05/22/2012 (10:32 am)

Stocks rebound on Europe hopes

Filed under: Uncategorized, money |

A plunge in Facebook’s stock didn’t faze the broader U.S. market Monday. U.S. stocks bounced back from their worst week of the year on renewed optimism that European leaders would find a way out of the sovereign debt crisis.

The Dow posted its biggest gain in over a month, while the S&P 500 delivered its best performance in over two months. The tech-heavy Nasdaq enjoyed its best gains of the year.

"I think it’s just more of a relief rally after being down so many sessions in a row," said Dave Rovelli, managing director at Canaccord Adams. "People are looking for stocks that have sold off a bit."

Over the weekend, the Group of Eight nations met and reaffirmed their commitment to keeping Greece in the eurozone. And two opinion polls released in Greece reportedly put the pro-bailout New Democracy party ahead of the anti-austerity Syriza party.

The combination of the G8 and the poll results was enough to boost sentiment across world markets, with European and Asian stocks eking out gains and the euro holding steady at around $1.28 against the U.S. dollar.

Paul Zemsky, head of asset strategies for ING Investment Management, said the rally was the result of "a smidgen of good news in an oversold market."

"You had a tremendous amount of pessimism, but nothing bad came out of Greece this weekend," he said. "There’s some optimism that perhaps the Greek people are realizing how damaging it would be for them to leave [the eurozone]."

The Dow Jones industrial average () rose 135 points, or 1.1%. Blue chips, including Caterpillar (, Fortune 500), Boeing (, Fortune 500) and IBM (, Fortune 500) led the gains.

The S&P 500 () gained 21 points, or 1.6%, and the Nasdaq () rose 68 points, or 2.5%.

Shares of Facebook () plunged as much as 13.7%, before finishing down 11% at $34.03, well below the $38 initial public offering price.

The sharp drop "weighed heavily" on markets at the start of trading, said Anthony Conroy, head trader at ConvergEx Group, noting that the tech-heavy Nasdaq briefly slid into negative territory.

What’s next for Greece

But trading might be choppy this week as worries about Europe will continue to dominate. Elisabeth Afseth, a fixed income analyst with Investec in London, said the weeks leading up to Greece’s June 17 election are likely to be volatile for both equity and bond markets.

An informal summit of European leaders is scheduled for Wednesday.

Despite Thursday’s bounce, stocks are still down considerably in May, on track for the worst monthly losses since September. The Dow has finished in the red on all but three of the 15 trading days this month.

The blue chip index and the S&P 500 are off more than 5% in May, while the Nasdaq is more than 6% lower.

U.S. stocks closed lower Friday, after the euphoria surrounding Facebook’s Friday IPO had worn off. All three indexes clocked their worst weekly losses of the year last week.

World markets: European stocks closed with significant gains. Britain’s FTSE 100 () climbed 0.9%, the DAX () in Germany rose 1.1% and France’s CAC 40 () jumped 1%.

Asian markets ended mixed. The Shanghai Composite () edged 0.2% higher and Japan’s Nikkei () ended up 0.3%. The Hang Seng () in Hong Kong shed 0.2%.

Companies: Yahoo (, Fortune 500) and China’s Alibaba Group have agreed to a $7.1 billion deal, in which the Chinese Internet giant will buy back half of Yahoo’s 40% stake in the company.

JPMorgan loss: It’s going to get worse

Speaking at a Deutsche Bank conference, JPMorgan Chase (, Fortune 500) CEO Jamie Dimon said the firm would suspend its stock buyback program but would keep its dividend.

Lowe’s (, Fortune 500) reported better-than-expected earnings but issued mixed guidance. The stock fell 10%.

Campbell Soup (, Fortune 500) posted a slight decline in earnings per share but performed slightly better than forecasts. The stock fell 2%.

Some social media stocks fell along with Facebook, though not as steeply. Zynga () fell less than 1% and LinkedIn () declined just 2%. But Groupon () surged 7%.

Currencies and commodities: The dollar posted modest gains versus the Japanese yen, but slipped slightly against the euro and the British pound.

How Iran could double its oil output

Oil for June delivery rose $1.09 to settle at $92.57 a barrel.

Gold futures for June delivery dropped $3.20 to settle at $1,588.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell Monday morning, pushing the yield up to 1.75% from the 1.70% level late Friday.  

Source

We provide no fax payday loans up to $1500, In 1-6 hours money direct in to yours bank account.

