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US Economy: Romney's carefully considered "Taxceptionalism", FOMC and the State of the Union

Romney’s seeming response to Gingrich disclosures of his tax return with 908k in taxes showed Romney paying twice Newt’s income in taxes but while paying the much hated Capital Gains tax based top rate of 13.9%. Corporates paying an effective tax rate of 32% have been known to scrimp /skimp on their Taxes but hedge funds and many America’s wealthy questioned for the same low Capital gains rate of taxes, even those who wish the Chinese and hound Republicans in the Congress

Mitt romney paid $6.1 mln in taxes in 2011 but the tax rate is something he may wissh to rewconsider before taking back on Newt, who, though, pays the same rate on taxes. Apparently Mitt Romney’s diatribe earned the sobriquet of a Delicatessen ” inspiring “desperate baloney in counter attacks as Romney looks to bow out in the last wars in April and later in California

Romney will likely lose Florida on Jan 31.

Pulling at the Euro today, are suggestions that Portugal would follow Greece into default even as US banks and funds venture back into Europe having priced it all the troubles of the continent and the Euro holding the new peak of $1.30 for the trading. SocGen followed Goldman Sachs and us into a mid June 1.19 (1.17 ) forecast for the currency (knowing wink??)

Back home, the FOMC starts off today. Before the meeting announcements at noon tomorrow probably supporting another QE round while keeping rates unchanged, the week’s housing data incl Price indices, Pending Sales and the MBA report as well as the EIA oil inventories would be in.

UPDATE: The State of the Union opinions range from Obama’s tax plans to contrast with GOP candidates and the standard pre election ramp on Economy and jobs. Most Tax benefits expire this year, while Obama aims to bring the Corp Tax rate to 35% from 35% (and Mitch Romney’s batch to twice that to cover ground on his own 26% rate)

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This entry was posted on January 24, 2012 by in Amitonomics, Bailout Nation, Banking, US.

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