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Despite bipartisan support on Capitol Hill for extending a temporary payroll tax cut for the rest of 2012, lawmakers have yet to close the deal.

The reason? Same ol’, same ol’.

With just 28 days left before the current two-month Band-Aid version expires, the sticking point for lawmakers is how to pay for an extension — the very same reason that tripped them up when they tried to negotiate a full-year extension in December.

Douglas Elmendorf, director of the Congressional Budget Office, told the House Budget Committee on Wednesday that he estimates that extending the payroll tax cut for another 10 months will cost $100 billion.

The measure is expected to be part of a larger package that also extends emergency federal unemployment benefits and prevents a scheduled pay cut to Medicare physicians.

Bush tax cuts: The real endgame

The payroll tax cut, if extended, would affect 160 million U.S. workers. It would reduce how much they pay into Social Security, thereby increasing their take-home pay. While normally they would have to pay 6.2% on the first $110,100 of their income for this year, the measure would reduce that to 4.2%. So a person making $50,000 would pocket an extra $1,000 a year — or $83 a month — as a result.

That reduced 4.2% rate was in effect for all of 2011 but is set to expire by March 1, barring any action by lawmakers.

Not everyone in Congress is in love with the idea of extending the measure. But there seems to be less argument about how doing so could help the economy in the short run.

"Extending the payroll tax cut through the end of the year will increase output and increase employment," Elmendorf told lawmakers payday loans.

Congress = Uncertainty, Inc.

He didn’t offer specific numbers during the hearing. But in a briefing on Tuesday, he estimated that extending the payroll tax cut for 2012 could add 0.25% to the gross domestic product by the end of the year and reduce the unemployment rate by one- to two-tenths of a percent..

A similar economic effect could result from extending the unemployment benefits. Doing so could boost economic growth this year by 0.25% and create 250,000 jobs by the end of 2012, Elmendorf said.

That’s because in both cases the money would go largely to people who are likely to spend most if not all of it. That, in turn, can spur demand for products and help bolster employment.

The select group of lawmakers designated to negotiate a final payroll tax cut deal will meet for the third time on Wednesday. There’s no telling when they may conclude a deal but one constituency is hoping for some clarity soon.

As they were last year, payroll tax administrators are hoping Congress resolves the issue once and for all, according to Michael O’Toole, senior director of government relations of the American Payroll Association.

"Payroll systems and the federal payroll tax reporting scheme are not set up to accommodate more than one employee Social Security tax rate in a calendar year, let alone within the same quarter," he said. 

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Are you ready to “Respect the Roll?”

Kimberly-Clark is looking to shake up the toilet-paper accessory category with toilet roll covers from designer Jonathan Adler.

To boost awareness about a new formulation of its Cottonelle toilet paper that it says is 30 percent stronger, Kimberly-Clark Inc. decided to forgo traditional advertising. Instead, it’s offering limited-edition boxes to hide your backup rolls. Who knew you needed such a thing?

It’s the latest effort by consumer product makers to spice up stagnant categories with eye-catching design. In 2010, Kotex introduced the “U by Kotex” line of pads and tampons with neon packaging and pad carriers designed by stylist Patricia Fields, for example.

Allen Adamson, managing director of global branding firm Landor in New York, said Target Corp. has successfully brought design to a lot of consumer product categories with such lines as the housewares rethought by renowned industrial designer Michael Graves.

But it’s new for toilet paper.

“It’s just surprising when design finally meets toilet paper _ that’s sort of the final frontier,” Adamson said.

Even though it’s a $10 billion industry, according to Nielsen, most people don’t pay attention to which toilet paper roll they buy _ or they stay loyal to one brand for decades.

“Consumers shop on autopilot and shop quite a bit on deal,” in the toilet-paper aisle, admitted Kurt Simon, brand director for Cottonelle. “They tune out when they go into the aisle. And, largely speaking, they tune out (toilet paper) advertising as well.”

Adler created covers in three bright, geometric patterns. Known for bold colors and pop graphics, he has designed everything from home furnishings to hotels and currently operates 16 of his own stores.

The roll covers will be available in January at respecttheroll.com for a shipping charge of $1.99 plus an offer code from a package of Cottonelle toilet paper. Or you can order one now for $3.99, including shipping.

Adler, whose other projects have included straws for extra-skinny Diet Pepsi cans, said the uniqueness of toilet paper covers appealed to him. He wanted them to be “bold, punchy and mood-enhancing” and tried to infuse a “pop-art element.”

“I don’t get calls every day to design spare toilet roll covers,” he said. “But I believe every piece in your home, no matter how unexpected or mundane, should be fabulous.”

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Laclede Group Inc. said fiscal third-quarter profit more than tripled on improved performance at the company’s gas utility and the sale of propane inventories.

Net income for the three months ended June 30 rose to $15.4 million, or 65 cents a share, from $4.4 million, or 20 cents, in the same period last year, the St. Louis-based company said. Sales rose 6 percent to $344.3 million.

Earnings rose by $11.6 million at Laclede Gas, the utility that sells natural gas to 630,000 customers in St faxless payday advance. Louis and surrounding Missouri counties.

The utility said it benefited from a rate increase that took effect in September as well as the sale of propane inventories no longer needed to serve customers.

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A shareholder proposal that would have required Ameren Corp. to provide detailed information about coal waste management got broad support at the company’s annual meeting Thursday but ultimately fell short.

The proposal by the Midwest Coalition for Responsible Investment got 46 percent of the votes cast

Consumers spent more in March on furniture, electronics and at restaurants, but also paid more for gas.

