That applies both to the current budget balance and the net fiscal balance, including capital expenditure.
It appears that pervasive uncertainty about the future of American and European fiscal policy has frozen capital and corporations alike.
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The key to their argument was that the government's deficit rules allow capital spending to be increased without abandoning Plan A as the Treasury's so-called "fiscal mandate" targets current not capital spending.
He said under the fiscal cliff, taxes on capital gains and dividends are set to rise.
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Senator Ozouf said a recommendation, by the independent Fiscal Policy Panel, to accelerate capital investment in the short term, had been considered but was rejected.
Rulers have invested so much political capital in the unpopular fiscal measures required for Europe's single currency that they have had nothing left over for jobs.
"Tom is a great choice to provide continuity of strong professional leadership of the MTA in the face of daunting fiscal challenges and with a major capital program under way, " she said.
Proper fiscal policy is the way to keep capital in productive investment.
The yellow metal has suffered from a combination of intense profit taking, technical selling, and an improved stock market, which has zapped capital ahead of a possible fiscal cliff deal.
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Over the next few months, James Paulsen, chief investment strategist at Wells Capital Management, argues, the fiscal drama and Europe's challenges won't matter as much for the market as whether the U.S. job picture improves.
Seventeen states revised their plans in the middle of this fiscal year, cutting spending, cancelling or delaying capital projects, issuing more debt and, in four states, raising taxes (by more than 5% in Arizona and New Hampshire).
Some of the discussion surrounding the fiscal cliff and how to avoid it centers on raising capital gains taxes.
In the first instance, greater mobility of capital gives governments more freedom of manoeuvre in fiscal policy, not less.
For instance, large companies of all kinds now plan to boost capital expenditure by nearly 12% in the fiscal year that began in April, compared with plans reported in the March survey to boost spending by less than 3% over the same period.
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The ad hoc response to the Greek crisis may partly reflect a fear that a formal set-up with a staff, budget and the ability to raise funds in capital markets would be too close to a fiscal union for many countries to stomach.
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Europe, too, is not just suffering from an excess of counter-inflationary zeal (at a time when deflation is also a risk) and inappropriate fiscal restraint: fundamental reforms are needed to labour and capital markets in several countries if domestic demand is to grow significantly.
Instead of having a pension system that's a fiscal drain, we would have one that's a capital creator.
Where Mr Trudeau was a cosmopolitan Liberal, Mr Day is a fiscal and social conservative, and an evangelical Christian who supports capital punishment and opposes gay rights and abortion.
The fiscal-cliff deal made the qualifying dividends and long-term capital gains tax rates permanent.
If it had been my call, I would have punted and told the guys in the Capital that the ball was in their court to get their fiscal house in order, because that is the main source of the problem.
They are the ones who borrowed extravagantly with the pretense that good intentions trumped fiscal responsibility, who set the rules that require banks to hold zero capital against government debt, and who permitted the European Central Bank to buy billions of euros of that debt from banks.
Instead of the 'net fiscal balance', that smaller 'current budget balance' doesn't include capital spending.
The best fiscal lever to pump growth is a combined federal tax burden--income, capital gains, dividends, corporate, estate, etc.
After all, the Cayman Islands are a fiscal paradise, with no personal income tax, no corporate income tax, no capital gains tax, and no death tax.
Swings in cross-border capital flows all too frequently dominate a range of monetary, regulatory, fiscal- and social-policy decisions because the broad-brush approach also characterises many international investors in Africa.
And the sudden drying up of capital gains is a critical cause of states and municipalities being in such fiscal hot water, even though the economic downturn has been rather mild by historic standards.
"What the numbers tell us is that fiscal packages do have an impact, " says Kuribayashi Hiroshi, an economist with Barclays Capital in Tokyo.
"The investment grade rating substantiates all the progress Philippines has made in terms of fiscal sustainability, reforms, and improved growth outlook, " said Prakriti Sofat from Barclays Capital in Singapore.
With higher capital gains, dividends and taxes for the rich caused by ACA and the Fiscal Cliff agreement, why not wait to tax a business when it takes money OUT of the business.
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