Despite deal, taxes to rise for most Americans

President Barack Obama and Vice President Joe Biden make a statement regarding the passage of the fiscal cliff bill in the Brady Press Briefing Room at the White House in Washington, Tuesday, Jan. 1, 2013. (AP Photo/Charles Dharapak)

President Barack Obama and Vice President Joe Biden make a statement regarding the passage of the fiscal cliff bill in the Brady Press Briefing Room at the White House in Washington, Tuesday, Jan. 1, 2013. (AP Photo/Charles Dharapak)

As an evening haze lights the sky with a reddish glow, the lights of the U.S. Capitol burn into the night as the House continues to work on the "fiscal cliff" legislation proposed by the Senate, in Washington, on Tuesday, Jan. 1, 2013. (AP Photo/Jacquelyn Martin)

WASHINGTON (AP) ? While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.

That's because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about $1,000 to a worker making $50,000 a year.

The Tax Policy Center, a nonpartisan Washington research group, estimates that 77 percent of American households will face higher federal taxes in 2013 under the agreement negotiated between President Barack Obama and Senate Republicans. High-income families will feel the biggest tax increases, but many middle- and low-income families will pay higher taxes too.

Households making between $40,000 and $50,000 will face an average tax increase of $579 in 2013, according to the Tax Policy Center's analysis. Households making between $50,000 and $75,000 will face an average tax increase of $822.

"For most people, it's just the payroll tax," said Roberton Williams, a senior fellow at the Tax Policy Center.

The tax increases could be a lot higher. A huge package of tax cuts first enacted under President George W. Bush was scheduled to expire Tuesday as part of the "fiscal cliff." The Bush-era tax cuts lowered taxes for families at every income level, reduced investment taxes and the estate tax, and enhanced a number of tax credits, including a $1,000-per-child credit.

The package passed Tuesday by the Senate and House extends most the Bush-era tax cuts for individuals making less than $400,000 and married couples making less than $450,000.

Obama said the deal "protects 98 percent of Americans and 97 percent of small business owners from a middle-class tax hike. While neither Democrats nor Republicans got everything they wanted, this agreement is the right thing to do for our country."

The income threshold covers more than 99 percent of all households, exceeding Obama's claim, according to the Tax Policy Center. However, the increase in payroll taxes will hit nearly every wage earner.

Social Security is financed by a 12.4 percent tax on wages up to $113,700, with employers paying half and workers paying the other half. Obama and Congress reduced the share paid by workers from 6.2 percent to 4.2 percent for 2011 and 2012, saving a typical family about $1,000 a year.

Obama pushed hard to enact the payroll tax cut for 2011 and to extend it through 2012. But it was never fully embraced by either party, and this time around, there was general agreement to let it expire.

The new tax package would increase the income tax rate from 35 percent to 39.6 percent on income above $400,000 for individuals and $450,000 for married couples. Investment taxes would increase for people who fall in the new top tax bracket.

High-income families will also pay higher taxes this year as part of Obama's 2010 health care law. As part of that law, a new 3.8 percent tax is being imposed on investment income for individuals making more than $200,000 a year and couples making more than $250,000.

Together, the new tax package and Obama's health care law will produce significant tax increases for many high-income families.

For 2013, households making between $500,000 and $1 million would get an average tax increase of $14,812, according to the Tax Policy Center analysis. Households making more than $1 million would get an average tax increase of $170,341.

"If you're rich, you're almost certain to get a big tax increase," Williams said.

___

Follow Stephen Ohlemacher on Twitter: http://twitter.com/stephenatap

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-01-02-Fiscal%20Cliff-Tax%20Impact/id-5de1868c32c54e4bbea6199c8c339e50

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Just listened to Ms. Mezaun's radio interview over.. - InvestorsHub

SmooveWorld ? Tuesday, January 01, 2013 4:17:15 PM

Source: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=82959135

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Unemployment Benefits Lapse 'An Absolute Travesty,' Democrats Say

WASHINGTON -- Congressional Democrats on Sunday lamented that Congress has stranded 2 million jobless Americans by failing to reauthorize long-term unemployment insurance before it lapsed on Saturday.

