LOS ANGELES (AP) — Disney is paying $4.05 billion to buy Lucasfilm Ltd., the production company behind "Star Wars," from its chairman and founder, George Lucas. It's also making a seventh movie in the "Star Wars" series called "Episode 7," set for release in 2015, with plans to follow it with Episodes 8 and 9 and then one new movie every two or three years.
The Walt Disney Co. announced the blockbuster agreement to make the purchase in cash and stock Tuesday. The deal includes Lucasfilm's prized high-tech production companies, Industrial Light & Magic and Skywalker Sound, as well as rights to the "Indiana Jones" franchise.
Disney CEO Bob Iger said in a statement that the acquisition is a great fit and will help preserve and grow the "Star Wars" franchise.
"The last 'Star Wars' movie release was 2005's 'Revenge of the Sith' — and we believe there's substantial pent-up demand," Iger said.
Kathleen Kennedy, the current co-chairman of Lucasfilm, will become the division's president and report to Walt Disney Studios Chairman Alan Horn. Lucas will be creative consultant on new "Star Wars" films.
Lucas said in a statement, "It's now time for me to pass 'Star Wars' on to a new generation of filmmakers."
The deal brings Lucasfilm under the Disney banner with other brands including Pixar, Marvel, ESPN and ABC, all companies that Disney has acquired over the years. A former weatherman who rose through the ranks of ABC, Iger has orchestrated some of the company's biggest acquisitions, including the $7.4 billion purchase of animated movie studio Pixar in 2006 and the $4.2 billion acquisition of comic book giant Marvel in 2009.
Disney shares were not trading with stock markets closed due to the impact of Superstorm Sandy in New York.
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Has Obama Been Good for Millionaires?
Labels: BusinessThe question of whether Americans are better off than they were four years ago depends, of course, on the American.
For the 12 million unemployed, the answer is most certainly no.
But for many of America's millionaires, the answer may be more affirmative.
A new study from WealthInsight, the London-based wealth-research and data firm (and yes, they are non-partisan), showed that the United States added 1.1 million millionaires between Jan. 1, 2009 and the end of 2011, the latest period measured. There were 5.1 million millionaires in America at the end of 2011, compared with around 4 million at the end of 2008.
That works out to more than 1,000 millionaires a day under the Obama administration. (They defined millionaires as people with total net worth of $1 million or more, excluding primary residence).
(Read more: Rich Will Spend More Under Romney: Poll)
"It's true that Obama has been good for millionaires, at least in absolute terms," said Andrew Amoils, analyst at WealthInsight. "He certainly hasn't been bad for millionaires."
Amoils said that quantitative easing and financial bailouts especially helped the finance sector, which accounts for the largest share of millionaires. It also helped that markets recovered in 2009.
The timeframe is worth noting. Measured against the 2007 peak, when 5.27 million Americans had a net worth of at least $1 million, the nation lost 165,360 millionaires. Their combined wealth is down six percent, to $18.8 trillion from a peak of more than $20 trillion in 2007.
We don't know how 2012 will turn out, though if stock markets continue to strengthen, the millionaire count for 2012 is likely to increase. Wealth Insight says the number of millionaires in America will grow to more than six million by 2016, and their combined fortunes will jump 25 percent over the same period.
(Read more: Millionaires Give Nine Percent of Income to Charity)
Where did all the millionaires come from between 2008 and 2011?
Mainly from retail, tech and finance -- and in both blue and red states.
Of the sectors adding the largest number of people worth $30 million or more, the retail, fashion, and luxury goods sector ranked first. That was followed by energy and utilities, then tech, telecoms and finance. Transportation and construction saw the biggest drops.
The number of people worth $30 million or more grew 26 percent in Connecticut since 2008, 20 percent in Kansas, 12 percent in Michigan, showing that the wealth creation was nationwide.
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Obama Wins 2012 Election: Why Your Taxes Are Going Up
Labels: BusinessWhen President Obama and the new Congress begin to tackle important legislation and federal policy in January, one of the key issues will be how to reform America's byzantine tax code.
Obama campaigned on a platform to raise taxes on the wealthiest Americans, declaring that millionaires and billionaires need to "pay their fair share." The president proposed the highly controversial "Buffett Rule," which would make sure those individuals earning more than $1 million a year would pay at least 30% of their income in federal taxes.
Related: Do the Rich Have a Moral Obligation to Pay Higher Taxes? Gov. Jerry Brown Says 'Yes'
The top individual tax rate is currently 35% but few U.S. households and individuals actually pay that much; various tax deductions and loopholes reduce one's tax burden.
According to the Obama campaign, the richest 400 taxpayers in 2008 (who each made more than $110 million that year) paid an average income tax rate of just 18%. In 2009 over 20,000 U.S. households with more than $1 million in income paid a federal tax rate of less than 15%.
Obama has vowed to raise the top income tax rate for individuals to 39.6% and let the Bush-era tax breaks end for the highest income earners. The majority of Americans — those who are lower to middle class — could also see a 2% tax increase if Congress allows the temporary payroll tax holiday to expire at the end of the year.
Related: Here's Why Your Taxes Are Going Up 2% Next Year: Just Explain It
Nearly half of voters support raising taxes on incomes over $250,000, according to Tuesday night's exit polls.
Len Burman, a professor of public affairs at Syracuse University and a co-founder of the bipartisan Tax Policy Center, believes higher tax rates play just a small role in resolving the nation's budget woes.
"In the long term [Obama] is going to need to raise taxes on more than just the rich," Burman says in an interview with The Daily Ticker. "The budget problem isn't going to be solved without broader-based tax increases, preferably done in the context of tax reform and also serious entitlement reform. We're not going to be able to solve this on the tax side alone."
Burman, who recently co-wrote the new book "Taxes in America: What Everyone Needs to Know," says tax rates do not need to be raised for any income group if Congress and the White House would agree on one simple change: raising the capital gains rate, i.e. the profits from the sale of an investment. Assets, such as stocks, art or real estate, that are held for at least a year are currently taxed at a special 15% rate; Obama wants to raise that to 20%.
"The problem with a low tax rate on capital gains is not that it allows Mitt Romney and Warren Buffett to pay very low taxes but that it creates this huge opportunity for tax sheltering," he notes. "There's a whole industry that's devoted to coming up with these schemes. [Raising capital gains rates] could make the tax system more progressive and allow for lower tax rates" and a reduction in the deficit Burman says.
