Tax-hike deal is ready to go

WASHINGTON — The Senate overwhelmingly passed a bill early this morning that will avoid sending the nation’s economy plummeting off the fiscal cliff — if the House goes along with it.

The Senate vote — which came nearly two hours after the original midnight deadline — was 89-8.

Congress has a chance to finish the job later today before the cliff’s massive tax hikes take a bite out of middle-class paychecks, or stocks tank on Wall Street, which is closed because of New Year’s.

The Republican-run House of Representatives was hoping to take up the measure today.

“We are very, very close,” Senate Minority Leader Mitch McConnell (R-Ky.) had said after striking a deal yesterday and before this morning’s vote.

“Let’s pass the tax-relief portion now. Let’s take what’s been agreed to and get moving,” said McConnell, who led the negotiations for the Republicans.

“The president wants this, members of Congress want to protect taxpayers, and we can get it done now.”

President Obama heralded the deal as “within sight” at a hastily arranged White House press conference, where he also prodded Republicans to accept the bargain.

“One thing we can count on with respect to this Congress is that if there’s even one second left before you have to do what you’re supposed to do, they will use that last second,” he said, with a group of middle-class Americans as a backdrop.

Senate Majority Leader Harry Reid (D-Nev.) and House Minority Leader Nancy Pelosi (D-Calif.) signed off on the pact, Reuters said.

Vice President Joe Biden met with Senate Democrats late last night to sell them on the agreement.

The Senate deal settled the central argument over taxes and especially the hot-button issue of tax hikes on the rich.

The two sides also reached an agreement to postpone for two months massive spending cuts, mostly to the military, that would have taken effect automatically as part of the fiscal cliff.

Under the tax deal, rates jump from 35 percent to 39.6 percent for individual incomes over $400,000 and family incomes over $450,000.

The rich also get hit with higher taxes on capital gains, dividends and inheritances over $5 million.

For example, taxes on capital gains and dividend income for individual incomes over $400,000 and family incomes over $450,000 would go from 15 percent to 23.8 percent, including a 3.8 percent ObamaCare tax.

Low-income households would benefit from the extension of various tax credits, including ones for college tuition.

Unemployment benefits for the long-term jobless would be extended for another year.

The deal does not include an extension of the payroll Social Security tax cut, allowing the rate to revert to 6.2 percent from the current 4.2 percent.

That tax was reduced in 2009 as part of Obama’s economic-stimulus package, and it was expected to expire.

A House GOP leadership aide downplayed the fact that the legislative body failed to vote on the measure before the deadline.

The aide stressed that legislation as important as avoiding the fiscal cliff and saving the economy was “not something to be brought up in the dead of night.”

The outline of the deal immediately drew criticism from the left.

Rep. Jerrold Nadler (D-Manhattan) called it a “tremendous victory for Republicans,” and said he was cranky about plans to exempt almost all multimillion-dollar estates from the new higher inheritance tax.

The 11th-hour agreement hammered out by McConnell and Biden was the first concrete compromise on tax rates since the fiscal-cliff budget battle started more than a year ago.

Obama backed off his initial demand that taxes go up on individual incomes over $200,000 and family incomes over $250,000.

McConnell gave up the GOP’s ingrained opposition to any tax hikes at all.

Obama touted several tax credits that he said would be in the compromise, including clean-energy tax credits, tuition tax credits, and the child tax credit.

Meanwhile, the GOP rapped Obama’s campaign-like event yesterday, where he chided Congress.

“In the middle of sensitive negotiations, he’s running a political campaign with props behind him? I find it unseemly,” fumed Rep. Chris Smith (R-NJ)

What the agreemen
t could mean

* A top tax-rate increase from 35% to 39.6% on incomes over $400,000 for individuals and $450,000 for families

* A raise in tax rates on capital gains and dividends for those same wealthy households, going from 15% to 23.8%

* A limit on personal exemptions and itemized deductions for individuals making more than $250,000 and couples topping $300,000

* A hike in the inheritance tax, from 35 percent to 40 percent, on estates worth more than $5 million

* Preservation for five years of the earned-income tax credit, child tax credit and breaks for college tuition and green energy

* An extension of unemployment benefits for 2013

* $600 billion in revenue generated by the tax increases over 10 years

* A cancellation of scheduled cuts in Medicare payments to doctors

smiller@nypost.com.

