“Lost wealth may be replaced by industry, lost knowledge by study, lost health by temperance or medicine, but lost time is gone forever.”
—Samuel Smiles, author (1812–1904), Self Help (1859)
For more Fiscal Cliff charts, see this Business Insider link.
Also, check out this video from ABCNews that highlights Americans voicing their concerns with the budget battle:
Jake Tapper reports the latest on the budget battle in Washington.
According to Reuters, a U.S. District Judge ordered major tobacco companies to admit deception and spend their own money on a public advertising campaign to highlight the fact that they deceived the American public. Specifically, Judge Gladys Kessler wrote that the new advertising campaign would be an appropriate counterweight to the companies’ “past deception” dating to at least 1964. It is likely, though, that the tobacco companies won’t back down without a fight and will appeal the ruling.
Some of the “corrective statements” that the companies will be required to use include:
“A federal court has ruled that the defendant tobacco companies deliberately deceived the American public by falsely selling and advertising low tar and light cigarettes as less harmful than regular cigarettes.”
“Smoking kills, on average, 1,200 Americans. Every day.”
Reuters notes that the Justice Department, which urged the strong language, was “pleased with the ruling.”
For those that are interested, the case is USA v. Philip Morris USA, et al, U.S. District Court for the District of Columbia, No. 99-cv-02496.
Statista helps put Apple’s profits into context. The chart below shows Apple’s net profit in fiscal 2012 compared to the combined profits of several big players from different industries.
Hat Tip: The Big Picture
A little humor from NFL.com:
It seems like Mr. Buffet and I share a similar idea: eliminate tax cuts for high-income earners and raise the cutoff point of $250,000.
In an Op-Ed piece today in The New York Times, Warren E. Buffett, the chairman and chief executive of Berkshire Hathaway, writes “I support President Obama’s proposal to eliminate the Bush tax cuts for high-income taxpayers. However, I prefer a cutoff point somewhat above $250,000 — maybe $500,000 or so.”
He further notes that:
Additionally, we need Congress, right now, to enact a minimum tax on high incomes. I would suggest 30 percent of taxable income between $1 million and $10 million, and 35 percent on amounts above that. A plain and simple rule like that will block the efforts of lobbyists, lawyers and contribution-hungry legislators to keep the ultrarich paying rates well below those incurred by people with income just a tiny fraction of ours. Only a minimum tax on very high incomes will prevent the stated tax rate from being eviscerated by these warriors for the wealthy.
Considering that $250,000 does not necessarily provide for a lavish lifestyle, especially in the case of a family of four or five that lives in a big metropolitan city like NYC, raising the cutoff to somewhere between $500,000 and $1 million seems to be a decent starting point for some sort of compromise moving forward.
From The Financial Times:
Over the last decade, senior salaries in EMs have caught up with those in the west, and in many cases surpassed them, according to a report by management consultancy Hay Group.
Source: The Financial Times