Obama's tax proposal also targets the Alternative Minimum Tax, the Estate Tax and as well as many personal tax credits and itemized deductions. Obama would make permanent the 2007 AMT patch and index it for inflation. He would raise the estate tax to 45% from 35% on estates worth more than $3.5 million. He would lower the corporate tax rate to 28% from 35% and provide a refundable $3,000 credit per added employee for companies that expand their workforce. He would tax carried interest as ordinary income.
Related: Corporate Tax Loopholes=Corporate Socialism: Pulitzer Prize Winner David Cay Johnston
A divided Congress refused to compromise with Obama during his first term and could very well dismiss the president's tax reforms for the next four years. Republicans are loathe to raise taxes by even a penny and Obama has said he would veto any budget bills that did not include tax increases. Neither party wants to raise taxes in a weak economy. But the options available for reducing the deficit and generating new revenue are few and far between.
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Giants, Ravens feel the urgency of Sunday's showdown
Labels: SportsEAST RUTHERFORD, New Jersey (Reuters) - The New York Giants and Baltimore Ravens, both coming off one-sided losses, are looking forward to Sunday's playoff-caliber showdown with a sense of urgency running through both teams.
The Super Bowl champion Giants need to win their last two games, including a regular season finale against Philadelphia, to ensure a place in the playoffs, while the Ravens, on a three-game losing skid, can win the AFC North title with a victory.
"We have the two-game schedule and we have to win both games to get in the playoffs and everybody's aware of that," New York coach Tom Coughlin told reporters before Wednesday's practice.
The Giants (8-6) are tied for the NFC East lead with the Washington Redskins and Dallas Cowboys, but would come up on the losing end of tiebreakers with both teams.
Since Washington and Dallas meet in their final game, two wins would guarantee the Giants a wildcard berth.
The Ravens (9-5) were beaten 34-17 at home last week by Denver, but clinched a playoff berth nonetheless for a fifth successive season. Coach John Harbaugh said it is essential the team got get on track.
"We understand what's at stake," Harbaugh told reporters in a conference call to the Giants' practice facility. "The guys are excited to play. We have plenty to play for. We‘re trying to play for a division championship.
"You do want to build momentum and you want to be your best at the end of the year. You want to build toward that and peak at the right time, and that's what we're really hoping to do."
Coughlin said his team had been plagued by inconsistency and that quarterback Eli Manning was the man to lead them out of the trend after the team was shut out 34-0 last week by Atlanta.
"It's our whole football team," Coughlin said, not laying the blame on any particular phase of the game.
"Hopefully, because of the position that Eli is in, he's going to lead us out of the inconsistencies," Coughlin said about a team that scored 50 points in beating New Orleans two weeks ago before being blanked by the Falcons.
The Giants hope history can repeat itself.
Last season, the up-and-down New Yorkers put it all together at the end of the season, winning their last two games to reach the postseason and sweeping four playoff games culminating in a Super Bowl triumph over the New England Patriots.
"The reality of it is we haven't been able to play to substantiate what I would say is the personality of this team," Coughlin said about the 2012 edition of the club.
"So I'm definitely counting on the veterans to go ahead and prove this and do it with consistency. Last year we did it over a six-game run, and we're in that situation again."
Ravens running back Ray Rice said he expected a high intensity showdown game against the Giants.
"They have a lot at stake and we got a lot at stake," said Rice. "We're trying to clinch the AFC North and I think they are in a three-way tie. There's going to be a playoff atmosphere on Sunday."
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The Super Bowl champion Giants need to win their last two games, including a regular season finale against Philadelphia, to ensure a place in the playoffs, while the Ravens, on a three-game losing skid, can win the AFC North title with a victory.
"We have the two-game schedule and we have to win both games to get in the playoffs and everybody's aware of that," New York coach Tom Coughlin told reporters before Wednesday's practice.
The Giants (8-6) are tied for the NFC East lead with the Washington Redskins and Dallas Cowboys, but would come up on the losing end of tiebreakers with both teams.
Since Washington and Dallas meet in their final game, two wins would guarantee the Giants a wildcard berth.
The Ravens (9-5) were beaten 34-17 at home last week by Denver, but clinched a playoff berth nonetheless for a fifth successive season. Coach John Harbaugh said it is essential the team got get on track.
"We understand what's at stake," Harbaugh told reporters in a conference call to the Giants' practice facility. "The guys are excited to play. We have plenty to play for. We‘re trying to play for a division championship.
"You do want to build momentum and you want to be your best at the end of the year. You want to build toward that and peak at the right time, and that's what we're really hoping to do."
Coughlin said his team had been plagued by inconsistency and that quarterback Eli Manning was the man to lead them out of the trend after the team was shut out 34-0 last week by Atlanta.
"It's our whole football team," Coughlin said, not laying the blame on any particular phase of the game.
"Hopefully, because of the position that Eli is in, he's going to lead us out of the inconsistencies," Coughlin said about a team that scored 50 points in beating New Orleans two weeks ago before being blanked by the Falcons.
The Giants hope history can repeat itself.
Last season, the up-and-down New Yorkers put it all together at the end of the season, winning their last two games to reach the postseason and sweeping four playoff games culminating in a Super Bowl triumph over the New England Patriots.
"The reality of it is we haven't been able to play to substantiate what I would say is the personality of this team," Coughlin said about the 2012 edition of the club.
"So I'm definitely counting on the veterans to go ahead and prove this and do it with consistency. Last year we did it over a six-game run, and we're in that situation again."
Ravens running back Ray Rice said he expected a high intensity showdown game against the Giants.
"They have a lot at stake and we got a lot at stake," said Rice. "We're trying to clinch the AFC North and I think they are in a three-way tie. There's going to be a playoff atmosphere on Sunday."
Cruz: Meeting Pinto family was "toughest by far"
Labels: SportsEAST RUTHERFORD, N.J. (AP) — For much of his hour-long visit with the family of a 6-year-old boy killed in the Connecticut school shootings, Victor Cruz talked about football, life and young Jack, the child who idolized him.
Tears were shed. Feelings were shared. Cleats and gloves worn by Cruz to honor Jack Pinto at Sunday's game against Atlanta were given to his family.
The New York Giants wide receiver somberly recounted Wednesday his meeting with Pinto's parents and brother in Newtown, Conn.
He struggled in his retelling only when asked about the family's decision to bury the child in the receiver's No. 80 Giants jersey. The father of an infant girl, Cruz stopped for a moment, and his eyes became watery.