Read More..

Housing, jobs key to lifting S&P toward record

NEW YORK --
With it appearing that Washington lawmakers are working their way past the “fiscal cliff,” many analysts say that the outlook for stocks in 2013 is good, as a recovering housing market and an improving jobs outlook helps the economy maintain a slow, but steady recovery.

Reasonable returns in 2013 would send the S&P 500 toward, and possibly past, its record close of 1,565 reached in October 2007.

A mid-year rally in 2012 pushed stocks to their highest in more than four years. Both the Standard & Poor’s 500 and the Dow Jones industrial average posted strong gains in 2012. Those advances came despite uncertainty about the outcome of the presidential election and bouts of turmoil from Europe, where policy makers finally appear to be getting a grip on the region’s debt crisis.

“As you remove little bits of uncertainty, investors can then once again return to focusing on the fundamentals,” says Joseph Tanious, a global market strategist at J.P. Morgan Funds. “Corporate America is actually doing quite well.”

Although earnings growth of S&P 500 listed companies dipped as low as 0.8 percent in the summer, analysts are predicting that it will rebound to average 9.5 percent for 2013, according to data from S&P Capital IQ. Companies have also been hoarding cash. The amount of cash and cash-equivalents being held by companies listed in the S&P 500 climbed to an all-time high $1 trillion at the end of September, 65 percent more than five years ago, according to S&P Dow Jones Indices.

Assuming a budget deal is reached in a reasonable amount of time, investors will be more comfortable owning stocks in 2013, allowing valuations to rise, says Tanious.

Stocks in the S&P 500 index are currently trading on a price-to-earnings multiple of about 13.5, compared with the average of 17.9 since 1988, according to S&P Capital IQ data. The ratio rises when investors are willing to pay more for a stock’s future earnings potential.

The stock market will also likely face less drag from the European debt crisis this year, said Steven Bulko, the chief investment officer at Lombard Odier Investment Managers. While policy makers in Europe have yet to come up with a comprehensive solution to the region’s woes, they appear to have a better handle on the region’s problems than they have for quite some time.

Stocks fell in the second quarter of 2012 as investors fretted that the euro region’s government debt crisis was about to engulf Spain and possibly Italy, increasing the chances of a dramatic slowdown in global economic growth.

“There is still some heavy lifting that needs to be done in Europe,” said Bulko. Now, though, “we are dealing with much more manageable risk than we have had in the past few years.”

Next year may also see an increase in mergers and acquisitions as companies seeks to make use of the cash on their balance sheets, says Jarred Kessler, global head of equities at broker Cantor Fitzgerald.

While the number of M&A deals has gradually crept higher in the past four years, the dollar value of the deals remains well short of the total reached five years ago. U.S. targeted acquisitions totaled $964 billion through Dec. 27, according to data tracking firm Dealogic. That’s slightly down from last year’s total of $1 trillion and about 40 percent lower than in 2007, when deals worth $1.6 trillion were struck.

Read More..

Frankel gets ready to play politics on a national stage

Her bags are packed. She’s found an apartment on Craigslist, and the utilities just got hooked up. And Lois Frankel, a Floridian for four decades, has a new and toasty winter coat, hat and boots.

On Tuesday, 20 years after she first hoped to move to Washington, D.C., Frankel finally will be making that journey north. Two days later, she’ll reach the pinnacle of her political career as she steps onto the floor of the U.S. House of Representatives, raises her right hand and takes the oath of office to become the newest member of Congress from Broward and Palm Beach counties.

Read the full story at Sun-Sentinel.com.

Read More..

Kim Kardashian is Expecting!

The rumors are true: Kim Kardashian is pregnant! The reality star's rep confirmed the news to ET after Kim's boyfriend Kanye West announced it Sunday night during his concert in Atlantic City.

According to the Associated Press, Kanye told the crowd of more than 5,000 at the Ovation Hall at the Revel Resort in song form: "Now you having my baby." The crowd cheered with approval, and the rapper also told the audience to congratulate his "baby mom" and that this was the "most amazing thing."

Pics: Five Years of Kim Kardashian Fashion

With the news officially out, a barrage of tweets from happy family members hit the Twitterverse Sunday night:

@KhloeKardashian: Keeping secrets is hard with so many family members! Especially when you are so freaking excited!!!!! LOVE is everything!!!!

