Archive | July, 2010

WASHINGTON HOTLINE

WASHINGTON HOTLINE Members of both Parties joined the debate this week on income taxes. Without action by Congress, all of the tax reductions in the 2001/2003 tax acts will be phased out on January 1, 2011. The White House has steadfastly maintained that the reductions for lower and middle-income brackets should be retained, while the […]

Continue Reading

WASHINGTON HOTLINE

WASHINGTON HOTLINE The Senate Finance Committee conducted a hearing on July 14, 2010 to discuss the potential extension of tax cuts. In the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), there were tax reductions for nearly all Americans. The tax […]

Continue Reading

WASHINGTON HOTLINE

WASHINGTON HOTLINE On July 2, 2010, President Obama signed the Homebuyer Assistance and Improvement Act of 2010 (H.R. 5623). The bill permits first-time homebuyers to qualify for the $8,000 credit. It also allows homeowners who have lived for five years in their current residence to purchase a new home and receive a credit of $6,500. […]

Continue Reading

AAM LLC Weekly Wrap July 10 2010

Weekly Market Wrap: Traders were in a cheerful mood as they returned from their 4th of July celebration sending the markets significantly higher this week having its best week in about 12 months.  The S&P 500 closed up 5.4% at 1,078 and was up every day this holiday shortened week.  Oil also finished higher at […]

Continue Reading

WASHINGTON HOTLINE

WASHINGTON HOTLINE By a vote of 215 to 210, the House of Representatives passed a one-year budget enforcement resolution. While it is rare in election years for the House to pass a full budget resolution, the urgency of the fiscal situation in the nation caused the House to pass the one-year plan. House Budget Chair […]

Continue Reading