"You never go through some circumstances like this and circumstances where a kid faces or a family faces something of this magnitude at their school," Cruz said. "This definitely was the toughest by far."
Jack Pinto was buried on Monday and Cruz telephoned the family to ask whether he could visit them Tuesday.
The family disclosed after Friday's massacre that Cruz was Jack's favorite player. The boy was one of 20 first-graders and six adults killed in the shootings at the Sandy Hook Elementary School.
Cruz drove to Newtown with his girlfriend, Elaina Watley, and their daughter, Kennedy.
"I had no expectations. I was a little nervous," Cruz said. "I just didn't know how I was going to be received. You never know when they are going through something like that. You never know how it is going to go down."
Seeing the family outside the home along with some local children made Cruz feel better.
"They were still pretty emotional, crying and stuff like that," Cruz said. "I saw how affected they were by just my presence alone. I got out and gave them the cleats and the gloves and they appreciated it. The older brother (Ben) was still emotional, so I gave them to him."
Cruz had written "Jack Pinto, My Hero" and "R.I.P. Jack Pinto" on his cleats before the Giants' loss to the Falcons Sunday in Atlanta.
The 26-year-old player best known for his salsa dances after touchdowns, signed autographs for the children before heading inside.
"I didn't want to go in there and make a speech," Cruz said. "I just wanted to go and spend some time with them and be someone they could talk to, and be someone they can vent to, talk about how much of a fans they are of the team, or different times they watched the Super Bowl."
Cruz spent that part of the visit sitting in the chair where Jack's father, Dean, sat when he watched the Giants' Super Bowl win over the New England Patriots in February.
It was a day Jack got to see his favorite team win a championship.
"It was just an emotional time," Cruz said. "I spent a little bit of time with them. We got to smile a little bit, which was good for them. It was a time where I just wanted to be a positive voice, a positive light in the tunnel where it can really be negative, so it was a good time. They are a great family and they're really united at this time and it was good to see."
Cruz said it was strange thinking about a child being buried in his jersey. He did not know how to react. Should he thank the family?
"It leaves you kind of blank," Cruz said. "I am definitely honored by it. I am definitely humbled by it, and it's definitely an unfortunate but humbling experience for me."
The visit also gave Cruz time to reflect, especially looking at his daughter.
"Ever since it happened I've kind of been spending more time with her, just cherishing the little moments, the little time you get with her because you never know when that can be taken from you," he said.
Giants coach Tom Coughlin said he was incredibly proud of Cruz for visiting with the Pinto family.
"Hopefully some of their grief might at least temporarily be suspended in being able to embrace Victor Cruz," Coughlin said, adding what he did speaking volumes of what he has inside.
Baltimore Ravens running back Ray Rice said what Cruz did took heart.
"You've got to be able to put yourself in that family's situation to understand at least what they're going through," Rice said in a conference call with the New York media about Sunday's game against the Giants. "That's what it's about. That's something that you don't just say, 'I'm going to do it.' You do it from the heart, from within and what he did was amazing."
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Tears were shed. Feelings were shared. Cleats and gloves worn by Cruz to honor Jack Pinto at Sunday's game against Atlanta were given to his family.
The New York Giants wide receiver somberly recounted Wednesday his meeting with Pinto's parents and brother in Newtown, Conn.
He struggled in his retelling only when asked about the family's decision to bury the child in the receiver's No. 80 Giants jersey. The father of an infant girl, Cruz stopped for a moment, and his eyes became watery.
"You never go through some circumstances like this and circumstances where a kid faces or a family faces something of this magnitude at their school," Cruz said. "This definitely was the toughest by far."
Jack Pinto was buried on Monday and Cruz telephoned the family to ask whether he could visit them Tuesday.
The family disclosed after Friday's massacre that Cruz was Jack's favorite player. The boy was one of 20 first-graders and six adults killed in the shootings at the Sandy Hook Elementary School.
Cruz drove to Newtown with his girlfriend, Elaina Watley, and their daughter, Kennedy.
"I had no expectations. I was a little nervous," Cruz said. "I just didn't know how I was going to be received. You never know when they are going through something like that. You never know how it is going to go down."
Seeing the family outside the home along with some local children made Cruz feel better.
"They were still pretty emotional, crying and stuff like that," Cruz said. "I saw how affected they were by just my presence alone. I got out and gave them the cleats and the gloves and they appreciated it. The older brother (Ben) was still emotional, so I gave them to him."
Cruz had written "Jack Pinto, My Hero" and "R.I.P. Jack Pinto" on his cleats before the Giants' loss to the Falcons Sunday in Atlanta.
The 26-year-old player best known for his salsa dances after touchdowns, signed autographs for the children before heading inside.
"I didn't want to go in there and make a speech," Cruz said. "I just wanted to go and spend some time with them and be someone they could talk to, and be someone they can vent to, talk about how much of a fans they are of the team, or different times they watched the Super Bowl."
Cruz spent that part of the visit sitting in the chair where Jack's father, Dean, sat when he watched the Giants' Super Bowl win over the New England Patriots in February.
It was a day Jack got to see his favorite team win a championship.
"It was just an emotional time," Cruz said. "I spent a little bit of time with them. We got to smile a little bit, which was good for them. It was a time where I just wanted to be a positive voice, a positive light in the tunnel where it can really be negative, so it was a good time. They are a great family and they're really united at this time and it was good to see."
Cruz said it was strange thinking about a child being buried in his jersey. He did not know how to react. Should he thank the family?
"It leaves you kind of blank," Cruz said. "I am definitely honored by it. I am definitely humbled by it, and it's definitely an unfortunate but humbling experience for me."
The visit also gave Cruz time to reflect, especially looking at his daughter.
"Ever since it happened I've kind of been spending more time with her, just cherishing the little moments, the little time you get with her because you never know when that can be taken from you," he said.
Giants coach Tom Coughlin said he was incredibly proud of Cruz for visiting with the Pinto family.
"Hopefully some of their grief might at least temporarily be suspended in being able to embrace Victor Cruz," Coughlin said, adding what he did speaking volumes of what he has inside.
Baltimore Ravens running back Ray Rice said what Cruz did took heart.
"You've got to be able to put yourself in that family's situation to understand at least what they're going through," Rice said in a conference call with the New York media about Sunday's game against the Giants. "That's what it's about. That's something that you don't just say, 'I'm going to do it.' You do it from the heart, from within and what he did was amazing."