@KrisJenner: Oh BABY BABY BABY!!

@KourtneyKardash: Been wanting to shout from the rooftops with joy and now I can! Another angel to welcome to our family. Overwhelmed with excitement!

@KendallJenner: whos excited about the KIMYE babbyyy?! :D weeee

@RealLamarOdom: I'm excited for Kanye and my sister! There's nothing like bringing life into this world! Let's keep Gods blessings coming!

Related: Kim and Kanye's Angel Ball Date Night

Reports that Kim and Kanye began dating began to swirl in March of 2012. Rumors that Kim was pregnant and experiencing morning sickness started to hit the Internet a short time ago, with some reporting that Kim was just battling the flu. Guess not! The star is reportedly about 12 weeks along.

Read More..

Rape cremation

NEW DELHI — The body of a 23-year-old medical student who died of injuries suffered in a Dec. 6 gang rape on a New Delhi bus was returned from Singapore and cremated yesterday, India media reported.

Protesters are demanding the death penalty for six arrested suspects.

Read More..

South Florida’s biggest business stories of 2012

For South Florida’s economy, 2012 centered on one main question: Would the recovery continue?

The answer: Yes, and slowly.

Housing values continue to climb, unemployment rates shrink, hiring grows and spending strengthens. And yet 2012 ends on the same general theme as 2011: Things are getting better, but at a slow enough pace that South Florida will have to wait at least another year for a healthy recovery to begin.

Behind the broad economic tide, news crashed onto the scene. And now it falls on Business Monday to rank their significance.

We do this each year December as a way to put the year’s business news in perspective. For the rankings, we use three criteria.

First, how important was the news for South Florida’s economy? We only have 10 slots to fill, so the news needs to be big.

Second, how unique was the news to South Florida? National events can have major impacts in South Florida, but we’re looking for news that’s particularly noteworthy to the region.

Third, how unique was the news to this year? Long-term trends can impact an economy for years, but we’re looking for stories clearly linked to 2012.

On to the rankings...

10: One Community One Goal plan released

Miami-Dade’s economic development agency, the Beacon Council, spent more than a year drawing up what’s supposed to be a blueprint for the county’s economic future. We won’t know for years whether the One Community One Goal plan will actually guide leaders’ decisions as they decide on education priorities and corporate-recruitment targets. The authors of this report boasted that they were determined not to have the latest version seen as obsolete the way the 1996 version was. But with hundreds of people involved in the forums that led to the report, One Community One Goal is sure to be cited in debates and discussion about Miami-Dade’s economy for years to come.

9. Ryder gets a new CEO

It was a tumultuous year for the Miami-Dade trucking giant, which spent the summer backing off early predictions of strong recovery for clients. In July, Ryder CEO Gregory Swienton announced companywide cost cuts to combat flat sales in a year he had originally seen as going well. That move included 60 job cuts at Ryder’s headquarters in western Miami-Dade, out of 450 across the country The end of 2012 brought another big announcement: Swienton was retiring in two weeks, and handing over the top job to his longtime deputy, Ryder COO Robert Sanchez.

Swienton, 63, said he was looking forward to getting back to Texas, where most of his grandchildren live. The board praised Swienton’s 13-year tenure, which saw Ryder stock rise from $17 a share to $50 a share.

Sanchez, 47, is only the company’s fifth CEO since its founding in the Great Depression. A Miami native, he becomes one of only three CEOs of a Fortune 500 company headquartered south of Palm Beach County. The other: AutoNation’s Mike Jackson and World Fuel Services’ Michael Kasbar.

8. Miami Marlins Buyers Remorse

The debut season of Miami’s first official Major League Baseball team brought a string of disappointments on and off the field. Promises of a revitalized Little Havana retail scene around the tax-funded stadium instead brought vacant storefronts. Attendance, a big part of the economic argument for the $635 million stadium, ended up being the worst for a new ballpark in 30 years.

Read More..

For new year, resolve to commit random acts of kindness

Well, here we are, dear Friends and Neighbors, on the eve of another new year. So much happened to us in 2012 — some good and some bad. But through it all, by the grace of God, we made it to the end of the "old" year.

When I was a young woman, I made a new year’s resolution every year. The new year brings with it that kind of fresh-start magic.

