Steel Products
The Nitty Gritty of the Fiscal Cliff Deal
Written by Sandy Williams
January 4, 2013
Written by: Sandy Williams
As you all know, Congress approved legislation on Tuesday to avert the fiscal cliff crisis. Here is a summary of that legislation as published in the Chicago Tribune.
Reuters, January 2, 2013—The U.S. House of Representatives approved a Senate bill on Tuesday night to avert $600 billion in automatic tax increases and spending cuts known as the “fiscal cliff.” Here are details:
Postpones the first installment of automatic spending cuts for two months while Congress works on a plan replace them.
Raises $620 billion in revenue over 10 years through a series of tax increases on wealthier Americans.
Permanently extends tax cuts enacted in 2001 under former Republican President George W. Bush for income below $400,000 per individual, or $450,000 per family. Income above that level would be taxed at 39.6 percent, up from the current top rate of 35 percent.
Above that income threshold, capital gains and dividends tax rates would return to 20 percent, from 15 percent.
Caps personal exemptions and itemized deductions for income above $250,000, or $300,000 per household.
Raises estate tax rate to 40 percent for estates of more than $10 million per couple, up from the current level of 35 percent.
Includes a permanent fix for the alternative minimum tax.
Extends unemployment insurance benefits for one year for 2 million people.
Extends child tax credit, earned income tax credit, and tuition tax credit for five years.
Extends research and experimentation tax credit, and the wind production tax credit through the end of 2013. Extends 50 percent bonus depreciation for one year.
Avoids a cut in payments to doctors treating patients on Medicare – the “doc fix.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Products
Market says cutting interest rates will spur stalled domestic plate demand
Market sources say demand for domestic plate refuses to budge despite stagnating prices.
U.S. Steel to halt slab conversion at Granite City Works
U.S. Steel said it plans to reduce slab consumption at its Granite City Works near St. Louis, a company spokesperson said on Monday. The Pittsburgh-based steelmaker will shift the production and processing of steel slabs to its Mon Valley Works near Pittsburgh and its Gary Works near Chicago. Citing a United Steelworkers (USW) union memo, […]
SMU Week in Review: September 1-5
Here are highlights of what’s happened this past week and a few upcoming things to keep an eye on.
HR Futures: Market finds footing on supply-side mechanics
As Labor Day marks the transition into fall, the steel market enters September with a similar sense of change. Supply-side fundamentals are beginning to show signs of restraint: imports are limited, outages loom, and production is capped, setting the stage for a market that feels steady on the surface but still unsettled underneath.
Beige Book: US markets remain cautious amidst volatile pricing environment
Sluggish economic activity across the US was largely attributed to uncertainty caused by tariff policies and growing cost pressures, according to the US Federal Reserve’s (The Fed) latest Beige Book report. The Fed’s latest economic report, posted on Sept. 3, consists of economic findings from the six weeks preceding Aug. 25 throughout 12 districts. Economic […]