Heisman winner Manziel glad to get back in huddle
Labels: SportsJohnny Manziel is ready to get back to being Johnny Football.
After not talking to the media all season until Nov. 26, two days after the regular season finale, the Texas A&M quarterback has been from Florida to New York to Hollywood. Along the way, he won the Heisman Trophy and a host of other major awards.
Manziel is back on the College Station campus after a "Tonight Show" appearance this week, when he presented actress Megan Fox with a No. 12 Texas A&M baby jersey for her newborn son. Manziel did a Top 10 list for David Letterman last week, along with plenty of other media appearances as the Heisman winner.
"He got back in here the other day, he just said, 'Hey, coach, I'm ready to play some football.' He's through with all that," Aggies coach Kevin Sumlin said Wednesday.
"He can get back to just being with his teammates and practicing," the coach said during a conference call featuring the Cotton Bowl coaches. "Just talking with him yesterday, he looks excited to just be off the circuit, be back in the huddle calling plays."
No. 10 Texas A&M (10-2) plays 12th-ranked Oklahoma (10-2) at Cowboys Stadium on Jan. 4. While Manziel will be the eighth Heisman winner to play in the Cotton Bowl, he is the first since Texas running back Ricky Williams 14 years ago.
Oklahoma coach Bob Stoops said preparing to face Manziel presents unique challenges.
"Unique in that he's the leading rusher. It makes it really difficult. He throws the ball so well, throws it so well on the run," Stoops said. "But he's one of those guys, maybe sometimes the worst thing you can do is cover everybody because there he goes. He just has a great knack, an instinct for avoiding pressure and creating plays."
Manziel had 4,600 yards of total offense in 12 games to break the SEC record set two years earlier by Heisman winner Cam Newton, who needed 14 games to gain 4,327 yards. Manziel became the first freshman, first player in the SEC and the fifth player overall with 3,000 yards passing and 1,000 yards rushing in the same season.
Along with the Heisman Trophy, Manziel was named The Associated Press Player of the Year, the SEC's top player and the winner of the Davey O'Brien Award that goes to the nation's top quarterback.
All of this for a kid who just turned 20 years old two weeks ago.
Sumlin said he has had a conversation with his young quarterback about handling things moving forward, and the fact that he's just getting started.
"People are asking, What are you going to do now? With success, there comes other things," Sumlin said. "I think we've got a lot of the things in place here to help him, which really helped him through the process originally, and we've got a lot of things in place that are going to continue to help him handle a lot of these things. ... I think you can see he's pretty mature for a 20 year old."
Without being specific, Sumlin said the Aggies would help Manziel through that process.
"But, like I said, shoot, he's happy to be back here in the building," Sumlin said. "Sitting in meetings, watching video."
Notes: With Aggies offensive coordinator Kliff Kingsbury gone to become Texas Tech's head coach, Sumlin said running backs coach Clarence McKinney will call plays in the Cotton Bowl. ... Before becoming Houston's head coach in 2008, and going to A&M after last season, Sumlin was an Oklahoma assistant for Stoops from 2003-07. Before that he was offensive coordinator at Texas A&M for a win over Oklahoma. "I had great respect for Kevin before he was the O-coordinator there when they beat us," Stoops said. "Heck, Kevin and I used to run around South Florida together recruiting when he was at Purdue, I was at K-State. We were chasing the same kids all the time."
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After not talking to the media all season until Nov. 26, two days after the regular season finale, the Texas A&M quarterback has been from Florida to New York to Hollywood. Along the way, he won the Heisman Trophy and a host of other major awards.
Manziel is back on the College Station campus after a "Tonight Show" appearance this week, when he presented actress Megan Fox with a No. 12 Texas A&M baby jersey for her newborn son. Manziel did a Top 10 list for David Letterman last week, along with plenty of other media appearances as the Heisman winner.
"He got back in here the other day, he just said, 'Hey, coach, I'm ready to play some football.' He's through with all that," Aggies coach Kevin Sumlin said Wednesday.
"He can get back to just being with his teammates and practicing," the coach said during a conference call featuring the Cotton Bowl coaches. "Just talking with him yesterday, he looks excited to just be off the circuit, be back in the huddle calling plays."
No. 10 Texas A&M (10-2) plays 12th-ranked Oklahoma (10-2) at Cowboys Stadium on Jan. 4. While Manziel will be the eighth Heisman winner to play in the Cotton Bowl, he is the first since Texas running back Ricky Williams 14 years ago.
Oklahoma coach Bob Stoops said preparing to face Manziel presents unique challenges.
"Unique in that he's the leading rusher. It makes it really difficult. He throws the ball so well, throws it so well on the run," Stoops said. "But he's one of those guys, maybe sometimes the worst thing you can do is cover everybody because there he goes. He just has a great knack, an instinct for avoiding pressure and creating plays."
Manziel had 4,600 yards of total offense in 12 games to break the SEC record set two years earlier by Heisman winner Cam Newton, who needed 14 games to gain 4,327 yards. Manziel became the first freshman, first player in the SEC and the fifth player overall with 3,000 yards passing and 1,000 yards rushing in the same season.
Along with the Heisman Trophy, Manziel was named The Associated Press Player of the Year, the SEC's top player and the winner of the Davey O'Brien Award that goes to the nation's top quarterback.
All of this for a kid who just turned 20 years old two weeks ago.
Sumlin said he has had a conversation with his young quarterback about handling things moving forward, and the fact that he's just getting started.
"People are asking, What are you going to do now? With success, there comes other things," Sumlin said. "I think we've got a lot of the things in place here to help him, which really helped him through the process originally, and we've got a lot of things in place that are going to continue to help him handle a lot of these things. ... I think you can see he's pretty mature for a 20 year old."
Without being specific, Sumlin said the Aggies would help Manziel through that process.
"But, like I said, shoot, he's happy to be back here in the building," Sumlin said. "Sitting in meetings, watching video."
Notes: With Aggies offensive coordinator Kliff Kingsbury gone to become Texas Tech's head coach, Sumlin said running backs coach Clarence McKinney will call plays in the Cotton Bowl. ... Before becoming Houston's head coach in 2008, and going to A&M after last season, Sumlin was an Oklahoma assistant for Stoops from 2003-07. Before that he was offensive coordinator at Texas A&M for a win over Oklahoma. "I had great respect for Kevin before he was the O-coordinator there when they beat us," Stoops said. "Heck, Kevin and I used to run around South Florida together recruiting when he was at Purdue, I was at K-State. We were chasing the same kids all the time."