To many of us, the new year really does mean having a second chance; a fresh start; a new beginning, another opportunity to do something that matters, to touch someone’s life in a positive way, and to do random acts of kindness.

I thought about the random-acts-of-kindness thing when, on Christmas day while in Washington, where my granddaughter Afra was appearing in My Fair Lady at the -Arena Stage Theater, I stumbled upon the perfect opportunity. Afra and I, and her mother Mary Anne, were on our way to have Christmas dinner with their longtime friends who live in Maryland. (A Radio City Music Hall Rockette since 2004, Afra had suffered with tendonitis in her right knee and decided to take this season off to let it heal.)

We got to the Metro station and found it practically empty. We headed for a bench where a man and woman were sitting and Afra motioned for me to take a seat. I spoke to the two individuals and wished them a Merry Christmas. A few minutes later, the woman who had been sitting on the bench moved away. She looked a bit uncomfortable. A few seconds later, I understood why. The young man seemed to be mentally challenged and needed to talk to someone about something that happened earlier at the facility where he lived.

Apparently there had been an argument with a caregiver at the facility, and he got upset and yelled at her. When I asked what was the matter, he started crying, "I yelled at her ... I didn’t mean to do it ... I was in a hurry to get to the station."

I touched his shoulder and tried to comfort him. "I’m sure she is not angry with you. She understood you were eager to get the train to spend Christmas with your mother." He stopped crying and told me his name was Gabriel. He asked my name. I told him and introduced him to my granddaughter and her mother, who were looking in disbelief at the two of us. Their eyes seemed to say, "Doesn’t Grandma know she is in a strange city and this man is a stranger who could be very dangerous?"

I did know. But somehow, this didn’t seem like a dangerous situation. Something in my heart said this was a chance to do a random act of kindness. I followed my heart. By the time our train came, Gabriel was smiling.

"I like you," he said. "You are a nice lady."

I reached out and offered a hug. He responded and soon my granddaughter and her mother were hugging him too. It was a wonderful feeling. Gabriel repeated our names over and over, pointing to each of us, so as not to forget them.

In a few minutes, we were at our stop. We said goodbye to our new friend and got off the train. We waved at him as the train pulled away. We didn’t say much about the incident, just smiled knowingly at each other. We knew we had just reached out to another soul who needed to be comforted and by doing so, we had spread a little Christmas cheer.

So, as I write this last column of 2012, I don’t have a list of new year resolutions. What I do have is a determination to live one day at a time, and try to live my life by reaching out to more Gabriels and offering comfort and spreading cheer and good will wherever I can. It may not be in the form of a hug. It just might be a warm smile, a "How do you do?", or "You look nice today". I learned from the Metro Station incident that it doesn’t take much to make somebody’s day. Just be kind. Make it a part of your everyday routine. No resolution is needed. Just do it.

And have a wonderful and healthy New Year!

Arts in the Gardens

Arts at St. Johns will kick off the New Year with the SALA Arts Social at 6:30 p.m. on Jan. 15 at the Miami Beach Botanical Gardens, 2000 Convention Center Dr. SALA is an acronym for Social Action, Local Arts, and is a multi-disciplinary, multi-sensory arts event featuring music, dance, the visual arts, refreshments, drinks, interactive DJ music, networking and a silent auction.

The artists include Tiffany “Hanan” Madera performing Mid-Eastern dance; DJ Madame Turk, who will mix new and old dance club music and Afro/Latin and Brazilian beats.

The visual arts will include a group show by the Artist Colony, a Miami artist collaborative. There will also be a selection of paintings, graphics and assemblages donated for the silent auction by Carol Hoffman-Guzman and her husband Robert Guzman. Carol is the founding director of Arts at St. Johns. She and her husband have been collecting local and emerging artists for over 40 years.

The event celebrates 12 years of SALA presenting performances and art at Arts at St. Johns. According to Hoffman-Guzman, SALA’s name was chosen because it is reflects Arts at St. Johns’ vision to present local artists and art forms and t use the arts to build community, nurture dialogue about social issues and seek to bring about change through the arts.

Tickets to the event are $75 each at the door or online at www.artsatstjohns.com or by calling Hoffman-Guzman at 305-613-2325.

Read More..

