Common sense suggests that as home prices decline, the property taxes based on their valuations ought to as well. But even as house prices continue to slip, property taxes nationally are clicking higher.
With a tax bill tilted to benefit the wealthiest Americans poised to pass Congress this week, U.S. income inequality is poised to set new records. One key to that shift -- a change in the tax rules that lets the rich pass their wealth on to their heirs at the lowest tax rates in decades.
President Barack Obama has cut a deal with Republicans to extend Bush-era tax cuts for two years and unemployment benefits for 13 months. But the plan is already drawing fire from Obama's own liberal supporters.
It's a great time to be filthy rich. The 400 wealthiest Americans have seen their annual incomes skyrocket to a whopping $345 million on average while their tax rates have dramatically decreased, according to new data from the IRS.
News that business inventories and industrial production are rising suggests the U.S. economic recovery is on track. But unlike previous recessions, there are five potential "potholes" in the road ahead. Declining employment and increasing commercial real estate foreclosures are two possible biggies.