Tax reform appears unlikely in this election year
Washington reports that tax reform faces steep political hurdles amid a crowded campaign year. Obama and Romney propose different paths, with Republicans seeking to extend Bush era cuts and Democrats pressing changes for higher earners and corporate schemes.
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Profit engine losing steam as big firms underperform
U S stocks report shows S&P 500 profits may total about 230 billion for last year’s final quarter, up 126 billion from a year earlier, a 58 percent rise that trails early recovery pace. Apple and AIG drive most growth, leaving 498 firms posting only 1.1 percent gain. Economic momentum hinges on sustained profit strength despite mixed overseas demand and cost pressures.
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