"An absolute travesty," Rep. John Larson (D-Conn.) said. "Some of them on the other side are saying, 'We've got a scheduling issue, with trying to get back for New Year's' -- come on, what about these people?"

Larson, a member of the Democratic leadership team in the House of Representatives, blamed Republicans for holding up a solution to the "fiscal cliff" -- the moment at the end of the year when big tax hikes and spending cuts are scheduled to take effect.

"They're at war with their own government, and so they believe to hold up the government, to put everybody up to the cliff, to play chicken politics, is the way that they have governed," Larson said. "They haven't done a thing. That is why the institution has its lowest rating in its history, because they don't believe in this process."

During recessions, Congress routinely makes federal unemployment insurance available for workers who use up six months of state-funded benefits while looking for jobs. The federal benefits, which last 47 weeks in states with high unemployment rates, lapsed on Dec. 29 thanks to congressional inaction. According to the National Employment Law Project, a worker advocacy nonprofit, more than 2 million workers have received their final checks.

"We're talking about over 2 million people that will be impacted next week," Rep. Sandy Levin (D-Mich.) said. "The checks that are missed will not come next week unless we act."

Congress has allowed federal compensation to lapse before -- once for seven whole weeks in 2010. After the benefits were reauthorized, beneficiaries received lump sum payments for the weeks they'd missed. Congressional Democrats and President Barack Obama have been adamant that a reauthorization of the jobless aid be a part of any fiscal cliff deal.

HuffPost asked Levin if it was just a matter of time.

"It should be done now," he said. "I don't want to put it off. It should be done now."

Republicans haven't said much about unemployment insurance, which suggests to many observers that they won't put up too huge a fight about keeping the benefits. But Rep. Reid Ribble (R-Wis.) suggested on Sunday that he might like to see some concessions from Democrats in exchange for renewing them.

"I think we need to revisit unemployment benefits," Ribble said. "We need to make sure long term unemployed, that we don't leave them completely in the lurch, but on the same hand, you can't continue to pay people not to work forever ... I think some decrease, some reduction in the deadline would be a good negotiating spot."

Republicans won reductions early in 2012, when the maximum combined duration of state and federal benefits went from 99 to 73 weeks. Laid-off workers in only nine states are eligible for the full 73 weeks.

The Congressional Budget Office has estimated that keeping the benefits through 2013 would cost $30 billion and generate significant economic growth.

"I don't see how we can not do it," Rep. Charles Rangel (D-N.Y.) said. "It's not just because it's the right and moral thing to do, but as it relates to the economy and disposable income and the fact that you get more return back into the economy ... I really think it's going to happen. [Republicans] aren't talking about it, I think, because they've accepted it."

Also on HuffPost:

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Source: http://www.huffingtonpost.com/2012/12/31/unemployment-fiscal-cliff_n_2388316.html

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A Checklist for Effective Blog Writing in 2013

In today?s Internet world, especially in 2013, content is (will be) king?and it?s only going to grow in importance. Thanks to changes in search algorithms, an emphasis on authorship and the growing power of Google+, content is quickly becoming more and more important in the eyes of search engines.

Related: The Evolution of Google+

To make sure your content is up to par, here?s a checklist for creating effective blog content?because while blogging doesn?t equal content marketing, it is a crucial part of any winning content strategy.

Start with Your Goal

Know why you?re writing your blog?is it to draw new traffic? Create an online community? Find new business? That goal informs all your other decisions, so keep it at the forefront of your blogging efforts.

Run Through This Checklist

Think of the following list as a run-through of what your blog needs to be effective:

• Title: Keep the title tag under 70 characters for best search results.