Andersen changes directions, heads to Wisconsin
Labels: SportsGary Andersen publicly pledged his allegiance to Utah State not long ago. Now he's on the verge of becoming Wisconsin's coach.
Wisconsin reportedly will hire Andersen to replace Bret Bielema, who left the Badgers earlier this month to take the Arkansas job.
The news about Andersen broke Tuesday night and neither Utah State nor Wisconsin had anything official to announce about Andersen on Wednesday. The delay is at least in part tied to laws in Wisconsin that require a state job to be posted for at least two weeks before it can be filled. The two-week posting was up at the end of business on Wednesday.
The school was expected to introduce Andersen at a news conference Thursday, but a snowstorm might change those plans.
The 48-year-old Andersen just completed his fourth and best season at Utah State. The 18th-ranked Aggies finished 11-2 with a bowl victory against Toledo and won the Western Athletic Conference.
It's been a remarkable rise for a program that had been near the bottom of major college football for years, and stuck in distant third in its own state behind BYU and Utah. The Aggies won nine games in the previous four seasons before Andersen took over. The last football coach to finish his tenure in Logan, Utah, with a winning record was Phil Krueger who went 21-12 from 1973-75.
Andersen drew interest from California, Colorado and Kentucky last month, but decided to pass on those opportunities and received a contract extension from Utah State.
"The interest I have received is a compliment to the quality young men in this program," Andersen said in the statement released Nov. 30. "I love Cache Valley, this university and these young men, and I am humbled and excited to continue to be the coach here. The leadership of President (Stan) Albrecht and Mr. Barnes, as well as the support from the fans and community, are big reasons why this is the right place for myself and my family at this time."
That was before Wisconsin had an opening. Bielema announced he was leaving on Dec. 4, three days after the Badgers won their third straight Big Ten title and trip to the Rose Bowl.
As late as last week, before Utah State played in the Famous Idaho Potato Bowl, Andersen was saying he was committed to the Aggies.
"I love the kids I get to coach here. ... The kids I have in the program, it just was not time. I look them in the eye and I need to be where I'm at," he told the Idaho Statesman newspaper.
When Wisconsin called, Andersen changed his mind.
It's a tough spot in which many coaches find themselves. It's imperative for recruiting purposes to show unwavering commitment to your current school. But when a coach does jump to another job, he looks like a liar.
"If you can, it's good to not say anything," former Arkansas and Mississippi coach Houston Nutt said. "It's almost now impossible because there's so much information out there."
Washington State coach Mike Leach said he felt his only obligation was to his employer and his team.
"I think you handle it honestly with the people you work for, but by the same token you don't let the media or public into your personal business," he said.
Apparently, many in Utah were caught off guard by the Andersen-to-Wisconsin news.
"I can't believe this..." Utah State receiver Alex Wheat posted on his Twitter account when word started to spread.
"I hate rumors.." tight end DJ Tialavea tweeted.
A few hours later, that changed.
"Coach A just called me. Explained the situation. No hard feelings. I have nothing but respect for the man. We must fight on. (hash)AggieNation," Wheat posted.
"Just got that phone call always have and always will love ya coach!" Tialavea tweeted.
The Wisconsin State Journal, which first reported that the Andersen would be the next Badgers' coach, reported Wednesday that Andersen spent Tuesday night calling his Utah State players.
The should buy plenty of good will for Andersen as he heads from his old job to his new one.
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Wisconsin reportedly will hire Andersen to replace Bret Bielema, who left the Badgers earlier this month to take the Arkansas job.
The news about Andersen broke Tuesday night and neither Utah State nor Wisconsin had anything official to announce about Andersen on Wednesday. The delay is at least in part tied to laws in Wisconsin that require a state job to be posted for at least two weeks before it can be filled. The two-week posting was up at the end of business on Wednesday.
The school was expected to introduce Andersen at a news conference Thursday, but a snowstorm might change those plans.
The 48-year-old Andersen just completed his fourth and best season at Utah State. The 18th-ranked Aggies finished 11-2 with a bowl victory against Toledo and won the Western Athletic Conference.
It's been a remarkable rise for a program that had been near the bottom of major college football for years, and stuck in distant third in its own state behind BYU and Utah. The Aggies won nine games in the previous four seasons before Andersen took over. The last football coach to finish his tenure in Logan, Utah, with a winning record was Phil Krueger who went 21-12 from 1973-75.
Andersen drew interest from California, Colorado and Kentucky last month, but decided to pass on those opportunities and received a contract extension from Utah State.
"The interest I have received is a compliment to the quality young men in this program," Andersen said in the statement released Nov. 30. "I love Cache Valley, this university and these young men, and I am humbled and excited to continue to be the coach here. The leadership of President (Stan) Albrecht and Mr. Barnes, as well as the support from the fans and community, are big reasons why this is the right place for myself and my family at this time."
That was before Wisconsin had an opening. Bielema announced he was leaving on Dec. 4, three days after the Badgers won their third straight Big Ten title and trip to the Rose Bowl.
As late as last week, before Utah State played in the Famous Idaho Potato Bowl, Andersen was saying he was committed to the Aggies.
"I love the kids I get to coach here. ... The kids I have in the program, it just was not time. I look them in the eye and I need to be where I'm at," he told the Idaho Statesman newspaper.
When Wisconsin called, Andersen changed his mind.
It's a tough spot in which many coaches find themselves. It's imperative for recruiting purposes to show unwavering commitment to your current school. But when a coach does jump to another job, he looks like a liar.
"If you can, it's good to not say anything," former Arkansas and Mississippi coach Houston Nutt said. "It's almost now impossible because there's so much information out there."
Washington State coach Mike Leach said he felt his only obligation was to his employer and his team.
"I think you handle it honestly with the people you work for, but by the same token you don't let the media or public into your personal business," he said.
Apparently, many in Utah were caught off guard by the Andersen-to-Wisconsin news.
"I can't believe this..." Utah State receiver Alex Wheat posted on his Twitter account when word started to spread.
"I hate rumors.." tight end DJ Tialavea tweeted.
A few hours later, that changed.
"Coach A just called me. Explained the situation. No hard feelings. I have nothing but respect for the man. We must fight on. (hash)AggieNation," Wheat posted.
"Just got that phone call always have and always will love ya coach!" Tialavea tweeted.