05/08/2012 (10:04 pm)

McDonald’s April sales rise but miss expectations

Filed under: economics, money |

McDonald’s Corp. says a key revenue figure rose in April as strength in the U.S. and U.K. helped offset weakness in Japan. But results missed analyst expectations and McDonald’s shares fell 2 percent in premarket trading.

The world’s largest hamburger chain says global sales rose 3.3 percent at stores open at least 13 months. But Thomson Reuters says analysts expected a 4.1 percent rise.

The figure is key metric because it excludes the impact of newly opened stores.

The figure rose 3 payday loans guaranteed no fax.3 percent in the U.S., driven by its new extra value menu offerings such as 20-piece Chicken McNuggets.

The sales figure rose 3.5 percent in Europe and 1.1 percent in Asia/Pacific, the Middle East and Africa. McDonald’s says positive results in China were offset by negative results in Japan.

Source

Absolutely free credit score is very easy to access over the internet. There is really no excuse for not knowing what is on your credit report.

05/05/2012 (2:04 pm)

Oil ebbs on heels of weak job report

Filed under: money, online |

The price of oil plunged to its lowest level in nearly six months Friday, falling below $100 per barrel for the first time since February. A drop in gasoline prices can’t be far behind.

It’s a welcome trend for motorists, with the summer driving season just around the corner. And it eases some pressure on the U.S. economy, which has shown only agonizingly slow growth in the nearly three years since the Great Recession ended.

Oil fell $4.05, or 4 percent, to $98.49, after a weak U.S. jobs report offered the latest evidence that the global economy is weakening, possibly reducing demand for oil. At the same time, there is mounting evidence that world oil supplies are growing.

For the week, oil fell more than $6 and is now about $12 below its February high. U.S. gasoline prices have fallen to $3.80 per gallon from a peak of $3.94 in early April.

Now they could go as low as $3.50 per gallon by July 4, according to Tom Kloza, chief oil analyst at the Oil Price Information Service.

The picture of the oil market is the reverse of just a few months ago. Then, world oil demand looked to be rising quickly at the same time that world supplies were threatened by a host of small production outages and the potential for drastically reduced production from Iran, the world’s third-biggest exporter.

Those developments raised the prospect that world supplies would be at their most tenuous just as the summer driving season arrived in the developed world. The price of U.S. benchmark oil rose to about $110. The price for international oil used to make most of the gasoline in the U.S. spiked even higher, to $128 per barrel.

Gasoline prices in the U.S. appeared to be on track to soar past $4 per gallon nationwide, another burden for U.S. consumers already suffering from high unemployment and pitiful wage growth.

Now the worst of those price fears have melted away for a number of reasons:

• Falling demand: A spreading recession in Europe and slow growth in the U.S. suggests energy consumption, which fell 0.4 percent worldwide in the first quarter, will remain weak.

• Growing supplies: Saudi Arabia and other OPEC members are pumping more oil. Energy companies are employing cutting-edge drilling technology to ramp up production across the globe. World oil supplies grew on average by 1.35 million barrels per day in the first quarter, and producers should easily meet demand in the coming months.

• Easing political tensions: The West’s nuclear standoff with Iran appears to be cooling off. The threat of conflict — and less Iranian crude on the market — helped push oil prices past $100. But now Iran and the West are planning talks.

The price of oil hasn’t dropped this much since Dec. 14, 2011, when it fell by $5.19, or 5.2 percent, to $94.95 per barrel.

Oil prices may drift even lower in coming weeks.

Source

03/30/2012 (8:32 pm)

MasterCard probes possible cardholder breach

Filed under: money, technology |

MasterCard says it is investigating a potential security breach of its cardholders’ account information.

The credit card company said Friday it has notified law enforcement agencies and issuers of the MasterCard accounts that are potentially at risk. The credit card company only processes transactions _ the credit cards are issued to cardholders by banks such as Citibank and also a number of retailers.

MasterCard wouldn’t say how many cardholders, banks or issuing companies are affected paperless payday loans.

The company advises cardholders who have concerns that they should contact the financial institution that issued their cards.

MasterCard says its own systems have not been compromised.

Source

02/22/2012 (6:40 am)

Dow breaks 13,000 but can’t hold gains

Filed under: Business, money |

It came and went in a flash, a number on a board for seconds at a time, but its symbolic power couldn’t be dismissed.

The Dow Jones industrial average, powered higher all year by optimism that the economic recovery is finally for real, crossed 13,000 on Tuesday for the first time since May 2008.