• Meta Description: Make the meta description a concise summary of your page. (Tip: If you?re using WordPress, a plugin like All in One SEO Pack can make it easy to customize your title and meta description within your post editor.)

• Headers and Subheaders: <h1>, <h2>, and <h3> tags (and so on) give search engines a basic hierarchy of your content, allowing you to prioritize what matters most.

• Introduction: Make the beginning of your blog post interesting and attention-grabbing.

• Relevant Images: The Internet is a visual place, so images make your posts more interesting to readers. Pictures grab readers? attention, clarify a message, and more.

• Relevant Internal Links: Use your blog posts to point to other content?include links to past articles or other content that relates to what you?re saying. Work it into your text or use a related posts plugin at the bottom of posts. Not only does this get readers digging into your archives, but it also adds more value to your writing.

• Relevant External Links: In the blog community, readers like to see you?re promoting others? content. Link to content that relates and is relevant to what you have to say, as is appropriate.

• Organization: Shorten long chunks of copy into shorter, more scannable bits. Generally speaking, online readers respond best to content they can scan.

• Social Media: While you don?t want to turn social media into a nonstop channel for self-promotion, you can use it to promote posts from time to time. In fact, promoting your content on Facebook and Twitter is a powerful way to spread your message and increase your influence.

• Call to Action: Remember your goal above? Find ways to coax readers to take the step you desire, whether that means subscribing to a newsletter or buying a product. Come right out and ask them to do it in creative ways within your content.

• Comments: The most engaging blogs feel like a discussion?readers comment and expect a response. So get involved in your comments. While you don?t have to respond to every person, make it a habit to respond to questions at the very least.

What do you think? This list is not exhaustive?what else goes into quality blog content? What have you seen that?s important?

Photo credit:?adjuice.co.uk

Bio: Shanna Mallon?is a writer for?Straight North, a Chicago Web design firm providing specialized SEO, Web development, and other online marketing services. Follow?Straight North on Twitter?and?Facebook.

Clippers win 17th in row, finish December at 16-0

LOS ANGELES (AP) ? After their 17th consecutive victory gave them a perfect month, the Los Angeles Clippers finally paused to admire their achievement.

"We got something extremely magical going on," said Caron Butler after the Clippers beat the Utah Jazz 107-96 on Sunday night to become the third team in NBA history to record a perfect month.

"When we win we usually jump up and down once or twice," coach Vinny Del Negro said. "Tonight we let them jump and down three or four times, so everyone had their fill."

The Clippers went 16-0 in December to join the 1995-96 San Antonio Spurs, which included Del Negro, and 1971-72 Los Angeles Lakers as the only teams to go undefeated in a month. Their franchise-record winning streak is the longest since Boston won 19 in a row four years ago.

"I am amazed because I haven't done it since I've been in the league," said seven-year veteran Chris Paul, whose 19 points and nine assists helped his team maintain the league's best record at 25-6.

Butler led the Clippers with 29 points despite not playing in the fourth quarter and made all six of his 3-pointers, including five in the opening period. Jamal Crawford scored 11 of his 19 points in the fourth quarter. Blake Griffin piled up five fouls and was held to seven points after getting double-teamed.

"That shows our depth," Paul said. "Our bench stepped up amazing. On any given night it can be another guy."

The streak isn't talked about among the players and coaches. But it's a popular topic among everyone else.

"That's an incredible record to have," Utah's Derrick Favors said. "They've got 17 straight wins and they're playing hard. I know there's a lot of pressure on them to try to keep it up, and they're going to keep coming out and keep playing the same way."

Actually, it's just the opposite, according to Griffin, who said the last month "is the most fun I've ever had playing basketball."

"You don't really think about it that much. We're having a blast," he said about the streak. "It's not like it's one of these things where it's so much pressure."

Al Jefferson scored 30 points ? one off his season high ? to lead Utah, which fell victim for the third time during the Clippers' streak. The Jazz lost 116-114 on Friday when the Clippers rallied from 19 points down, and they were beaten 105-104 on Dec. 3, both times at home.

