176,000 for a month ago. Just ahead of todays allimportant jobs report, the ecb will be making its decision on Interest Rates. The bank is expected to maintain its key lending rate at 0. 5 . Ecb president mario draghi will deliver comments from a different venue. Todays meeting will be held in paris around 8 30 a. M. Eastern time. Lets send it over to andrew with another big event today. We have a lot of big events today, becky. The nations top bankers are meeting today. Among the big names headed to the white are jamie dimon and Brian Moynihan. The original theme was, of course, fence mending between the administration and the financial sector. Now thats all the aif. The Government Shutdown, debt ceiling there expected to be the major topics of discussion. Also today, treasury secretary jack lew pressing congress to act immediately to raise the nations debt ceiling. Right now, the department is using extraordinary bookkeeping measures i dont know what that could possibly mean but anyw
Cost of tax reductions. The alternative minimum tax is 28 . If your tax rate was lowered to 25 . You still have to pay 28 . That is correct. For incomes between to london thousand dollars and 500,000, the effective tax rate is 35 . You hit the 35 rate and incomes fire lower than the income levels at which you would hit the 35 rate and regular tax. Why do they call it a patch . It is a one time year by year patch to stop the broad expansion. You could ask why they call it a cliff. They have discussed this in terms of the patch. It is a year by year increase in the exemptions. The patches nothing but the increase in the a in the exemption to prevent tens of millions of people from being forced to fill up the return you have. The only thing i would add is the package, what makes this so critical in the fiscal cliff discussion, is we are talking about the past for the 2012 taxable year. Unlike the rest of the fiscal cliff which effects rates that will apply next year. The patch applies for
For what happens next. In corporate news, becky, apple hold ago product event in california today. The company is expected to unveil the latest event to the companys new line. Mavericks operating system. In other tech news, nokia launching its first tablet today along with two large screen smartphones. These are among the last products the company developed to compete with apple. And samsung. Before deciding to sell its hand set business to microsoft. Microsoft, service 2 and service 2 pro tablets go on sale in 22 initial markets today, including the United States. Both are updates of the first generation surface tablets released last october. Improvements include increased battery life and higher resolution screens and camera peps joe, get your geek glasses on today. You know what, steve . I am more interested in this jobs report than the next one. I dont why . Because im not interested in what the shutdown did. Im interested in the basul level of the next two will be a mess. The expe
Moment. Payback, right . As somebody who has had trouble once or twice on the George Washington bridge getting close to arriving. But arriving on time, im now well, now were one for one, i guess, because i had my one incident a couple years ago, and then i got close a couple of times. Joe looks good. Very dapper and hes so quiet. What was that, joe . Keep the camera on me, please. Thats the joe we know and love. Anyway, joe is on his way. Again, he had trouble and hit a pothole just outside of new york. Hell be here in just a little bit. The Global Markets reacting to the feds decision to begin tapering next month. The dow surging to a new alltime high adding nearly 300 points to close at 16,167. In asia, a mixed reaction. In japan, the nikkei closed at a sixyear high gaining nearly 2 to close at 15,859. Right now in europe, youll see at least with the Early Morning action that they are getting some pretty positive numbers there. In france, the cac is up by 1. 4 . Same story in germany
Might history be repeating itself . This as Democratic Leaders like nancy pelosi insist all is well. President obama himself about to rally his most ardent supporters and ask them to stand by the very troubled Health Care Law. And the dow crosses the 16,000 mark for the first time, but then retreats. And the debate continues over whether this rally is a bubble. Those stories and much more coming up on the kudlow report, beginning right now. Welcome to the kudlow report. Were live at p. M. On the east coast, 4 00 p. M. Pacific. Lets get right to the breaking news that president obama may be turning obama care back to the Insurance Companies. I think where it belongs. Cnbcs eamon javers joins us with the details. Good evening, eamon. Reporter good evening, larry. The white house was on the defensive again today, arguing with reporters over these predictions made by the white house that the website would be up and running by the end of this month, and dividing and conquering exactly how m