fiscal cliff

5 Things to Watch When the Market Reopens

The financial markets are closed for the Christmas holiday, but when trading resumes on Wednesday, here's what's likely to help shape the rest of the week on Wall Street.

7 Cliffs We Like Better Than the 'Fiscal Cliff'

Barring some last-minute political change of heart, it doesn't look like the fiscal cliff is going anywhere. So rather than another story discussing the same old cliff that we know and hate, we decided to spare a moment to think about a few Cliffs we enjoy.

Stocks Sink After Republicans Cancel Budget Vote

Stocks fell sharply after House Republicans called off a vote on tax rates and left federal budget talks in disarray 10 days before sweeping tax increases and government spending cuts take effect.

US Durable Goods Orders Up 0.7 Percent

U.S. companies increased their orders for long-lasting manufactured goods in November, with a second consecutive monthly gain in a key category that reflects businesses' investment plans.

Fiscal Cliff Protestors Take Aim at the Cayman Islands

In what's believed to be the first protest of its kind in the Cayman Islands, social justice group Code Pink demonstrated against the British territory's use as a tax haven. Their rallying cry: $150 billion a year could be recovered from these havens to end the U.S. budget deficit and avoid the "fiscal cliff."

House GOP Scraps Vote on Fiscal Cliff 'Plan B'

House Republicans abruptly scrapped a vote Thursday night on legislation allowing tax rates to rise for households earning $1 million and up, complicating attempts to avoid a year-end "fiscal cliff" that threatens to send the economy into recession.

House to Vote Thursday on Boehner Budget Plan

The GOP-controlled House is moving ahead Thursday on a bill that would raise taxes on people earning over $1 million a year, sparing most workers from a tax hike but leaving in place painful budget cuts to the military and domestic agencies as "fiscal cliff" talks appear stalled.

Medical Premiums Could Rise for Many Retirees

In the fiscal cliff standoff, President Obama and John Boehner agree on one thing: expanding a current, little-known law so more retirees the government considers well-off are required to pay higher Medicare premiums.

Obama Social Security Offer at Odds with Top Democrats

President Obama's offer to limit the growth of Social Security benefits would cost the average retiree less than $50 in the first year. But the cuts would grow over time, and that has advocates for seniors worried that Democrats in Congress will break their promise to shield the program from cuts in deficit reduction talks.

Obama, Boehner One Step Closer on Fiscal Cliff Compromise

Just two weeks before the economy-threatening "fiscal cliff" is due to kick in, both President Barack Obama and House Speaker John Boehner are making significant concessions to each other, backing off what had once been ironclad positions on how to avoid the huge automatic spending cuts and tax increases.

Higher Taxes in 2013? You're Already Paying Them for 2012

More than 70 tax breaks enjoyed by individuals and businesses expired at the end of 2011. If Congress doesn't extend them retroactively back to the beginning of this year, a typical middle-class family could face a $4,000 tax increase when it files its 2012 return.

Taxes on Big Gifts Slated to Soar

Wealthy Americans are scrambling to transfer some of their riches before the end of the year when gift and estate taxes are set to jump. But be careful, warn the experts: Not everyone who can shift their money to the next generations right now should do it.

What Every American Should Know About the Capital Gains Tax

One of the most contentious issues in the debate over how the U.S. government can increase its revenues involves the capital gains tax rate -- the rate investors pay on their profits. Here's what you need to know to understand just what both sides are arguing about.

Year-End Review: Simple Ways to Cut Your Budget Now

If a fiscal cliff deal isn't reached soon, we'll all wake up on Jan. 1 with higher taxes and lower government spending. One way or another, you'll likely have a bit less cash to spend, so the next few weeks would be a good time to figure out where you can cut your spending to compensate.

Bernanke Says Fiscal Cliff Already Hurting Economy

The U.S. economy is already being hurt by the "fiscal cliff" standoff in Washington, Federal Reserve Chairman Ben Bernanke said Wednesday. But Bernanke said the Fed believes the crisis will be resolved without significant long-term damage.

Walmart CEO Says "Fiscal Cliff" Affects U.S. Shoppers

A large portion of American consumers now know about the "fiscal cliff" and a sizeable number of them expect the debate over it to curb their holiday spending, according to the chief executive of Wal-Mart Stores.

Fiscal Cliff Talks Appear to Be Stalled

Despite an intensifying pace, little progress is being reported in talks on averting automatic spending cuts and tax increases that economists fear could send the U.S. economy off a "fiscal cliff."

Fed to Launch New Bond Buying Program to Ease Fiscal Cliff Fears

With a nervous eye on the "fiscal cliff," the Federal Reserve is expected this week to announce a new bond-buying plan intended to further reduce long-term interest rates and encourage borrowing. If it succeeds, it might soften the blow from tax increases and spending cuts that will kick in in January if Congress can't reach a budget deal.

Fiscal Cliff Tax Worries May Drive Stock Sell-Off

Investors typically sell stocks to cut their losses at year end. But worries about the "fiscal cliff" -- and the possibility of higher taxes in 2013 -- may act as the greatest incentive to sell both winners and losers by Dec. 31.

Aerospace Industry Increasingly Fearful of Fiscal Cliff Cuts

When the Aerospace Industries Association held its big annual gathering this week, the talk wasn't about America's superior aircraft and spacecraft. The subjects that dominated the event were the fiscal cliff, sequestration, and the potential damage that automatic spending cuts could do.