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Economic Indicators- Major Economic Indicators Latest NumbersConsumer Price Index (CPI): +0.2% in Jan 2010 News Release Historical Data Unemployment Rate: 9.7% in Jan 2010 News Release Historical Data Payroll Employment: -20,000(p) in Jan 2010 News Release Historical Data Average Hourly Earnings: +$0.04(p) in Jan 2010 News Release Historical Data Producer Price Index (PPI): +1.4%(p) in Jan 2010 News Release Historical […]
- Major Economic Indicators Latest Numbers
- Consumer News
- FDA Drug Safety Communication: Product Confusion with Maalox Total Relief and Maalox Liquid ProductsThe U.S. Food and Drug Administration (FDA) has received five reports of serious medication errors involving consumers who used Maalox Total Relief, the upset stomach reliever and anti-diarrheal medication, by mistake, when they had intended to use one of the traditional Maalox liquid antacid products. Read more... […]
- FDA Drug Safety Communication: Product Confusion with Maalox Total Relief and Maalox Liquid Products
- Economic Analysis
- U.S. International Trade in Goods and Services, December 2009The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that total December exports of $142.7 billion and imports of $182.9 billion resulted in a goods and services deficit of $40.2 billion, up from $36.4 billion in November, revised. December exports were $4.6 billion more than November exports of […]
- U.S. International Trade in Goods and Services, December 2009
- Budget Office
- CBO Testifies Before the Joint Economic Committee about Increasing Economic Growth and Employment in the Short TermI testified this morning before the Joint Economic Committee about policies to increase economic growth and employment in 2010 and 2011. This hearing was originally scheduled for several weeks ago but then canceled because of the snow. My prepared remarks today were essentially the same as those released a few weeks ago and were based [...] […]
- CBO Testifies Before the Joint Economic Committee about Increasing Economic Growth and Employment in the Short Term
- Economic Outlook
- Temporary Extension Act of 2010Cost estimate for the bill as proposed by Senator Reid on February 24, 2010 […]
- Estimated Impact of the American Recovery and Reinvestment Act on Employment and Economic Output From October 2009 Through December 2009[…]
- Policies for Increasing Economic Growth and Employment in the Short TermTestimony prepared for the Joint Economic Committee, U.S. Congress […]
- H.R. 2847, Hiring Incentives to Restore Employment ActCost estimate for Senate Amendment 3310, as introduced in the nature of a substitute for H.R. 2847 on February 11, 2010. […]
- The Budget and Economic OutlookCBO Deputy Director Robert Sunshine's presentation to the Association of Government Accountants […]
- Temporary Extension Act of 2010
4 Facts About Children’s Investment Income
The IRS wants parents to be aware of the tax rules that affect their children’s investment income. The following four facts will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate.
1. Investment Income Children with investment income may have part or all of this income taxed at their parents’ tax rate rather than at the child’s rate. Investment income includes interest, dividends, capital gains and other unearned income.
2. Age Requirement The child’s tax must be figured using the parents’ rates if the child has investment income of more than $1,900 and meet one of three age requirements for 2009:
The child was born after January 1, 1992.
The child was born after January 1, 1991, and before January 2, 1992, and has earned income that does not exceed one-half of their own support for the year.
The child was born after January 1, 1986, and before January 2, 1991, and a full-time student with earned income that does not exceed one-half of the child’s support for the year.
3. Form 8615 To figure the child’s tax using the parents’ rate for the child’s return, fill out Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,900, and attach it to the child’s federal income tax return.
4. Form 8814 When certain conditions are met, a parent may be able to avoid having to file a tax return for the child by including the child’s income on the parent’s tax return. In this situation, the parent would file Form 8814, Parents’ Election To Report Child’s Interest and Dividends.