Buisness Insider

GOLDMAN: If You Make Over $250K, Your Taxes Are Going Up

Jan Hatzius

Goldman's Jan Hatzius makes the safe assessment about what last night's outcome means for taxes:

We are making slight changes to the fiscal policy assumptions embedded in our forecast. President Obama has indicated he would veto legislation that extends the 2001/2003 tax cuts for income over $250k, while congressional Republicans have objected to decoupling them from the middle-income tax cuts. In light of the President's reelection, we have opted to assume that the upper-income tax cuts will expire. These are worth $56bn in 2013, and their expiration is likely to increase the drag on growth from fiscal policy by around 0.2 percentage points in 2013, on a Q4/Q4 basis. While there is a clear possibility of a compromise at a higher income threshold like $1 million, this is roughly balanced by the possibility of fiscal restraint from other unexpected sources, or the possibility that Congress fails to address the fiscal cliff until early 2013.

For more on what last night means to the fiscal cliff, see here >

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A US Representative For Greece's New Democracy Party Explains Why The Golden Dawn Has So Much Support

Greece Astoria Cultural Center

We recently heard a rumor that supporters of Greece's Golden Dawn party had held a fundraiser at the Stathakion Cultural Center in Astoria, Queens.

Astoria is ground zero for New York City's Greek population — by one estimate around 25,000

So we could imagine encountering being a handful of sympathizers among them.

But we were surprised to find the lengths to which a man identifying himself as a representative for Greece's mainstream New Democracy party went to explain the appeal of a party many describe as neo-Nazi.

Petros Galatoulas is also the general secretary of the Federation of the Hellenic Societies in Greater New York, which is based out of the cultural center.

Behind the 57-year-old's desk are photos of himself with former Chicagoy Mayor Richard M. Daley (that's the younger one) and other dignitaries.  

Although his English is solid, he wanted me to make sure I was absolutely clear on what he was saying, so he phoned up friend and Federation member Francis Papadopoulos to translate for him.

I asked him how a neo-Nazi party could possibly have any support in Greece, especially given that in less than 24 hours after my visit, the Federation would be celebrating "Oxi Day," which marks Greece's refusal to allow Axis powers to occupy their country.

"I am against them — we don't support them," he said. "I don't like this [Nazi imitation]. It's five or six people, crazy people."

However, he indicated Golden Dawn had sympathy throughout Greece.

In many regions, the party has become a sort of defacto police force as actual law enforcement, who've been victims of austerity cuts. 

"People didn't know where else to turn," he said.

Both Galatoulas and Papadopoulos also said that immigration was a serious problem, with foreign nationals exacerbating the country's labor problem by taking jobs and undercutting wages.

"It's the same system in America: if they are illegal they need to be deported," Papadopolous said.

It was clear Golden Dawn remains an extremely controversial subject — the tension in the room immediately increased as soon as I brought up the subject. Galatoulas never addressed the initial rumor about the fundraiser.

I also since discovered that the Federation has put a special "Golden Dawn Disclaimer" on their website: "The Federation  does not provide space,  at the Stathakio Cultural Center, nor has any affiliation,  to the Golden Dawn, aka Chrysi Avgi."

SEE ALSO: The Gory Details Of Europe's Youth Unemployment Problem >

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Why Donald Trump Bought A Miami Golf Course For $170 Million In A Bankruptcy Sale

Donald Trump Doral Golf Resort And Spa

Donald Trump says he's bullish on the South Florida real estate market right now, which is why he bought Miami's Doral Gable Golf Resort out of bankruptcy for $170 million in February.

He plans to spend another $200 million renovating the resort, which has five golf courses and 700 rooms.

Trump dished on his plans to The Real Deal:

Trump told The Real Deal:

We’re really looking to make Doral into the finest club anywhere in the United States and beyond, because we have 800 acres right smack in the middle of Miami, right next to the airport ... The location is so amazing, and that’s why the [PGA] tour loves Doral. So I’m going to be spending a lot of money on rebuilding Doral and making it something that will be, when we finish it, one of the finest golf resorts anywhere. Easily."

Trump was also positive about the hotel market in Miami more generally, telling The Real Deal, "South America is booming, and the boom is coming to Miami."

Now tour the Coral Gable Golf Resort Trump purchased earlier this year >

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