Team USA's biggest winner of the London Olympic Games may be the IRS. Our Olympic medalists will rake in handsome rewards for representing their country, but they will also have to give a chunk back to Uncle Sam in taxes -- even though they earned the cash overseas.
President Barack Obama will likely name a new chief economic adviser to replace Lawrence Summers later this week as his administration looks for more effective ways to reduce an unemployment rate that remains near 10%, the Associated Press reported Wednesday.
White House National Economic Council Deputy Director Diana Farrell and Treasury Department Assistant Secretary for Financial Institutions Michael Barr are planning to step down in the coming weeks -- the latest in a series of departures from Obama's economic team.
In theory, the role of the director of the White House National Economic Council is to present the president with an unbiased range of economic opinions. Larry Summers didn't do that -- he promoted his own views instead. But what will his successor do -- and will it make any difference?
After the midterm elections in November, Summers is expected to relinquish his role as President Obama's National Economic Council director and return to Harvard University.