Most of the increases would result from the expiration of Bush-era tax cuts, which would cause marginal rates to rise. Simultaneously, several temporary tax breaks pushed by President Barack Obamaafter the financial crisis also would end.

And most households””121 million in all””would be hit by an increase in the payroll tax that employees pay to 6.2% from 4.2%.

Also expiring at year-end is a provision to reduce the so-called marriage penalty, a set of tax provisions that require many couples to pay higher taxes when they file jointly. And millions more families’ earnings this year would be subject to the alternative minimum tax. The AMT was originally intended to prevent the very wealthy from avoiding taxes but would apply to middle-class households if policy makers don’t renew a provision that expired last year.

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…the biggest loopholes in the U.S. Tax Code ”” generally referred to as tax expenditures ”” aren’t just the tricks of the trade for millionaires with offshore bank accounts. For the vast majority of Americans, they’re just how things work: You don’t pay taxes on your health insurance or Medicare benefits; you contribute tax-free to your 401(k); and your mortgage interest pushes down your tax bill each year.

And even if you dump the biggest of the set, these tax perks don’t even come close to closing the deficit. At best, the top 10 would pull in an extra $834 billion a year, according to Joint Committee on Taxation figures. Considering the hole lawmakers are trying to fill is several trillion dollars large, it’s clear they wouldn’t even come close.

Here are the 10 biggest tax loopholes ”” and the reasons why most of them will survive the fiscal cliff….

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[When Charles] Proudfit… [became a Christian] he was eager to “apply my new faith to every area of my life, including my work.” But when he looked to his church for guidance, he was stymied.

“The local church doesn’t deal much with everyday realities for the working people in the pews,” he laments. So, “more out of exasperation than inspiration,” Proudfit founded the Cincinnati-based marketplace ministry At Work on Purpose (AWOP).

That AWOP formed independently of the church is common, says Princeton University scholar David W. Miller. Author of God at Work: The History and Promise of the Faith at Work Movement, Miller notes that most marketplace ministries “have formed outside the authority, involvement, or impetus of the church.” What is uncommon is AWOP’s holistic approach to integrating faith and work among its 5,000-plus members in the Cincinnati metro area. It’s moving past a narrow focus on workplace evangelism to include ethics, social responsibility, and citywide engagement””a model that more marketplace ministries are embracing across the nation.

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At some point over the past generation, people around the world entered what you might call the age of possibility. They became intolerant of any arrangement that might close off their personal options.

The transformation has been liberating, and it’s leading to some pretty astounding changes. For example, for centuries, most human societies forcefully guided people into two-parent families. Today that sort of family is increasingly seen as just one option among many….

My view is that the age of possibility is based on a misconception. People are not better off when they are given maximum personal freedom to do what they want. They’re better off when they are enshrouded in commitments that transcend personal choice ”” commitments to family, God, craft and country.

The surest way people bind themselves is through the family….

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[Moody’s] said France’s long-term economic growth had been hit by its inflexible labour market and low levels of innovation eroding its competitiveness and industrial base.

Moody’s also flagged up the country’s exposure to the continuing eurozone crisis.

It warned the “predictability” of France’s resilence of further shocks in the eurozone was diminishing while the country’s exposure to the highly indebted countries such as Spain and Greece was disproportionately high.

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For the first time in its nearly 100-year history, Orlando Health is reducing its workforce by up to 400 positions starting immediately, hospital officials announced this morning.

The elimination of 300 to 400 jobs will occur in two phases, and represents a 2- to 3-percent decrease in the system’s 16,000 employees, said Orlando Health spokeswoman Kena Lewis. The reductions affect all departments and all eight of its hospitals, including Orlando Regional Medical Center and Arnold Palmer Hospital for Children.

The first wave of employees affected by the “labor expense reduction” portion of the initiative received their notices Friday, said Lewis. The next wave of downsizing will happen after the first of the year.

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U.S. companies are scaling back investment plans at the fastest pace since the recession, signaling more trouble for the economic recovery.

Half of the nation’s 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.

Nationwide, business investment in equipment and software””a measure of economic vitality in the corporate sector””stalled in the third quarter for the first time since early 2009. Corporate investment in new buildings has declined.

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The threat of the euro’s collapse has abated for the moment, but putting the single currency right will involve years of pain. The pressure for reform and budget cuts is fiercest in Greece, Portugal, Spain and Italy, which all saw mass strikes and clashes with police this week…. But ahead looms a bigger problem that could dwarf any of these: France.

