Toll Brothers 4Q net income soars on tax benefit

NEW YORK (AP) — Toll Brothers says its fiscal fourth-quarter net income soared, helped by a large income tax benefit and a 48 percent rise in revenue. The luxury homebuilder delivered more homes and its order backlog increased.CEO Douglas C. Yearley Jr. said in a statement on Tuesday that higher home prices, low interest rates, pent-up demand and improving consumer confidence prompted buyers to return...

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IRS finalizes new tax for medical devices in healthcare law

WASHINGTON (Reuters) - The U.S. Internal Revenue Service on Wednesday released final rules for a new tax on medical devices, products ranging from surgical sutures to knee replacement implants, that starts next year as part of President Barack Obama's 2010 healthcare law.The 2.3-percent tax must be paid, effective after December 31, by device-makers on their gross sales. The tax is expected to raise...

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H&R Block 2Q loss narrows as revenue rises

KANSAS CITY, Mo. (AP) — H&R Block's fiscal second-quarter loss narrowed, helped by cost-cutting efforts. Revenue climbed mostly because of a strong tax season in Australia.The nation's largest tax preparation company typically turns in a loss in the August-to-October period because it takes in most of its revenue during the U.S. tax season. H&R Block's quarterly performance beat analysts'...

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Tax filing delay looms if no fix for minimum tax: IRS

WASHINGTON (Reuters) - The top U.S. tax collector warned on Thursday of a delayed start to 2013's tax season if Congress fails to reset the alternative minimum tax (AMT) on high-income taxpayers so that it does not sweep in millions of middle-income people.Without another adjustment by lawmakers soon to the AMT, "many of us will see a delayed filing season," said Steven Miller, named just last month...

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Oregon governor says Nike plans to hire thousands

SALEM, Ore. (AP) — Sporting goods giant Nike plans to expand its operations in Oregon and hire as many as 12,000 new workers by 2020 but wants the government to promise it won't change the state tax code, prompting a special session of the Legislature.Gov. John Kitzhaber said he'll call lawmakers together Friday in Salem to create a new law authorizing him to grant Nike's wish.The governor did not...

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Constitution Check: Is the Supreme Court partly to blame for Newtown?

Lyle Denniston looks at how the Supreme Court’s interpretation of the Second Amendment leaves legislators entirely free to write new regulations against gun possession in sensitive public places.The statements at issue:“The gun lobby, timid politicians and the Supreme Court continue to aid and abet rampant gun violence that is nothing less than domestic terrorism, carried out with weapons of mass...

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Report: GOP to try own tax hike as cliff talks stall again

Just hours after there was a reported breakthrough in fiscal cliff negotiations, there were signs on Tuesday that the GOP will move forward with a proposed tax hike, without involving the Democrats.Politico and The Hill said House Speaker John Boehner was preparing a bill that called for a tax hike on households making more than $1 million a year. If the proposal is similar to other ideas floated...

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Why gun control, fiscal cliff issues are on collision course

Congress now faces two critical issues with an early January deadline, gun violence and the fiscal cliff, which could lead to an extraordinary session to start off the New Year.Joint_Session_of_CongressAn intersection of the two hot-button issues is the prospect of deep cuts to the nation’s mental health system. But also on the radar is the distinct possibility that fiscal cliff and gun control debates...

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Constitution Check: Who has the power to fill the president’s cabinet seats?

Lyle Denniston looks at the controversy over two Cabinet nominations by President Barack Obama, and how it further erodes the constitutional respectability of the nomination and confirmation process.The statement at issue:“With Chuck Hagel, a former senator from Nebraska, emerging as a front-runner to be President Obama’s next secretary of defense, critics are taking aim at his record on Israel as...

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The daily gossip: Ben Affleck is open to running for Senate, and more

5 top pieces of celebrity gossip — from Claire Danes' newborn baby to Psy's pricy new Los Angeles condo1. Ben Affleck is open to running for SenateIn recent months, Ben Affleck has been in the news as much for his political activism as for his filmmaking — but would he ever give up the gridlock and constant scrutiny of Hollywood filmmaking for the gridlock and constant scrutiny of Congressional politics?...

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