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What to Do If Washington Takes Your Retirement Dividends Away

Aug 23, 2012, 12:36 pm EDT

While all eyes are on the tight election race between President Barack Obama and Mitt Romney, income-seeking investors had better focus on tax strategies heading into 2013.

There are major worries as the tax cuts signed into law by President George W. Bush are set to expire at the end of this year, considering that control of the two houses in Congress is split. Obama has expressed a desire to extend the tax cuts again — except for individuals earning more than $200,000 a year and couples filing jointly who earn more than $250,000.

For investors, an obvious concern is that their top margin tax rates will increase in 2013. Taxpayers whose current marginal rates are 25%, 28% or 33% will see their top rates increase by 3%. Read 

Did MSNBC Receive Taxpayer Money?

Aug 23, 2012, 11:48 am EDT

According to government records, the Obama administration paid nearly $500,000 in stimulus money to a PR firm to run advertisements on MSNBC promoting the White House’s green job training program.

The Labor Department shelled out $495,000 to McNeely Pigott & Fox Public Relations in 2009. The PR firm then bought advertising on MSNBC’s “Countdown with Keith Olbermann” and “The Rachel Maddow Show.” The ads were scheduled to run 14 times a week for two months.

While it’s impossible to tell if the ads had any indirect influence in drawing people to green job training, the official online entry on the contract for the deal noted zero jobs were directly created as a result. Read 

Winner of Presidential Race Predicted

Aug 23, 2012, 10:18 am EDT
Winner of Presidential Race Predicted

There are plenty of polls, statistical models, and political pundits trying to handicap this fall’s presidential race between President Barack Obama and Republican challenger Mitt Romney. A recently released prediction model, with an outstanding track record, goes against what many of those polls are currently saying.

According to a forecast model created by two University of Colorado professors, Mitt Romney will wind up winning the fall election, earning 320 electoral votes to Obama’s 218. It takes 270 votes to clinch the presidency. This flies in the face of current polling and predictions, which show Obama with a slight lead in most polls and with a more advantageous electoral vote base to build towards 270 electoral votes.

The University of Colorado model takes into account economic factors from all 50 states. Their model is the only one that factors in more than one state-level economic indicator — both national unemployment rates and per capita income. Based on their model, Romney would win every state currently considered a swing state — Florida, Virginia, North Carolina, Ohio, Pennsylvania, Wisconsin, Minnesota, New Hampshire and Colorado — en route to winning the White House. Read 

Homebrewers Demand Obama’s Beer Recipe

Aug 22, 2012, 2:20 pm EDT

Freedom of Information Act (FOIA) requests to access government documents are pretty common in Washington. But probably none has been filed over beer until now.

The government has received a FOIA request from a beer aficionado, demanding to know the ingredients in the White House-brewed beer President Barack Obama carries with him on his presidential campaign, Fox News notes.

Named Honey Blonde Ale and Honey Porter, the White House beer is made with equipment purchased by the president and his wife, and uses honey from the First Lady’s White House garden beehives. Read 

The 25 Richest Members of Congress

Aug 22, 2012, 12:33 pm EDT
The 25 Richest Members of Congress

The Hill has released its annual rankings of the richest members of Congress, and for the second straight year, Republicans dominate the list.

Of the top 50 wealthiest lawmakers, 31 are from the GOP. Most of the richest members of Congress come from the House — 31 are U.S. Representatives, while 19 are senators.

Among the top five richest members of Congress, though, Democrats rule the roost. Three of the five wealthiest come from that party. The richest lawmaker, though, is a Republican — Rep. Michael McCaul, R-Texas, has a net worth of $290.5 million. His money comes from several family trusts, and his father-in-law founded Clear Channel Communications. Read 

Fiscal Cliff: Nothing to Fear But Fear Itself

Aug 22, 2012, 11:14 am EDT

There’s a new panic phrase on Wall Street, as well as on the presidential campaign trail, and that phrase is the “fiscal cliff.”

By now, you’ve no doubt heard this term being bandied about by analysts, money managers, congressmen, senators and even the principles in the fight for the White House.

This week, we heard another warning on the topic — this time from Wall Street titan Goldman Sachs (NYSE:GS), which said that investors should dump stocks before the fiscal cliff hits. Read 

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