With all the talk about the fiscal cliff, there’s little you can do about it. Sure, you can sell assets now and grab the 15% capital gain rate before it jumps to 23.8%. See Like A Jedi, Sell A Business, Real Estate Or Stock This Year. But you can’t get Congress or the President to act. What you can do is focus on your own taxes and on the most important form that will soon land in your mailbox, Form 1099.
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by Arthur R. Miller and Lee Igel
The NYU Sports & Society Program
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For the past seven weeks, I’ve been counting down the ten most noteworthy tax cases of 2012. Here’s what you may have missed:
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Reductions in Social Security COLAs, higher Medicare premiums for the affluent and a higher age for Medicare and “full” Social Security benefits, could all come into play.
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With the election behind us, I thought we would enjoy a hiatus from the political bickering in Washington. Alas, I was wrong. Filling the pre-election void is the fiscal cliff debate which is dominating today's news. Many questions surround this issue. Is it a cliff or a slope? Who's holding it up, the Dem's or the Repub's? What should be done? What will be done? Perhaps the most important question is what will happen if nothing is done?
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The stakes are certainly high, especially when it comes to the nation’s energy and tax policies. Failure to reform faulty policies, or worse, enacting more faulty ones in the name of “balance,” would seriously complicate efforts to ensure energy reliability and affordability in future years.
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Twas the night before Christmas, and all down the Street
Not a trader was stirring, not even a cheat.
The portfolios were locked up with the greatest of care,
In hopes that St. Ben soon would be there.
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