The last time the Dow occupied such rarefied territory, unemployment was a healthy 5.4 percent, and Lehman Brothers was a solvent investment bank. Financial crises happened in other countries, or the history books.

The milestone Tuesday came about two hours into the trading day. The Dow was above 13,000 for about 30 seconds, and for slightly longer at about noon and 1:30 p.m., but couldn’t hold its gains. It finished up 15.82 points at 12,965.69.

Still, Wall Street took note of the marker.

It was just last summer that the Dow unburdened itself of 2,000 points in three terrifying weeks. S&P downgraded the United States credit rating, Washington was fighting over the federal borrowing limit, and the European debt crisis was raging.

A second recession in the United States was a real fear. But the economy grew faster every quarter last year, and gains in the job market have been impressive, including 243,000 jobs added in January alone.

“Essentially over the last couple of months you’ve taken the two biggest fears off the table, that Europe is going to melt down and that we’re going to have another recession here,” said Scott Brown, chief economist for Raymond James.

The tumult of last summer and fall left the Dow as low as 10,655. Its close Tuesday put it 22 percent above that low. The Dow is less than 1,200 points from an all-time high, a 9 percent rally from here.

A long-awaited deal to cut the debt of Greece and prevent a potentially catastrophic default on its debt, announced before dawn in Europe after 12 hours of talks, helped the Dow clear 13,000.

Under the bailout deal, Greece will get euro130 billion, or about $172 billion, from other European nations and the International Monetary Fund. In a separate deal, it will owe euro107 billion less to investors who own its government bonds.

After months in which the talks crawled along and vague headlines yanked the market up and down, the conclusion was almost anticlimactic because the markets were already expecting an agreement.

European markets didn’t take the news as well. Stocks closed down 3.5 percent in Greece, where stocks have lost 80 percent of their value since 2007. Stocks declined less than 1 percent Tuesday in Germany, France and Britain.

Investors noted that Greece remains in deep recession. Its bond investors will take a 53.5 percent loss on the face value of their bonds, which could discourage future investment.

In the U.S., investors were cheered by earnings from Home Depot, watched closely as a barometer of American spending on homes, and Macy’s. Wal-Mart missed Wall Street expectations, and its stock lost 4.2 percent, worst among the 30 stocks in the Dow.

The Dow has climbed 6 percent this year and has not lost 100 points on any day. The Greek debt crisis may be receding, but high gasoline prices are emerging as a threat to the economic recovery, and thus the stock market.

A gallon of regular gas costs $3.57 on average, the highest on record for this time of year. With tension building over Iran’s nuclear ambitions, Iran has halted oil exports to Britain and France and threatened to stop shipping to other European countries.

The price of oil settled at $106.25, up $2.65 for the day and its highest level since last May. Airline stocks got clobbered. United Continental lost 9 percent, Delta Air Lines 7 percent. The Dow transportation average lost 1.5 percent.

Materials, telecommunications and energy companies led the industries gaining ground. Health care companies, makers of consumer staples and utilities, traditionally stocks to own in more cautious times, were lower.

The Standard & Poor’s 500 index surpassed 1,363, its peak from April 2011, but closed at 1,362.21, up 0.98 point. The Nasdaq composite, which is heavy with technology stocks and trading at levels not seen since December 2000, closed down 3.21 points at 2,948.57.

Metals prices jumped because of expectations that demand may improve after the Greek bailout package was approved and China took another step to stimulate economic growth. Silver finished up 3.7 percent, and platinum, copper and palladium all rose 3 percent or more. Gold ended up 1.9 percent.

The Dow industrials last closed above 13,000 on May 19, 2008. The next day, they crossed under 13,000, not to return for almost four years. They fell as low as 6,547 on March 9, 2009. A reading of 13,094 would double that.

Dan McMahon, director of equity trading at Raymond James, called the 13,000 mark “just a big round number” as a matter of market fundamentals. But he added: “Psychologically, it matters.”

The milestone could motivate cautious investors to pump more money back into the stock market. The yield on the government’s benchmark 10-year Treasury note rose to 2.06 percent from 2.01 percent Friday, a sign that fewer investors wanted the bonds and were instead willing to buy riskier stocks.

“You need notches along the way to measure things,” and Dow 13,000 is as good as any, said John Manley, chief equity strategist for Wells Fargo’s funds group. “Is 50 older than 49 and a half? Yes, by six months. Do those six months really make a difference? Probably not. But it does give us a fixed point, something we can look at.”

