More IMF, US Aid For Egypt In The Works
Despite concerns about the ongoing uncertainty and instability in Egypt, the US and International Monetary Fund is preparing to increase the infusion of funds to the Arab nation. According to the Washington Post, the IMF was pursuing a $4.8 billion loan to Egypt desperately needs, but that was put on hold after Mohammed Morsi backed off imposing tax increases that the IMF had expected.
Would Volcker Rule Complicate Trade Pacts?
The US Chamber of Commerce has written a letter to the United States Trade Representative asking for a review to determine whether the Volcker Rule violates trade agreements.
“The Volcker Rule is discriminatory, as foreign sovereign debt is subject to the regulation, while U.S. Treasury debt instruments are exempt. This creates a discord in G20 and invites foreign governments to retaliate at a time when we need those same regulators in foreign countries to support initiatives to liberalize trade in financial services. Further, USTR should conduct a very close examination to ensure the Volcker Rule does not violate any of our trade obligations,” the Chamber asserts.
Jon Hunstman For Secretary Of State?
Ian Bremmer makes his case in a Reuters article for former Republican presidential candidate Job Huntsman to take the reins from Hillary Clinton at the State Department. Huntsman, a former ambassador to China, would be a good choice, according to Bremmer, partly due to his previous service in China and “his time as a governor (more a CEO of a state than a president is of a country) and business executive qualify him to navigate a global economy that is not automatically friendly to the United States.”
Would You Be Better Off Dead?
MSN Money looks at the estate tax in context of the fiscal cliff and whether investors might be better off dying before 2013, when the tax rate could be as high as 55 percent – a 20 percent increase on the rate in 2012.
“The income tax is a tax on the accumulation of wealth. There’s a second tax on the transfer of that wealth. If the person doing the tranferring is alive, we call it the gift tax. At death, it’s called the estate tax. Both are taxes on the transfer of wealth,” the website notes.