem -- up to and perhaps including the presidency. Then it was the Simpson-Bowles commission, or maybe the congressional supercommittee on deficit reduction. Today’s cure-all? Tax reform.
California voters, who approved statewide sales and income tax increases of $6 billion a year, also approved higher sales levies in about two dozen cities and counties strained by the financial downturn.
Republicans and Democrats spent last summer battling how best to save $2.1 trillion over the next decade. They are spending this summer battling how best to not save $2.1 trillion over the next decade.
New evidence that the slowdown in health care costs over the past five years is happening not only because of a weak economy comes from the Economic Report of the President, released last week by the President’s Council of Economic Advisers. If the slowdown were to continue in the future, the report shows, Medicare spending would basically remain flat as a share of the economy.