Buzzmakers: Kate Winslet's Wedding and Rider Strong's Engaged

What had ET readers buzzing this week?

1. Kate Winslet Ties the Knot!

Kate Winslet recently married her boyfriend Ned Rocknroll in a small, secret ceremony in New York.

A rep for the 37-year-old Oscar winner tells ET, "I can confirm that Kate Winslet married Ned Rock'nRoll in NY earlier this month in a private ceremony attended by her two children and a very few friends and family." The rep added that Kate and Ned got engaged over the summer.

British newspapers reported that Kate's Titanic co-star Leonardo DiCaprio gave away the bride in a ceremony so secret that not even the parents of the bride and groom were aware of it.

It is the third marriage for Kate, who split from film director Sam Mendes, the father of her son, in March 2011. She was also previously married for three years to Jim Threapleton, the father of her daughter, before splitting with him in 2001.

Ned, 34, is the nephew of British media/aerospace magnate Sir Richard Branson.

2. 'Boy Meets World' Star Rider Strong Engaged

Amid the holiday engagement rumors (Brandy, Janet Jackson...), Boy Meets World star Rider Strong confirms that he popped the question to his longtime love Alexandra Barreto -- but that's not the crazy part.

Strong, 33, told E! News that he asked Barreto to marry him with "a handmade ring he created himself!"

The actors met on set of the 2006 series Pepper Dennis, and the rest is history. "I asked on December 23, while her parents were visiting for the holidays. I took her for a walk under the redwoods on the property where I grew up in Northern California," Strong tells ETonline. "It was pouring rain, but it didn't look like it was going to stop anytime soon, so I just decided to go for it."

Meanwhile, TheInsider.com confirmed earlier this past November that Strong will not be joining the cast of Disney's Girl Meets World, a spin-off of his wildly popular teen show Boy Meets World. "Girl Meets World will be, and I think it should be, its own show. It will be about Cory and Topanga, their daughter, and a new set of characters. It's the next generation."

3. 'Glee' Creator is A New Dad!

Ryan Murphy had a very merry announcement this holiday season: he's a father!

According to E! News, Murphy and partner David Miller welcomed a son into their family recently, with the couple announcing their new addition on Christmas Eve to friends and family via email.

The announcement revealed the boy, named Logan Phineas Miller Murphy, was born December 24, 2012 9:47 a.m.

Earlier this year, Murphy opened up to Vogue about his desire to become a father. "I thought if I don't do this ... I'm 46 ... I will really, really regret it," he said, adding, "I want the kid to be bold."

4. Jessica Simpson Confirms She's Pregnant, Again!

After weeks of speculation, Jessica Simpson has confirmed that she is pregnant with her second child!

This morning she Tweeted, "Merry Christmas from my family to yours," along with a photo of daughter Maxwell sitting above a message written in the sand. It read: "Big Sis."

Simpson, who gave birth to Maxwell on May 1, has been spotted wearing lots of loose clothing in recent weeks as rumors swirled that she was pregnant again.

This will be the second child for Simpson and her fiance, Eric Johnson.

5. Lady Gaga Announces Documentary

The nearly 33 million Little Monsters who follow Lady Gaga on Twitter got a massive Christmas present this morning as the singer revealed she'll soon be coming to a theater near you!

"Merry Christmas little monsters," Gaga wrote. "Terry Richardson is making a #LadyGagaMOVIE documenting my life, the creation of ARTPOP + you!" "Thank you for being so patient waiting for my new album ARTPOP I hope this gets u excited for things to come. I love you with all my heart!" Gaga announced her fourth album on August 6, 2012 and featured several of the songs in contention for inclusion on her recent Born This Wall Ball. Although no release date is yet known, it's rumored to be due out in Spring 2013.

Gaga has previously collaborated with Richardson on countless magazine covers and 2011's Lady Gaga x Terry Richardson photobook.

Lady Gaga won't be the only major musician to be featured in a documentary next year. It was revealed on November 26 that HBO would be airing a Beyonce documentary on February 16, 2013.

The film promises extensive first-person footage -- some of it shot by Beyonce on her laptop -- in which she reflects on the realities of being a celebrity, the refuge she finds onstage and the joys of becoming a mother after giving birth to her daughter, Blue Ivy Carter, in January 2012. Watch a sneak peek below.

Read More..