The country has always been at the heart of the euro, as of the European Union. President François Mitterrand argued for the single currency because he hoped to bolster French influence in an EU that would otherwise fall under the sway of a unified Germany. France has gained from the euro: it is borrowing at record low rates and has avoided the troubles of the Mediterranean. Yet even before May, when François Hollande became the country’s first Socialist president since Mitterrand, France had ceded leadership in the euro crisis to Germany. And now its economy looks increasingly vulnerable as well.

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You can be sold in seconds.

No, wait: make that milliseconds.

The odds are that access to you ”” or at least the online you ”” is being bought and sold in less than the blink of an eye. On the Web, powerful algorithms are sizing you up, based on myriad data points: what you Google, the sites you visit, the ads you click. Then, in real time, the chance to show you an ad is auctioned to the highest bidder.

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The eurozone’s return to recession is particularly bad news because it is now hitting once strong economies like Germany. This means the recession will last longer and have a bigger impact on U.S. consumers and companies.

Figures released today showed that collectively the economies of the 17-country eurozone contracted by 0.1 percent between July and September. While this is a slight improvement over the second quarter of the year when it shrank by 0.2 percent, the definition of a recession is two straight quarters of contraction. Most analysts believe that the recession will continue at least until the end of 2012.

“The recession in southern Europe is slowly creeping to other countries,” says Martin Van Vliet, an analyst with ING. “If you look at the indicators for the fourth quarter you see that even Germany many not grow again and that shows that the economy has an enormous need for a new impulse.”

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Of the two programs, Social Security is by far the easier to fix. In 1983, a bipartisan agreement shored up the program for decades. It can be rescued again, much as it was then, by gradually raising the retirement age for able-bodied workers and bumping up the payroll tax. Other options include slowly reducing the rate of benefit growth, raising the wage cap and tightening eligibility requirements for disability

The more urgent and difficult issue is the surge in spending on Medicare, Medicaid and related programs. The numbers tell the story. In 1990, Washington spent $180 billion on health care, accounting for 14% of federal spending. In 2017, the expected tab is $1.4 trillion, or 30% of federal spending. As President Obama said at his news conference Wednesday, “Health care costs continue to be the biggest driver of our deficits.”

One obvious place to start is bringing the Medicare eligibility age in line with that of Social Security. In their failed budget negotiations in 2011, Obama and House Speaker John Boehner tentatively agreed to raise it from 65 to 67. Such a rise would cut the government’s bill while increasing the share of the population in market-based health care.

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The Federal Housing Administration is expected to report this week it could exhaust its reserves because of rising mortgage delinquencies, according to people familiar with the agency’s finances, a development that could result in the agency needing to draw on taxpayer funding for the first time in its 78-year history.

Such a report would likely set off a political fight over the government’s role in housing, as it raises the prospect of billions of dollars being added to the U.S. government’s effort to stabilize the hard-hit sector in the aftermath of the 2008 financial crisis, which already includes $137 billion spent to bail out Fannie Mae and Freddie Mac. Together with Fannie and Freddie, federal agencies are backing nearly nine in 10 new mortgages.

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“After two foreclosures and two bankruptcies, Hermes Maldonado is as surprised as anyone that he’s getting a third shot at homeownership. The 61-year-old machine operator at a plastics factory bought a $170,000 house in Moreno Valley this summer that boasts laminate-wood floors and squeaky clean appliances. He got the four-bedroom, two-story house despite a pockmarked credit history.”

Who would loan to this gentleman? Anyone, anyone?
His reentry into homeownership three years later came courtesy of the Federal Housing Administration. The agency has become a major source of cash for so-called rebound buyers ”” a burgeoning crop of homeowners with past defaults who otherwise would be shut out of the market.

“After everything that happened, thank God I was able to buy another house,” Maldonado said in Spanish. “Now, it’s good because the interest rates are low and there are lots of homes.”

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As the high-stakes wrangling over the fiscal cliff gets underway, we though it might be the proper moment to remind everybody just how the United States managed to become the world’s biggest debtor.

So, here’s how….

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There were nearly 50 million Americans living in poverty in 2011, under an alternative measure released by the Census Bureau Wednesday.

That’s 16.1% of the nation, higher than the official poverty rate of 15%. The official rate, released in September, showed 46.6 million people living in poverty.

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The incoming Archbishop of Canterbury risks provoking a row with ministers by claiming that planned City reforms will fail those in Britain’s poorest communities.