The Wisconsin State Journal, which first reported that the Andersen would be the next Badgers' coach, reported Wednesday that Andersen spent Tuesday night calling his Utah State players.
The should buy plenty of good will for Andersen as he heads from his old job to his new one.
Cowboys trusting Bryant to make call on finger
Labels: SportsIRVING, Texas (AP) — The Dallas Cowboys couldn't trust receiver Dez Bryant to even run the right routes less than two months ago.
Now they're letting him dictate whether he plays with a broken left index finger. They are also drawing inspiration from Bryant's insistence on waiting until after the season for a surgery serious enough for owner Jerry Jones to startle his emerging star by mistakenly saying it would involve taking bone from his hip.
"Finding a way to play shows a lot of toughness because that's not easy to do," said tight end Jason Witten, who would know because he once ran 30 yards downfield without a helmet before getting tackled and played in the opener this season with a lacerated spleen. "He earned my respect."
Bryant broke the finger on a catch against Cincinnati two weeks ago. He scored a critical touchdown in the 20-19 win after the injury and made it clear early last week that he would play against Pittsburgh.
Playing with a padded glove that exposed the tip of the broken finger, Bryant looked like a decoy in the first quarter because Tony Romo kept throwing to Miles Austin, but he still scored a touchdown for the sixth straight game — catching a ball away from his body, fingers first — and finished with four catches for 59 yards.
The Cowboys (8-6) beat the Steelers 27-24 in overtime last weekend and emerged with control of their playoff hopes. Dallas moves on with wins over New Orleans (6-8) at home on Sunday and at Washington in the finale.
"I just wanted to be out there and I felt like I needed to," Bryant said. "Miles came up to me and said, 'We're all really inspired by you playing.' I can tell from the guys that it meant a lot."
Seven weeks earlier — in that same locker room — Bryant had to acknowledge that his route-running wasn't precise enough, and that it cost Romo one of four interceptions in a 29-24 loss to the New York Giants. He also botched a punt return so badly that coach Jason Garrett took those duties away from him.
Bryant did have 110 yards receiving that day — a season high at the time — and made a spectacular catch that appeared to win the game in the final seconds. But a replay showed that his fingers came down first out of bounds, so he still had just two touchdowns through seven games.
The third-year pro was on his way to another mediocre season, and still didn't know whether Dallas County prosecutors would pursue family violence charges against him over an altercation with his mother during the summer. That incident came after his first two years were marred by lawsuits over unpaid bills for tickets and jewelry and a scene at the mall for wearing sagging pants.
Just as his career-best touchdown streak started, though, Bryant got word that a deal had been reached that could lead to dismissal of the family violence charges. He celebrated by having the same career high in receiving yardage twice — 145 against Cleveland and Washington. With eight touchdowns in six games, Bryant is now tied for the among NFL receivers with 10 scores.
"I'm proud of him," Witten said. "You talk about him dealing with all the stuff he's dealt with the three years he's been here. He's almost like a little brother. You keep offering him support and encouragement. He's a good kid. It kind of seemed like he's put it all behind him."
Jones, ever the optimist, has been guarded as Bryant kept stringing together good games. He gushed about the receiver after beating the Steelers, but scared Bryant a little by offering the possibility of a bone graft involving Bryant's hip ("You're not touching my hip," Bryant told reporters Sunday after hearing the Jones diagnosis). Turns out Jones just misunderstood the doctors. The bone will come from the hand. But Jones' point was clear: the injury is serious.
"He certainly is playing with some risks, but he was inspirational out there to everybody involved in the organization," Jones said. "He meant it because we were still playing for all the marbles, and he wanted to give everything he could."
While Dallas coach Jason Garrett said medical opinions did factor in the decision, Bryant said his reasoning was simple: The Cowboys were still in the playoff hunt. Had Dallas been eliminated, he said he might have gone ahead with surgery. There's some personal incentive, too. Two more 100-yard games would give him six for the season and probably push him past 1,300 yards. With that kind of production, he could end up leading the league in touchdowns. He might go to his first Pro Bowl.
"I know that you go by catches and yards and touchdowns, but I go by how many times he does the right thing, makes the right choice, runs the right route, the depth that he's at, the timing that he came out, his ability to read the coverage," Romo said. "You know there's a lot of stuff involved and he didn't do as well in the beginning of the year, but he's really come on as of lately."
Bryant's come so far, the Cowboys are trusting him to call the shots.
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Now they're letting him dictate whether he plays with a broken left index finger. They are also drawing inspiration from Bryant's insistence on waiting until after the season for a surgery serious enough for owner Jerry Jones to startle his emerging star by mistakenly saying it would involve taking bone from his hip.
"Finding a way to play shows a lot of toughness because that's not easy to do," said tight end Jason Witten, who would know because he once ran 30 yards downfield without a helmet before getting tackled and played in the opener this season with a lacerated spleen. "He earned my respect."
Bryant broke the finger on a catch against Cincinnati two weeks ago. He scored a critical touchdown in the 20-19 win after the injury and made it clear early last week that he would play against Pittsburgh.
Playing with a padded glove that exposed the tip of the broken finger, Bryant looked like a decoy in the first quarter because Tony Romo kept throwing to Miles Austin, but he still scored a touchdown for the sixth straight game — catching a ball away from his body, fingers first — and finished with four catches for 59 yards.
The Cowboys (8-6) beat the Steelers 27-24 in overtime last weekend and emerged with control of their playoff hopes. Dallas moves on with wins over New Orleans (6-8) at home on Sunday and at Washington in the finale.
"I just wanted to be out there and I felt like I needed to," Bryant said. "Miles came up to me and said, 'We're all really inspired by you playing.' I can tell from the guys that it meant a lot."
Seven weeks earlier — in that same locker room — Bryant had to acknowledge that his route-running wasn't precise enough, and that it cost Romo one of four interceptions in a 29-24 loss to the New York Giants. He also botched a punt return so badly that coach Jason Garrett took those duties away from him.
Bryant did have 110 yards receiving that day — a season high at the time — and made a spectacular catch that appeared to win the game in the final seconds. But a replay showed that his fingers came down first out of bounds, so he still had just two touchdowns through seven games.
The third-year pro was on his way to another mediocre season, and still didn't know whether Dallas County prosecutors would pursue family violence charges against him over an altercation with his mother during the summer. That incident came after his first two years were marred by lawsuits over unpaid bills for tickets and jewelry and a scene at the mall for wearing sagging pants.