The Dow is also an imperfect measure of the economy’s health. It is made up of just 30 companies, and it’s weighted so that the few with the highest stock prices carry the most heft.

A tiny percentage change in the stock of IBM, which is trading around $194, sways the index much more than a giant change in the stock of Bank of America, which is trading around $8.

Last year, the Dow rose 5.5 percent. But strip out IBM and McDonald’s, the two stocks with the highest prices last year, and it rose just 1.8 percent, according to calculations by Birinyi Associates.

Dow Jones, which decides which 30 companies are the best barometer, says the index can accurately represent the economy because they make up 25 to 30 percent of the market value of all U.S. public companies.

Among the big movers:

_ Barnes & Noble fell 4 percent after missing expectations. Rising costs offset higher sales of both traditional books and digital books. Investors seemed encouraged that the bookstore chain, a survivor in an era that has felled competitors like Borders and Waldenbooks, plans to introduce a cheaper Nook to compete with Amazon’s Kindle Fire.

_ J.C. Penney, which is trying to reinvent itself and just brought in an Apple veteran as CEO and changed its logo, fell 3 percent after Fitch Ratings dropped its credit grade to junk status.

_ Wal-Mart fell 4 percent after missing analysts’ expectations for revenue and per-share earnings.

_ High-end department store Saks rose 3 percent after beating analysts’ expectations.

Source

02/19/2012 (7:04 am)

Santorum’s charitable donations lag rivals

Filed under: management, money |

White House hopeful Rick Santorum lags behind both his 2012 competitors and wealthy Americans in general when it comes to charitable giving, according to tax documents.

Santorum gave $81,500 to charity over the past four years, or 2.2% of the more than $3.6 million in total income he earned since leaving the Senate, the documents showed.

The tax returns, provided to CNN on Thursday, did not break down charitable giving by recipient.

From 2007 to 2009, Santorum’s rate of charitable giving fluctuated between 2.03% and 2.67% of his earnings.

In 2010, the rate dropped to 1.76% of his $923,411 in income. That same year, President Obama gave 14.2% of his income to charity, while Mitt Romney donated 13.8% and Newt Gingrich gave 2.6%.

Ron Paul has not released his tax returns.

Rich, Gingrich and crazy rich

According to data from the IRS and the Congressional Budget Office, taxpayers with income in excess of $500,000 donate 3.4% of their income to charity on average.

"His donation level is on the low side," said Ken Berger, the president and CEO of Charity Navigator, who also noted that research suggests religious individuals donate more than the non-religious.

"When you put it in the context of people of faith, then it really is on the low side," Berger said.

The relatively low contribution level is also a bit puzzling for a senator who championed non-profits and charitable organizations while in office.

"We should be proactive in finding ways to more fully engage the American public in charitable giving," Santorum said in a 2005 statement on the CARE Act, a bill he sponsored that sought to promote the interests of charities and provide incentives for Americans to donate.

Santorum has also come under fire for the giving practices of a charity called Operation Good Neighbor that he started more than a decade ago.

In his "founder’s letter," Santorum wrote that one of the charity’s goals was to help "break the cycle of poverty that sours the lives of too many men, women and children in our nation."

The group collected at least $2.3 million in contributions between 2001 and its termination in 2007, but only spent around 45% of total revenue on beneficiaries, according to IRS documents.

The rest went to fundraising, office space and personnel costs. In essence, the charity was spending more on itself than the people it was designed to help.

The charity, Berger said, lagged far below industry standards.

Get more from your donation to charity

"Seventy-five percent or more reaching beneficiaries is excellent, and 65% or more is okay. If you fall below 50% you’re really performing poorly," he said. "I would recommend donors flee from an organization like this."

While the Santorum campaign did not respond to calls and e-mails from CNNMoney on Thursday, the campaign did provide comment to the Washington Post, which detailed the charity’s practices in January.

"Senator Santorum was very committed to helping raise funds for Operation Good Neighbor and did so with the understanding that those funds would be used to help many organizations and families located in urban areas of Pennsylvania," Santorum campaign adviser John Brabender told the paper.

CNN’s Dana Bash contributed to this report 

Source

02/03/2012 (1:36 am)

Asia stock markets fall ahead of US jobs report

Filed under: money, term |

Asian stock markets were mostly lower Friday ahead of a U.S. jobs report that is a key gauge of how robust the world’s No. 1 economy is.

