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Politicians have just a few days remaining to come up with some resolution to the fiscal cliff facing the country. It appears the resolution will be another "can kick" that mostly increases taxes. The President's income break point is often stated to by $250,000 while House Speaker John Boehner's Plan B had higher taxes for those with incomes above $1 million. The problem with focusing only on increasing taxes and generating more revenue is the fact that the expense side of the budget needs to be dealt with as well. The revenue generated from the higher proposed tax rates would only fund the government for eight days. As the below chart shows, expenses have spiked significantly subsequent to the recession with a deficit that remains alarmingly high at over $1 trillion per year.Would be paying a dividend of seven cents a share on December 15 and December 1 respectively. Plans were already well under way for the annual Santa Claus Parade, with the event being sponsored by the Timmins Chamber of Commerce. They made a presentation to town council, outlining their objectives and the route.
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