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Mandy is here with moving your money. how are we looking the first hour of trading? we re looking pretty lackluster. we re coming off the largest drops in a year just yesterday on a whole mix of things probably keeping the markets back. for one, the election is over. investors have to come to grips with a divided government that needs to get down to business to avoid the massive tax increases and spending cuts. you ve got european worries returning to the fore, and also the big winning stocks of this year have been dumped. so investors can basically avoid an expected big jump in capital gains and dividend taxes. none of these issues are going to be cleared up today. you ve clearly got some lackluster trading today as well. cnbc s mandy drury. thank you so much, mandy. a lot of people trying to fly this holiday season, but the airfares are so expensive. if you decide to rent a car instead or at the airport, here s the ranking of customer satisfaction for rental car companies. number ....
Now is not the right thing to get the economy where we want it to be. martha: republicans are going to want to hold the line to want awful the tax cuts to stawant all of the tax cuts to stay in place. the president and democrats say they are going to point that right back at you and all republicans that vote as you likely will and say why wouldn t you be willing to allow the class cuts to stay in place for the middle class, then we ll go back and fight for the rest of it? that is not exactly what we ll be talking about at all. the proposal that send reid it going to bring to the florida actually takes the inheritance tax, the death tax back to the 2000 standard, much beyond where the president would have gone. it increases farm taxes on family farmers by 20 times and small business taxes nine times, as many small businesses have to comply. they are going to raise dividend taxes which really impact senior citizens to a higher level than ....
Going to get rid of the taxes for middle class people but the people at the top are going to have to pay more taxes. bill: republicans want to extend everything for a year. and the democrats say not so fast we need the money of the rich to pay down this deficit. the wall street journal writes this. the breathe of what will hit the count tries extraordinary. two points there. one is this is a hell of a way to run an economy. no matter what side you re on in this dispute here we are five and a half months from the giant tax increase and nobody in america, no business, no investor, no work, no family knows what the tax system is going to be. that s just a very destabilizing thing to do for the economy. they should get this resolved right now. what we were talking about the wall street journal today on our editorial pages, the braeth of this tax inch cries unbelievable. capital gains taxes going up. dividend taxes going up. ....
Dividend tax rate and that tripling of dividend taxes will have big market implications beginning this fall, far before the fiscal cliff hit. they pointed out the slow down before january 1st. it s hard to say we will raise taxes, but we don t mean it. there will be a deal at the other side when there is no deal to be struck. that is the question, what are the chances of a deal? the chances of a deal are fairly low. i don t think anything any of us can say will change that. the president and the democrats to their credit are holding firm on this idea that any deal must include revenues and you have a bunch of conservatives that will pledge never to accept that. we may be looking at going-over the cliff. ....
Chimed in there are reports at some of these meetings underway with members ever congress to come up with a solution, maybe the grand bargain that governor bush is talking about there. steve moore is a writer for the wall street journal. it s a secret meeting, now, steve so both side can speak freely. what are we doing? this has been quite a week. you re right. it started out with president clinton saying maybe we should suspend all these tax increases. then he got smacked down by the white house and they said you re free-lancing, you re not taking the party line an quickly retreated. you also had a top economist from the obama administration, larry somers who said this week, maybe it s time not to do this tax increase. what this is all about as you aptly put it on january 1, 2013 we will have this big tax time bomb explode, higher capital gain taxes, higher dividend taxes. higher small business taxes, and more and more politicians are ....