Benchmark oil was nearly unchanged at $96 per barrel while the dollar rose against the euro and the yen.

Japan’s Nikkei 225 index fell 0.5 percent to 8,829.69. South Korea’s Kospi dropped 1 percent to 1,964.78 and Hong Kong’s Hang Seng lost 0.1 percent to 20,719.23.

Australia’s S&P/ASX 200 lost 0.4 percent at 4,249.40. Benchmarks in India, Thailand and New Zealand fell while Taiwan, Singapore and Indonesia rose.

Later Friday, the U.S. government releases its report on January job creation and the unemployment rate. In December, the country added 200,000 jobs, and the jobless rate was 8.5 percent.

Some analysts said they are not expecting a strong increase in jobs, based on a report Wednesday from private payroll agency ADP. The report said private-sector employment rose by 170,000 in January from the previous month _ fewer jobs than expected.

“The two series continue to track fairly closely and both show what everyone has rightfully fretted about for the past 18 months: there hasn’t been any trend improvement in job growth since mid-2010,” said analysts at DBS Bank Ltd. in Singapore.

Traders were largely refraining from big moves ahead of the employment data in case it turns out to be worse than expected.

“For right now, for major indexes like Dow Jones, the Hang Seng and also Germany’s DAX, they are already at a relatively high level,” said Linus Yip, strategist at First Shanghai Securities in Hong Kong. “For major indexes which shot up to high levels, we need more information for markets to expand the uptrend.”

The results of earnings reports, meanwhile, reverberated across markets. Japan’s Hitachi Ltd. jumped 7.3 percent after the electronics maker maintained its earlier earnings projection for the business year to March 31.

But Singapore Airlines fell 2.5 percent a day after announcing that quarterly profit plunged 53 percent as passenger demand slowed while higher fuel prices sent costs up. South Korean shipbuilder Hyundai Heavy Industries plummeted 7.2 percent after posting a 91 percent plunge in fourth-quarter net profit, Yonhap News agency said.

Elsewhere, Australian miner Lynas Corp. tumbled 9.4 percent amid opposition to its rare earths plant in Malaysia’s central Pahang state that is scheduled to begin operations later this year.

Stocks were largely unchanged on Wall Street on Thursday. The Dow Jones industrial average closed down less than 0.1 percent at 12,705.41. The broader Standard & Poor’s 500 index rose 0.1 percent to 1,325.54. The Nasdaq composite rose 0.4 percent to 2,859.68.

Benchmark oil for March delivery was up 4 cents to $96.39 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell by $1.25 to end at $96.36 per barrel in New York on Thursday.

In currency trading, the euro fell to $1.3131 from $1.3141 late Thursday in New York. The dollar rose to 76.18 yen from 76.16 yen.

Source

01/06/2012 (2:24 pm)

Hungary

Filed under: money, online |

Hungary

12/30/2011 (9:28 am)

U.K. House Prices Seen Falling in 2012 on Jobs - Bloomberg

Filed under: UK, money |

U.K. house prices (UKNBAAMM) may decline in 2012 as economic turmoil emanating from the euro area

12/25/2011 (3:40 am)