Just as his career-best touchdown streak started, though, Bryant got word that a deal had been reached that could lead to dismissal of the family violence charges. He celebrated by having the same career high in receiving yardage twice — 145 against Cleveland and Washington. With eight touchdowns in six games, Bryant is now tied for the among NFL receivers with 10 scores.
"I'm proud of him," Witten said. "You talk about him dealing with all the stuff he's dealt with the three years he's been here. He's almost like a little brother. You keep offering him support and encouragement. He's a good kid. It kind of seemed like he's put it all behind him."
Jones, ever the optimist, has been guarded as Bryant kept stringing together good games. He gushed about the receiver after beating the Steelers, but scared Bryant a little by offering the possibility of a bone graft involving Bryant's hip ("You're not touching my hip," Bryant told reporters Sunday after hearing the Jones diagnosis). Turns out Jones just misunderstood the doctors. The bone will come from the hand. But Jones' point was clear: the injury is serious.
"He certainly is playing with some risks, but he was inspirational out there to everybody involved in the organization," Jones said. "He meant it because we were still playing for all the marbles, and he wanted to give everything he could."
While Dallas coach Jason Garrett said medical opinions did factor in the decision, Bryant said his reasoning was simple: The Cowboys were still in the playoff hunt. Had Dallas been eliminated, he said he might have gone ahead with surgery. There's some personal incentive, too. Two more 100-yard games would give him six for the season and probably push him past 1,300 yards. With that kind of production, he could end up leading the league in touchdowns. He might go to his first Pro Bowl.
"I know that you go by catches and yards and touchdowns, but I go by how many times he does the right thing, makes the right choice, runs the right route, the depth that he's at, the timing that he came out, his ability to read the coverage," Romo said. "You know there's a lot of stuff involved and he didn't do as well in the beginning of the year, but he's really come on as of lately."
Bryant's come so far, the Cowboys are trusting him to call the shots.
Has Obama Been Good for Millionaires?
Labels: BusinessThe question of whether Americans are better off than they were four years ago depends, of course, on the American.
For the 12 million unemployed, the answer is most certainly no.
But for many of America's millionaires, the answer may be more affirmative.
A new study from WealthInsight, the London-based wealth-research and data firm (and yes, they are non-partisan), showed that the United States added 1.1 million millionaires between Jan. 1, 2009 and the end of 2011, the latest period measured. There were 5.1 million millionaires in America at the end of 2011, compared with around 4 million at the end of 2008.
That works out to more than 1,000 millionaires a day under the Obama administration. (They defined millionaires as people with total net worth of $1 million or more, excluding primary residence).
(Read more: Rich Will Spend More Under Romney: Poll)
"It's true that Obama has been good for millionaires, at least in absolute terms," said Andrew Amoils, analyst at WealthInsight. "He certainly hasn't been bad for millionaires."
Amoils said that quantitative easing and financial bailouts especially helped the finance sector, which accounts for the largest share of millionaires. It also helped that markets recovered in 2009.
The timeframe is worth noting. Measured against the 2007 peak, when 5.27 million Americans had a net worth of at least $1 million, the nation lost 165,360 millionaires. Their combined wealth is down six percent, to $18.8 trillion from a peak of more than $20 trillion in 2007.
We don't know how 2012 will turn out, though if stock markets continue to strengthen, the millionaire count for 2012 is likely to increase. Wealth Insight says the number of millionaires in America will grow to more than six million by 2016, and their combined fortunes will jump 25 percent over the same period.
(Read more: Millionaires Give Nine Percent of Income to Charity)
Where did all the millionaires come from between 2008 and 2011?
Mainly from retail, tech and finance -- and in both blue and red states.
Of the sectors adding the largest number of people worth $30 million or more, the retail, fashion, and luxury goods sector ranked first. That was followed by energy and utilities, then tech, telecoms and finance. Transportation and construction saw the biggest drops.
The number of people worth $30 million or more grew 26 percent in Connecticut since 2008, 20 percent in Kansas, 12 percent in Michigan, showing that the wealth creation was nationwide.
Read More..
For the 12 million unemployed, the answer is most certainly no.
But for many of America's millionaires, the answer may be more affirmative.
A new study from WealthInsight, the London-based wealth-research and data firm (and yes, they are non-partisan), showed that the United States added 1.1 million millionaires between Jan. 1, 2009 and the end of 2011, the latest period measured. There were 5.1 million millionaires in America at the end of 2011, compared with around 4 million at the end of 2008.
That works out to more than 1,000 millionaires a day under the Obama administration. (They defined millionaires as people with total net worth of $1 million or more, excluding primary residence).
(Read more: Rich Will Spend More Under Romney: Poll)
"It's true that Obama has been good for millionaires, at least in absolute terms," said Andrew Amoils, analyst at WealthInsight. "He certainly hasn't been bad for millionaires."
Amoils said that quantitative easing and financial bailouts especially helped the finance sector, which accounts for the largest share of millionaires. It also helped that markets recovered in 2009.
The timeframe is worth noting. Measured against the 2007 peak, when 5.27 million Americans had a net worth of at least $1 million, the nation lost 165,360 millionaires. Their combined wealth is down six percent, to $18.8 trillion from a peak of more than $20 trillion in 2007.
We don't know how 2012 will turn out, though if stock markets continue to strengthen, the millionaire count for 2012 is likely to increase. Wealth Insight says the number of millionaires in America will grow to more than six million by 2016, and their combined fortunes will jump 25 percent over the same period.
(Read more: Millionaires Give Nine Percent of Income to Charity)
Where did all the millionaires come from between 2008 and 2011?
Mainly from retail, tech and finance -- and in both blue and red states.
Of the sectors adding the largest number of people worth $30 million or more, the retail, fashion, and luxury goods sector ranked first. That was followed by energy and utilities, then tech, telecoms and finance. Transportation and construction saw the biggest drops.
The number of people worth $30 million or more grew 26 percent in Connecticut since 2008, 20 percent in Kansas, 12 percent in Michigan, showing that the wealth creation was nationwide.
Obama Wins 2012 Election: Why Your Taxes Are Going Up
Labels: BusinessWhen President Obama and the new Congress begin to tackle important legislation and federal policy in January, one of the key issues will be how to reform America's byzantine tax code.
Obama campaigned on a platform to raise taxes on the wealthiest Americans, declaring that millionaires and billionaires need to "pay their fair share." The president proposed the highly controversial "Buffett Rule," which would make sure those individuals earning more than $1 million a year would pay at least 30% of their income in federal taxes.
