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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 23, 2012
Page
17
Washington reports a solid housing upturn with sales of existing homes reaching the highest since May 2010. First time buyers rise to 33 percent of all sales while supply drops to 2.3 million, the lowest since March 2005, signaling potential price gains.
Athens says a 172 billion dollar bailout will bind Greece to the euro and shield it from default while still lowering recovery expectations. protests continue as Fitch cuts Greece deeper into junk status and Athens stocks drop amid new austerity measures including pension cuts and a wage reduction.
President Obama unveils a plan to lower the corporate tax rate to 28 percent while curbing deductions and subsidies. He would strip oil and gas subsidies and private jet breaks, end Bush era cuts for individuals earning over 200 000, and impose a minimum tax on foreign earnings, framing the move as boosting competitiveness.
President Obama proposes lowering the corporate tax rate from 35 to 28 percent and ending loopholes he says shift jobs and profits overseas. The plan would offer incentives for manufacturers to reduce their effective tax rate, noting many firms pay far less than the nominal rate due to deductions and credits.
The Consumer Financial Protection Bureau launches a broad inquiry into bank overdraft practices and seeks public input on a disclosure box for monthly statements. The bureau will also run a campaign to help consumers learn if they have overdraft protection and the fees involved.
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