Americans for Tax Reform
Americans for Tax Reform and Grover Norquist maintain an anti-tax pledge that
most Republicans have signed - a direct challenge on the group. Norquist views
the bill as a money grab by state and local governments which would get the
power to tax consumers who can’t vote them out of office, “It reduces the
pressure on governments to offer the best services at the lowest cost,” Norquist
reportedly said, “We think it’s a very, very bad idea.” States would have
incentive to raise their taxes and as a result, businesses and consumers would
pay the price. Legislation that the Senate plans to vote on after returning from
recess on May 6 - the Marketplace Fairness Act - would allow state governments
to collect sales tax on purchases made online. While the pending bill has
cleared several procedural hurdles with bipartisan votes, it would separately
need to pass the House. The Constitution is clear: a person or business must be
physically present within a state’s borders in order to be taxed. Keep the
pressure on your Senators to oppose the Marketplace Fairness Act:
The S&P 500 (SPX) index ended at an all-time high on Monday at 1,593.61, up
11.37 points or 0.72 percent. The close for the S&P beat a record high hit
earlier during April at 1,593.37. Trading volume was light on the New York Stock
Exchange with 71% of companies listed closing higher. On the NASDAQ, 65% of
companies listed, ended in positive territory. On the New York Stock Exchange
and the Nasdaq, nearly 5.10 billion shares changed hands. Daily average for the
year so far is at 6.36 billion shares.
Level Global Investors hedge fund, co-founder Anthony Chiasson and analyst in
Greenwich, Connecticut have been fined $21.5 million by the Securities and
Exchange Commission for allegedly engaged in "repeated insider trading" in the
securities of Dell Inc. (DELL) and NVIDIA Corp. (NVDA). The SEC filed insider
trading charges against the firm in January 2012.
U.S. Commerce Department released Core Personal Consumption spending Price Index
(PCE) for March on Monday showing consumer spending rose by 0.2% to mark the
smallest increase since December. Personal income rose by a seasonally adjusted
0.2%; personal savings rate came in at 2.7%, slightly above a five-year low and
inflation-adjusted disposable income rose 0.3% over the past 12 months.
Inflation - as gauged by the core PCE price index - was unchanged in March. Core
rate, which is closely followed by the Federal Reserve, has risen 1.1% over the
past 12 months, down from 1.3% in February, more evidence that the economy has
The National Association of Realtors reported Monday that pending home sales
rose 1.5% to 105.7 during March. By region: Pending home sales in the South rose
2.7%; pending home sales in the West rose by 1.5%, pending home sales in the
Midwest rose by 0.3% and in the Northeast there was no change. "Contract
activity has been in a narrow range in recent months, not from a pause in demand
but because of limited supply," said Lawrence Yun, NAR's chief economist.
"Little movement is expected in near-term sales closings, but they should edge
up modestly as the year progresses."
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April 29, 2013