The hunt for the perfect serial killer

Maureen Callahan

By last August, residents of Essex, Vermont — a small community of just 19,000 — had come to accept that their beloved neighbors, Bill and Lorraine Currier, would not be coming back.

Nearly 15 months had elapsed since the Curriers were last seen leaving work at 5 p.m. on June 8, 2011. Bill, 49, and Lorraine, 55, both worked in health care: Bill in animal care at the University of Vermont, and Lorraine in patient financial services at a practice in Burlington.

They had been married since 1985. They had no children but loved animals and often let their birds fly through their modest home, a single-story structure with white siding and a dark green door. The Curriers were typical Vermonters: Lorraine with her long red hair, parted down the middle and no makeup; Bill with his love of Simon and Garfunkel and playing guitar.

AFP/Getty Images

Israel Reyes

Bill and Lorraine were also notoriously punctual and rarely took vacation. So when neither showed up to their respective jobs that next day, a Thursday, their co-workers were concerned. Lorraine’s colleagues called over to Bill’s office, and by the middle of the day, word got to Bill’s sister, Diana, who called Essex police.

By 10 that night, cops were all over the Curriers’ house.

At the scene, cops admitted confusion. “It’s a real puzzler,” said Lt. George Murtie.

The Curriers’ car, a Saturn sedan — dark green, like the accents on the home’s facade — was missing from the garage. Bill was a big guy — at 6 feet, he weighed 220 pounds — and had chronic health issues that required daily medication, as did Lorraine. Their medicine was untouched.

The cops made no attempt to downplay the urgency of the search or the likelihood that something awful had happened to Bill and Lorraine.

“We’re treating the home,” Lt. Murtie said, “like a crime scene.”

It wasn’t until a year later, in June 2012, that Murtie got an unexpected call from law enforcement in Anchorage, Alaska. They finally knew what happened to Bill and Lorraine, and they had never heard of anything like it.

A DARK NIGHT IN ALASKA

On the evening of Feb. 1, 2012, a 34-year-old construction worker named Israel Keyes waited outside the Common Grounds Espresso Stand on East Tudor Road in Anchorage — a tiny shack of a store, with teal-blue siding, that sat in the parking lot of a local gym. It was already very dark — the sun had set at 5:06 p.m. — and snowing heavily. Keyes was waiting for the shop to close at 8 p.m., for the truck he knew was on its way.

Then he changed his mind.

Keyes was a patient, deliberate, methodical man. Born in Utah, he had grown up Mormon, and at some point during his childhood his family moved to Washington state, where they lived comfortably. In 1998, Keyes enlisted in the Army and served for two years, stationed at Fort Hood and in Egypt. In 2007, he relocated to Alaska, where he started his own construction business, living with his girlfriend and young daughter in a white, two-story house on a cul-de-sac in Turnagain, where they liked to entertain friends and family.

Have a comment on this PostOpinion column? Send it in to LETTERS@NYPOST.COM!

Read More..

Week brings startup launches, social media advice for 2013

Jared Kleinert, a South Florida entrepreneur, plans to soon launch Synergist, a platform that allow social entrepreneurs to meet potential co-founders online, collaborate and crowdfund their new projects. He also just launched AliveNDead, a blog about risk-taking, and he interns for a Silicon Valley startup.

And when he’s not doing all that, he’s going to class — he’s a junior at Spanish River High School in Boca Raton.

Lester Mapp is CEO and founder of the new Miami-based startup called designed by m. His team has just designed a sleek, ultra-thin aluminum iPhone bumper and launched the project on Kickstarter. After just a few days, Mapp is already more than a third of the way to his $20,000 fund-raising goal.

Read about both these entrepreneurs on The Starting Gate blog, where there’s also a post on the most pressing issues facing small businesses in the coming year — taxes, healthcare, lending and a skilled worker shortage, for starters.

And as you are ringing in the New Year, you may be resolving to beef up your business’ social media strategy. Susan Linning's guest post offers five top tips for boosting your social media effectiveness. Among them: Go beyond retweets and make your posts original, fun and personal (but not too personal.) Use visuals, too. Find this and other news, views and tools for entrepreneurs on the blog, which is at the bottom of MiamiHerald.com /business.

Follow me on Twitter @ndahlberg and Happy New Year to all.

Read More..