Just three days after being named as the new leader of the Church of England, the Right Reverend Justin Welby will demand that legislation is redrafted to shame banks into lending more money to poorer regions.

The House of Lords amendment is his first political act since he was named as the next leader of 80 million Anglicans last Friday. He is currently the Bishop of Durham and takes up the new post next month.

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Police and protesters clashed in Spain on Wednesday as millions of workers went on strike across Europe to protest spending cuts they say have made the economic crisis worse.

Hundreds of flights were cancelled, car factories and ports were at a standstill and trains barely ran in Spain and Portugal where unions held their first ever coordinated general strike.

Riot police arrested at least two protesters in Madrid and hit others with batons, witnesses said, and in Rome students pelted police with rocks in a protest over money-saving plans for the school system.

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Tim Keller, pastor of New York’s Redeemer Presbyterian Church and New York Times bestselling author of The Reason for God, has taught and counseled students, young professionals, and senior leaders on the subject of work and calling for more than twenty years. Now he puts his insights into a book for readers everywhere, giving biblical perspectives on such pressing questions as:

Ӣ What is the purpose of work?
ӬӬӢ How can I find meaning and serve customers in a cutthroat, bottom-line-oriented workplace?ӬӬ
Ӣ How can I use my skills in a vocation that has meaning and purpose?
ӬӬӢ Can I stay true to my values and still advance in my field?
ӬӬӢ How do I make the difficult choices that must be made in the course of a successful career?ӬӬ

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The U.S. will become the world’s top producer of oil within five years, a net exporter of the fuel around 2030 and nearly self-sufficient in energy by 2035, according to a new report from the International Energy Agency.

It’s a bold set of predictions for a nation that currently imports some 20% of its energy needs.

Recently, however, an “energy renaissance” in the U.S. has caused a boost in oil, shale gas and bio-energy production due to new technologies such as hydraulic fracturing, or fracking. Fuel efficiency has improved in the transportation sector. The clean energy industry has seen an influx of solar and wind efforts.

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[Not many]…days ago, the citizens of this great land decided who would have the privilege of leading our Nation for the next four years. It is a time-honored process reflecting both the wisdom and the power of the American people. Today, America honors the men and women whose profound acts of citizenship ”” service in the armed forces of the United States of America ”” have safeguarded our country for 237 years and guaranteed our rights as Americans to choose our leaders.

Twenty-two million living Americans today have distinguished themselves by their service in uniform. Their devotion and sacrifice have been the bedrock of our sovereignty as a Nation, our values as a people, our security as a democracy, and our offer of hope to those in other lands, who dream our dreams of “Life, Liberty, and the pursuit of Happiness.”

For the past 11 years, the men and women of our armed forces have stood watch in Iraq, in Afghanistan, Europe, Korea, and more than 150 other countries around the globe. More than 1.5 million Veterans have served in the combat theaters of Iraq, Afghanistan, and the Horn of Africa. Since 9/11, nearly 3 million Veterans have departed the military, having fulfilled their duty to the Nation, and become eligible for the benefits and services we offer here at the Department of Veterans Affairs (VA).

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German Finance Minister Wolfgang Schaeuble has asked a panel of advisers to look into reform proposals for France, concerned that weakness in the euro zone’s second largest economy could come back to haunt Germany and the broader currency bloc.

Two officials, speaking on condition of anonymity, told Reuters this week that Schaeuble asked the council of economic advisers to the German government, known as the “wise men”, to consider drafting a report on what France should do.

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The woman at the center of the extramarital affair that led to the resignation of the head of the Central Intelligence Agency is a highly accomplished, extremely competitive person who got to know the high-profile general, in part, by going running with him in Afghanistan.

Paula Broadwell met Gen. David Petraeus six years ago, when she introduced herself after he gave a speech at Harvard’s Kennedy School, where Ms. Broadwell was working on a master’s degree.

She now lives in Charlotte, N.C. with her radiologist husband and two children, according to an online biography page associated with her book about Petraeus, “All In: The Education of General David Petraeus,” which was taken offline shortly after her name was linked to the scandal.

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Talks to agree the EU’s 2013 budget have collapsed, after negotiators from the EU and member states were unable to agree on extra funding for 2012.

The EU Commission and European Parliament had asked for a budget rise of 6.8% in 2013.

But most governments wanted to limit the rise to just 2.8%.

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If anyone in Washington could have weathered a sex scandal, Gen. David Petraeus would seem like that person.

