The February issue of Budget & Tax News reports on reactions to proposals (at the time the issue was written) to extend the 2001 and 2003 tax cuts. Also in this issue:
- With investors pulling out of municipal bond funds, speculation over the possibility of the Fed buying the bonds is growing.
- A new “rain tax” narrowly approved by Houston voters in the November general election could add thousands of dollars of fees to some properties. It applies to many properties, including schools and churches, that are tax-exempt.
- Sinkholes have swallowed cars and even homes in Florida. Examining and repairing the damage can be extremely expensive, prompting insurers and property owners to look for ways to hold down costs.
- “The most egregious culprits of the financial collapse” are the government-sponsored enterprises Fannie Mae and Freddie Mac, writes Leo Melamed, one of the nation’s greatest financial innovators and founder of the Chicago Mercantile Exchange.
- Federal Reserve officials have publicly declared their support for inflation to rise for a time beyond its informal 2 percent target--a prospect economics professor Richard Vedder of Ohio University calls “crazy.”
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