"It's frustrating," said Gordon Hayward, who had 16 points. "Knowing that they're a good team and knowing that we're always right there with them, knowing that we need to keep on playing good for 48 minutes."

The Jazz lost their third in a row and seventh in the last nine games.

"We can't make any mistakes against them, especially on their home floor because they make you pay for it," Jefferson said.

Crawford keyed a 10-5 run to open the fourth, highlighted by a 3-pointer and a fast break pull-up jumper that helped the Clippers extend their lead to 89-81. Paul and Griffin didn't join the second unit until 5:55 remained and Utah had closed within four on a basket by Favors.

That was as close as the Jazz got. The Clippers made 9 of 10 free throws down the stretch and their defense held Utah to one field goal in the final 3:38.

"It was a grind-it-out game, nothing pretty about it," Crawford said. "We got us a nice thing going and we got to keep it going."

Los Angeles stretched its lead to 71-59 in the third quarter, when Butler scored 10 of their first 17 points.

From there, the Jazz closed on a 17-8 run to pull to 79-76 going into the fourth. Utah briefly took its first lead since early in the game when Jefferson scored over Lamar Odom, but the Jazz committed two costly turnovers in the final 49 seconds.

Paul got fouled and made both free throws, and then Matt Barnes stole the ball from Jamaal Tinsley and fed Paul on the break. He missed but Crawford was there to tip it in and restore the Clippers' lead.

"We haven't been playing our best basketball the last few games," Utah coach Tyrone Corbin said. "We're playing hard, but we've got to be a little smarter and not make the kind of mistakes we made down the stretch."

The Clippers shot 62 percent en route to a 54-45 halftime lead, with Butler scoring 17 points in the first quarter. Utah led briefly to start the game when Jefferson scored eight of their first 13 points.

NOTES: Los Angeles improved to 11-3 at home. ... The Jazz fell to 6-13 on the road. ... Clippers F Ronny Turiaf says his right elbow is "messed up." He said he hurt it a couple games ago when he felt discomfort while boxing out. ... Odom's ankle is bothering him. ... The Clippers haven't lost since Nov. 26 at home against New Orleans.

Source: http://news.yahoo.com/clippers-win-17th-row-finish-december-16-0-051003654--spt.html

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Top Performing Country ETF: Turkey in Focus - Zacks Investment ...

Turkey ETF is the best performing country ETFs this year--up more than 63% year-to-date, as global investors continue to pour money into the economy that has shown remarkable resilience to the events in the Euro-zone.

Last month, Fitch Ratings upgraded Turkey to investment grade dut to ?easing in near-term macro-financial risks and underlying credit strengths".

The economy grew at an impressive 8.5% in 2011 but is expected to slow down to 3.0% in 2012 and then rise slightly to 3.5% in 2013, per IMF. Nevertheless, the economy has been facing a severe challenge in the form of high current account deficit, rising inflation and its severe dependence on global energy imports. (see Crude Oil ETF Investing 101)

In fact, energy imports account for a lion?s share of the total imports of the economy. Thus the economy faces a serious threat from any slight rise in oil and natural gas prices (which are at depressed levels for now). In fact, the Central Bank of the Republic of Turkey stated that even a $10 increase in oil prices per barrel would result in a 40 basis point addition to the inflation rate and a 50 basis point reduction in year-on-year GDP growth. (see-Time to stuff Turkey ETF into your portfolio)

The central bank now expects the inflation rate to fall below 7.4% by the end of the current year. As inflation inched lower, the central bank lowered its interest-rate corridor for overnight lending rates for a second month in a row.

