QUOTE OF THE DAY
Fox News: Deal or no deal, ObamaCare taxes poised to hit next month
Starting Jan. 1, investment income for individuals earning over $200,000 and households earning over $250,000 will be subject to a new 3.8 percent tax. Further, regular income above those thresholds will be hit with a .9 percent Medicare surtax. Should the Bush tax rates expire for those workers, those increases will be compounded.
But the rather obscure medical device tax is the one that has stirred the most controversy in Washington and the business community. This week, groups and lawmakers renewed their calls to repeal it as the IRS published its final rules.
AP: End of Jobless Benefit Extension 'the Real Cliff'
Hovering in the background of the "fiscal cliff" debate is the prospect of 2 million people losing their unemployment benefits four days after Christmas.
"This is the real cliff," said Sen. Jack Reed, D-R.I. He's been leading the effort to include another extension of benefits for the long-term unemployed in any deal to avert looming tax increases and massive spending cuts in January.
CNBC: Geithner: Ready to Go Over 'Cliff' If Taxes Don't Rise
Treasury Secretary Timothy Geither told CNBC Wednesday that Republicans are "making a little bit of progress" in "fiscal cliff" talks but said the Obama administration was "absolutely" ready to go over the cliff if the GOP doesn't agree to raise tax rates on the wealthy.
"I think they're making a little bit of progress," Geithner said. "They're clearly moving and figuring out how to try to move further."
But Geithner said the White House would "absolutely" go over the fiscal cliff — triggering over $600 billion in automatic spending cuts and tax increases — unless tax rates increase on the top 2 percent of wage earners.
American Thinker: What would Thomas Jefferson Think?
Inspired by the words of Thomas Paine, the new nation's leaders sought to resolve grievances with the government to allow the citizenry to live free from tyranny, while remaining true to the concepts of civil rights and individual liberty.
James Madison, in his letter of October 24, 1787 to Thomas Jefferson voiced concerns: "a majority... united by a common interest or a passion cannot be constrained from oppressing the minority." His words have now been proven justified.
The Atlantic: The insourcing boom
After years of offshore production, General Electric is moving much of its far-flung appliance-manufacturing operations back home. It is not alone. An exploration of the startling, sustainable, just-getting-started return of industry to the United States.
Washington Times: Dems look to Obama to punish Michigan over labor vote
A top Michigan Democrat is looking to President Obama to deliver retribution to Republicans after the GOP-dominated state legislature approved a package of bills that could make this stronghold of union power the nation’s 24th right-to-work state as early as next week.