Yet the retired general who inspired admiration bordering on reverence from so many in the capital was abruptly out Friday as Central Intelligence Agency director, just one day after President Barack Obama learned of Petraeus’s extramarital relationship.

Intelligence community insiders say Petraeus was felled by an increasing sensitivity in the Obama administration to extramarital dalliances, stemming from recent cases in which officials at various levels have seen their careers scuttled for similar personal misconduct.

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Mr. Petraeus issued a statement acknowledging the affair after President Obama accepted his resignation and it was announced by the C.I.A. The disclosure ended a triumphant re-election week for the president with an unfolding scandal.

Government officials said that the F.B.I. began an investigation into a “potential criminal matter” several months ago that was not focused on Mr. Petraeus. In the course of their inquiry into whether a computer used by Mr. Petraeus had been compromised, agents discovered evidence of the relationship as well as other security concerns. About two weeks ago, F.B.I. agents met with Mr. Petraeus to discuss the investigation.

Administration and Congressional officials identified the woman as Paula Broadwell, the co-author of a biography of Mr. Petraeus. Her book, “All In: The Education of General David Petraeus,” was published this year. Ms. Broadwell could not be reached for comment.

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CIA Director David H. Petraeus resigned Friday and admitted to having an extramarital affair, bringing a shocking end to his brief tenure at the spy agency and highly decorated national security career.

The affair came to light as part of an FBI investigation into a potential security breach involving Petraeus’s e-mails, according to federal law enforcement officials and a former senior intelligence official. The investigation uncovered e-mails describing an affair between Petraeus and Paula Broadwell, a former military officer and co-author of a glowing biography of Petraeus, according to two law enforcement officials who were briefed on the investigation.

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Should lawmakers not reach agreement prior to the end of the year, the US budget deficit for 2013 would be cut almost in half, to $560 billion.

Which doesn’t sound like a bad thing. After all, the US is staggering under a monumental pile of debt and could potentially begin to face the kinds of difficulties that have plunged several euro-zone countries into crisis. It is a viewpoint shared by the ratings agencies — a year ago, Standard & Poor’s withdrew America’s top rating, justifying the measure by pointing to the unending battle over the debt ceiling. The agency noted that “the political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed.”

From afar, it is difficult to argue; the ongoing battle between Democrats and Republicans in the face of a horrendously imbalanced budget looks catastrophically absurd. As their country heads toward the edge of the abyss, lawmakers preferred to debate whether or not French fries and pizza should be considered vegetables.

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Among the politicians who have come to know him over the past few months, there was celebration yesterday, and from all benches. He was invited to join the banking commission with cross-party support, as he was a capitalist who was tough on the City. “In a dark sea of thick and wholly unworldly bishops, he sparks a little,” says one MP. “Talking to the bishops in Parliament seldom leaves you with the impression that they believe in God. I think this one actually might.” The only concern was that he might be too religious for the job.

No one would question the strength of Rowan Williams’s faith. But when he joined fights, they tended to be secular ones: criticising the Government over its cuts, or giving his blessing to environmentalist campaigns. The logic of this is undeniable: that to keep its relevance in the modern world, the Church needs to insert itself into popular debates. But decline continued, each Sunday brings a new closure and the British Social Attitudes survey found that 64 per cent of people never set foot in any place of worship. Dr Williams has had to keep the Church alive in one of the least religious countries on earth.

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Bishop Welby, 56, the 105th archbishop of Canterbury, is said to have been chosen over three other leading contenders: the archbishop of York, John Sentamu; the bishop of Norwich, Graham Jones; and the bishop of London, Richard Chartres. Bishop Welby is regarded as an evangelical conservative in opposing same-sex marriage, but he is also said to take a more liberal position on the ordination of female bishops, favoring the elevation of women to senior church positions.

He told reporters that, at a forthcoming ballot, he would vote in favor of the ordination of women bishops. On the issue of same-sex marriage, he said: “We must have no truck with any form of homophobia.”

“I am always averse to the language of exclusion,” he said, suggesting some readiness to listen to the arguments of those who disagree with him. But he made clear that he supported a statement earlier this by Anglican bishops opposing government plans to legalize same-sex marriage.

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France’s main sales-tax rate will increase in January 2014 to 20 percent from 19.6 percent, while the second band on home renovations and restaurants will rise to 10 percent from 7 percent currently. A third rate that applies to food and energy will be cut to 5 percent from 5.5 percent in an effort to support the spending power of France’s poorest households, French Prime Minister Jean-Marc Ayrault said today.

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