Related: Do the Rich Have a Moral Obligation to Pay Higher Taxes? Gov. Jerry Brown Says 'Yes'
The top individual tax rate is currently 35% but few U.S. households and individuals actually pay that much; various tax deductions and loopholes reduce one's tax burden.
According to the Obama campaign, the richest 400 taxpayers in 2008 (who each made more than $110 million that year) paid an average income tax rate of just 18%. In 2009 over 20,000 U.S. households with more than $1 million in income paid a federal tax rate of less than 15%.
Obama has vowed to raise the top income tax rate for individuals to 39.6% and let the Bush-era tax breaks end for the highest income earners. The majority of Americans — those who are lower to middle class — could also see a 2% tax increase if Congress allows the temporary payroll tax holiday to expire at the end of the year.
Related: Here's Why Your Taxes Are Going Up 2% Next Year: Just Explain It
Nearly half of voters support raising taxes on incomes over $250,000, according to Tuesday night's exit polls.
Len Burman, a professor of public affairs at Syracuse University and a co-founder of the bipartisan Tax Policy Center, believes higher tax rates play just a small role in resolving the nation's budget woes.
"In the long term [Obama] is going to need to raise taxes on more than just the rich," Burman says in an interview with The Daily Ticker. "The budget problem isn't going to be solved without broader-based tax increases, preferably done in the context of tax reform and also serious entitlement reform. We're not going to be able to solve this on the tax side alone."
Burman, who recently co-wrote the new book "Taxes in America: What Everyone Needs to Know," says tax rates do not need to be raised for any income group if Congress and the White House would agree on one simple change: raising the capital gains rate, i.e. the profits from the sale of an investment. Assets, such as stocks, art or real estate, that are held for at least a year are currently taxed at a special 15% rate; Obama wants to raise that to 20%.
"The problem with a low tax rate on capital gains is not that it allows Mitt Romney and Warren Buffett to pay very low taxes but that it creates this huge opportunity for tax sheltering," he notes. "There's a whole industry that's devoted to coming up with these schemes. [Raising capital gains rates] could make the tax system more progressive and allow for lower tax rates" and a reduction in the deficit Burman says.
Obama's tax proposal also targets the Alternative Minimum Tax, the Estate Tax and as well as many personal tax credits and itemized deductions. Obama would make permanent the 2007 AMT patch and index it for inflation. He would raise the estate tax to 45% from 35% on estates worth more than $3.5 million. He would lower the corporate tax rate to 28% from 35% and provide a refundable $3,000 credit per added employee for companies that expand their workforce. He would tax carried interest as ordinary income.
Related: Corporate Tax Loopholes=Corporate Socialism: Pulitzer Prize Winner David Cay Johnston
A divided Congress refused to compromise with Obama during his first term and could very well dismiss the president's tax reforms for the next four years. Republicans are loathe to raise taxes by even a penny and Obama has said he would veto any budget bills that did not include tax increases. Neither party wants to raise taxes in a weak economy. But the options available for reducing the deficit and generating new revenue are few and far between.
Read More..
Obama campaigned on a platform to raise taxes on the wealthiest Americans, declaring that millionaires and billionaires need to "pay their fair share." The president proposed the highly controversial "Buffett Rule," which would make sure those individuals earning more than $1 million a year would pay at least 30% of their income in federal taxes.
Related: Do the Rich Have a Moral Obligation to Pay Higher Taxes? Gov. Jerry Brown Says 'Yes'
The top individual tax rate is currently 35% but few U.S. households and individuals actually pay that much; various tax deductions and loopholes reduce one's tax burden.
According to the Obama campaign, the richest 400 taxpayers in 2008 (who each made more than $110 million that year) paid an average income tax rate of just 18%. In 2009 over 20,000 U.S. households with more than $1 million in income paid a federal tax rate of less than 15%.
Obama has vowed to raise the top income tax rate for individuals to 39.6% and let the Bush-era tax breaks end for the highest income earners. The majority of Americans — those who are lower to middle class — could also see a 2% tax increase if Congress allows the temporary payroll tax holiday to expire at the end of the year.
Related: Here's Why Your Taxes Are Going Up 2% Next Year: Just Explain It
Nearly half of voters support raising taxes on incomes over $250,000, according to Tuesday night's exit polls.
Len Burman, a professor of public affairs at Syracuse University and a co-founder of the bipartisan Tax Policy Center, believes higher tax rates play just a small role in resolving the nation's budget woes.
"In the long term [Obama] is going to need to raise taxes on more than just the rich," Burman says in an interview with The Daily Ticker. "The budget problem isn't going to be solved without broader-based tax increases, preferably done in the context of tax reform and also serious entitlement reform. We're not going to be able to solve this on the tax side alone."
Burman, who recently co-wrote the new book "Taxes in America: What Everyone Needs to Know," says tax rates do not need to be raised for any income group if Congress and the White House would agree on one simple change: raising the capital gains rate, i.e. the profits from the sale of an investment. Assets, such as stocks, art or real estate, that are held for at least a year are currently taxed at a special 15% rate; Obama wants to raise that to 20%.
"The problem with a low tax rate on capital gains is not that it allows Mitt Romney and Warren Buffett to pay very low taxes but that it creates this huge opportunity for tax sheltering," he notes. "There's a whole industry that's devoted to coming up with these schemes. [Raising capital gains rates] could make the tax system more progressive and allow for lower tax rates" and a reduction in the deficit Burman says.
Obama's tax proposal also targets the Alternative Minimum Tax, the Estate Tax and as well as many personal tax credits and itemized deductions. Obama would make permanent the 2007 AMT patch and index it for inflation. He would raise the estate tax to 45% from 35% on estates worth more than $3.5 million. He would lower the corporate tax rate to 28% from 35% and provide a refundable $3,000 credit per added employee for companies that expand their workforce. He would tax carried interest as ordinary income.
Related: Corporate Tax Loopholes=Corporate Socialism: Pulitzer Prize Winner David Cay Johnston
A divided Congress refused to compromise with Obama during his first term and could very well dismiss the president's tax reforms for the next four years. Republicans are loathe to raise taxes by even a penny and Obama has said he would veto any budget bills that did not include tax increases. Neither party wants to raise taxes in a weak economy. But the options available for reducing the deficit and generating new revenue are few and far between.
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