Nevertheless, unlike other emerging market counterparts, the economy is not dependent on commodity exports. To name a few, nations like Brazil and Russia are largely dependent of commodity exports to China. The situation for developed nations like Australia and New Zealand is similar. In fact, these nations are highly correlated to the Chinese economy, mainly thanks to a majority of their exports to the Asian giant. (read Peru ETF Investing 101)

Turkey, however, is not. This makes the economy independent of the negative impacts from a Chinese slowdown (which most commodity export oriented nations are facing in the current circumstances). In fact the Turkish growth is a function of rising consumption by its rising middle class population.

However, the Turkish economy is highly dependent of foreign capital flows (in the form of direct investments) which are a major contributor to its economic growth. Going forward, the economy could face challenges if it fails to attract enough foreign inflows due to strict regulation. (read Uncertain about the Economy? Try Market Neutral ETFs)

Nevertheless, Turkey continues to be a major destination for investors seeking an emerging market exposure, mainly thanks to its robust growth rate coupled with low levels of correlation with the developed markets.

The iShares MSCI Turkey Investable Market ETF (TUR) was launched in March of 2008, and is pretty much the only option available to the investors seeking a pure play exposure in the Turkish equity space. TUR has been able to amass more than $600 million in its asset base so far. The ETF sports a distribution yield of 2.07% and charges 59 basis points in fees and expenses.

TUR has returned 17.5% for the one year period as on 30^th September 2012. The ETF had a fantastic start to the year adding about 28% for the first quarter ending March 2012. However, like most equity ETFs it had a lackluster run the subsequent quarter. Still, it didn?t fetch negative returns but was almost flat adding around 81 basis points. In the third quarter ending September 2012, TUR is up by 7.5% (see more in the Zacks ETF Center).

The ETF could be a good choice for investors seeking international diversification as it has a three year R-Squared value of just 60% with the S&P 500 which implies that it is not very strongly correlated with the U.S equity market performance.

On the contrary, domestic consumption driven sectors like Financials (49.29%), Consumer Staples (12.82%), Industrials (11.77%) and Telecommunications (9.28%) comprise a major chunk of its portfolio. This probably gives us a broad representation of the Turkish economy as its growth story is largely fuelled by domestic consumption rather than international exports. (read Invest like Goldman With These Commodity ETFs)

The ETF holds 99 securities in all; however it fails to diversify as the top 10 companies in its portfolio account for almost 63% of its total assets. The product does about 202,000 shares daily.

Want the latest recommendations from Zacks Investment Research? Today, you can download7 Best Stocks for the Next 30 Days.Click to get this free report >>

Source: http://www.zacks.com/stock/news/89451/top-performing-country-etf-turkey-in-focus

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Foursquare will now show users' full names

4 hrs.

Suzanne Choney , NBC News

Foursquare is changing its privacy policy so that all users will have to share their full name on the location-based social network. Some users already do, but others go by a first name with last name initial. That's going to end, starting Jan. 28.

The change was announced in an email sent to users. Foursquare also said in the same email that businesses using the social network, now limited to seeing customers who have checked in in the last three hours, will be able to ?have more time to review those logs.

"This is great for helping store owners identify their customers and give them more personal service or offers," Foursquare said in the?email. "But a lot of businesses only have time to log in at the end of the day to look at it. So, with this change, we?re going to be showing them more of those recent check-ins, instead of just three hours worth."

Foursquare notes, that, "as?always, if you?d prefer not to permit businesses to see when you check into their locations going forward, you can uncheck the box under ?Location Information? at?https://foursquare.com/settings/privacy."

The extra-diplomatic tone of the email likely was shaped by the recent?Instagram debacle over user privacy.

Foursquare, which says it has more than 25 million users worldwide now, with more than 3 billion check-ins, noted in the email that users who want to know more about the social network's privacy policy can find those details and others in its "Privacy 101" document online.

Check out Technology, GadgetBox, Digital Life and InGame on Facebook,?and on Twitter, follow Suzanne Choney.

Source: http://www.nbcnews.com/technology/technolog/foursquare-will-now-show-users-full-names-1C7755877

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