Millionaire surtax: The go-to tax

Filed under: Uncategorized, money |

+%3Cp%3E+It+looks+like+the+millionaire+surtax+is+going+down+again.%3C%2Fp%3E%3Cp%3EDemocrats+have+pushed+for+weeks+to+impose+a+millionaire+surtax+to+help+pay+for+the+cost+of+extending+the+payroll+tax+cut.+Republicans+have+said+it+would+be+a+job-killer.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3EOn+Wednesday+night%2C+with+time+running+out+before+Congress+adjourns+for+the+year%2C+it+appeared+that+Democrats+were+ready+to+give+up+in+the+name+of+getting+a+deal+done.+A+source+told+CNN+that+Senate+Democrats+would+propose+a+new+plan+that+did+not+include+the+tax.+%28Read%3A+The+latest+on+negotiations%29%3C%2Fp%3E%3Cp%3EThe+demise+of+this+version+of+the+millionaire+tax+would+not+be+a+surprise.+Lawmakers+have+already+voted+down+a+surtax+of+5.6%25%2C+then+3.25%25+and+most+recently+1.9%25.%3C%2Fp%3E%3Cp%3EBut+the+idea+of+taxing+the+rich+will+come+up+again+and+again+next+year%2C+since+themes+of+income+inequality+and+tax+fairness+will+be+sounded+repeatedly+on+the+campaign+trail.%3C%2Fp%3EPayroll+tax+cut%3A+What%27s+at+stake%3Cp%3EUrban+Institute+resident+fellow+Howard+Gleckman+points+out+that+an+extra+tax+on+millionaires+may+make+for+great+politics+but+it+would+make+for+awful+policy%2C+although+not+for+the+reasons+that+many+in+the+GOP+suggest.%3C%2Fp%3E%3Cp%3ERepublicans+still+cleave+to+the+notion+that+to+ever+ask+millionaires+to+pay+more+in+taxes+will+bring+the+economy+to+a+screeching+halt+because+it+would+hurt+small+business+job+creation.+%3C%2Fp%3E%3Cp%3EBut+there+are+problems+with+that+reasoning%3A%3C%2Fp%3E%3Cp%3E–A+very+small+percentage+of+tax+filers+with+business+income+make+more+than+%241+million.+%3C%2Fp%3E%3Cp%3E–There+is+no+way+to+tell+how+many+new+jobs+those+millionaires+create.+%3C%2Fp%3E%3Cp%3E–And+business+income+can+come+from+activities+that+don%27t+result+in+a+lot+of+hiring%2C+such+as+owning+rental+property+or+investing+in+a+partnership.+%3C%2Fp%3E%3Cp%3EFor+Gleckman%2C+a+big+problem+with+the+millionaire+surtax+is+that+it+feeds+the+myth+that+the+super+rich+can+pay+for+everything.+They+can%27t.+There+are+not+enough+of+them.%3C%2Fp%3EPayroll+tax+cut+divide%3A+How+to+pay+for+it%3Cp%3EAnd+by+applying+a+surtax+here+and+a+surtax+there%2C+soon+you%27re+talking+serious+rate+creep+–+to+levels+that+could+be+counterproductive+%3Ca+href%3D%22http%3A%2F%2Fus-fast-cash-now.com%22%3Efast+cash%3C%2Fa%3E%3C%21–+.+–%3E.+The+higher+rates+become+the+more+likely+it+is+that+the+rich+will+look+for+ways+to+avoid+paying+them.%3C%2Fp%3E%3Cp%3EIf+the+Bush+tax+cuts+expire%2C+the+top+rate+goes+to+39.6%25+and+the+value+of+certain+deductions+goes+down.+Add+in+a+new+Medicare+tax+for+high-income+households+starting+in+2013%2C+and+the+top+rate+could+approach+50%25+if+Congress+passed+a+5.6%25+surtax%2C+Gleckman+noted.+%3C%2Fp%3E%3Cp%3EDespite+the+flaws+in+the+parties%27+strategies+–+Democrats+always+reach+first+to+tax+the+rich+and+Republicans+always+rush+to+protect+them+even+at+the+expense+of+everyone+else+–+each+contains+a+bit+of+truth+the+other+side+will+have+to+accept+sooner+or+later.%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3EBoth+the+rich+and+the+middle+class+eventually+will+have+to+contribute+to+efforts+to+spur+the+economy+and+stabilize+the+federal+budget.%3C%2Fp%3E%3Cp%3E%26quot%3BDemocrats+today+can%27t+solve+our+nation%27s+many+budgetary+woes+primarily+by+taxing+the+rich%2C+and+Republicans+risk+alienating+the+middle+class+when+they+try+to+spare+the+rich+from+sharing+the+additional+burdens+most+Americans+soon+must+bear%2C%26quot%3B+former+Treasury+official+Eugene+Steuerle+wrote+in+his+public+policy+column+%26quot%3BThe+Government+We+Deserve.%26quot%3B%3C%2Fp%3E%3Cp%3EThe+rich+will+have+to+pay+more+in+taxes%2C+he+notes%2C+because+even+if+spending+is+cut+across+the+board%2C+they+won%27t+feel+the+pinch+since+they+don%27t+rely+on+government+spending+to+get+by.%3C%2Fp%3E%3Cp%3EAnd+the+middle+class+will+eventually+need+to+accept+some+spending+cuts+and+tax+increases%2C+Steuerle+said%2C+%26quot%3Bnot+because+the+rich+can%27t+pay+more%2C+but+because+most+income+in+the+economy+resides+with+that+80+percent+of+the+population+that+is+neither+poor+nor+rich.%26quot%3B%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F14%2Fnews%2Feconomy%2Fmillionaire_surtax%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

Next Page »