Retail sales increased 0.4 percent last month, the Commerce Department said Wednesday. It was the ninth consecutive monthly gain.

The increase shrank to a 0.1 percent when sales at gasoline stations were excluded. Still, the biggest decline in auto sales in more than a year also pulled down overall sales. When taking out sales at gas station and of autos, retail sales rose 0.6 percent.

Many analysts considered that a solid gain, given the jump in gas prices and the fact that Easter is coming later this year. They also noted that sales in the previous two months were revised up to show slightly better gains.

Jennifer Lee, senior economist at BMO Capital Markets, said the new report was “pretty decent … considering all of the headwinds the consumer is facing.”

Businesses are stocking up based on the increased demand. A separate Commerce report said companies added to their stockpiles in February for a 14th straight month. And their sales increased for an eighth consecutive month. Healthy gains in sales and inventory restocking typically lead to more demand for U.S. factory goods.

Economists are hoping that a payroll tax cut and brighter outlook for job growth will keep consumers shopping this year. Consumer spending accounts for 70 percent of economic activity.

But analysts worry that the recent spike in energy prices will not leave shoppers with much left over to spend on other goods and services. The nationwide average for regular gasoline is now $3.80 a gallon, up from $3.56 a month ago, according to the motor club AAA.

For March, sales of autos dropped a sharp 1.7 percent, the biggest decline since February 2010. However, some of the weakness was because General Motors scaled back incentive offers. Economists believe the outlook for auto sales for the rest of this year remains bright, given improving job prospects.

Shoppers did spend 3.6 percent more at furniture stores. Sales were also rose at appliance stores and specialty clothing stores. Sales at general merchandise stores, the category that includes big retailers such as Wal-Mart, rose 0.4 percent.

However, sales at just department stores such as Macy’s saw a 0.2 percent drop in March. A survey of major retailers from Costco to Victoria’s Secret had reported surprisingly good sales for March.

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With less than two weeks to go before Tax Day, scammers are hard at work coming up with ways to score every last penny. That means stealing identities, filing fake tax forms, hiding income offshore and exaggerating charitable donations.

On Thursday, the IRS released its "dirty dozen" tax scams, detailing the most common ways taxpayers try to cheat the system.

"Don’t fall prey to these tax scams," IRS Commissioner Doug Shulman said in a statement on Thursday. "They may look tempting, but these fraudulent deals end up hurting people who participate in them."

The people who do choose to participate in them risk facing hefty fines and imprisonment, the IRS said.

Here are the 12:

Hiding your money offshore: If you have an offshore bank account, brokerage account, credit card or even an offshore insurance plan, the IRS urges you to come forward voluntarily in order to limit the possibility of criminal prosecution.

As part of its ongoing crackdown on hidden offshore accounts, the agency announced an initiative earlier this year that gives taxpayers a reduction in penalties — and no jail time — if they fess up to any undisclosed overseas accounts by the end of August.

Identity theft and phishing: The IRS warns that criminals can use your personal information to file a fraudulent tax return and collect the refund that you should be receiving.

Scammers can get this info from e-mails, phone calls, faxes or social media. If you receive a message from someone claiming to be from the IRS, don’t open any attachments or click on links included in the e-mail. Instead, forward the message to the IRS at phishing@irs.gov.

If you believe someone stole your personal information for tax purposes, call the IRS Identity Protection Specialized Unit at 1-800-908-4490.

Shady tax preparation: It’s easy for an accountant or tax preparer to take advantage of you, especially if you’re unfamiliar with the tax code or paperwork involved with filing a return.

There are many preparers out there who will skim a portion of a client’s refunds, charge more than they should for services and lure taxpayers to their offices by promising unattainable refunds.

It’s up to the taxpayer to be careful when selecting a preparer, but the IRS is also cracking down. Next year, all paid preparers will be required to register with the IRS to receive an identification number so customers can verify if they are legitimate.

Preparers will also be required to take competency tests and participate in continuing professional education, unless they are attorneys, certified public accountants or enrolled agents.

Filing false or misleading forms: Scam artists are trying to get fatter refunds than they deserve, fabricating information on their returns and claiming made-up withholding credits, the IRS said.

"The IRS continues to see instances in which people file false or fraudulent tax returns to try to obtain improper tax refunds," said the agency. "The IRS takes refund fraud seriously, has programs to aggressively combat it and stops the vast majority of incorrect refunds."

Arguing with the tax man: Have a bone to pick with the IRS? Be careful.

Taxpayers are being convinced by scam artists to argue with the IRS in order to get back some of the taxes they owe to the agency.

"Promoters of frivolous schemes encourage people to make unreasonable and outlandish claims to avoid paying the taxes they owe," the IRS said. "While taxpayers have the right to contest their tax liabilities in court, no one has the right to disobey the law or IRS guidance."

The agency has a list of legal positions that have been "thrown out of court" and cannot be used against the IRS, so pick your fights carefully this tax season.

Inflating your withholding credit: You could be fined $5,000 this year if you exaggerate your withholding when reporting nontaxable Social Security benefits, which would result in your falsely reporting zero income to the IRS.

Exaggerating your charitable donations: It can be tempting to overvalue items you give away when reporting them on your return — especially for non-cash donations such as furniture or artwork — but the IRS is keeping an eye out for suspiciously high-valued donations this year.

The agency is also looking out for taxpayers who abuse charitable deductions by donating money or items to tax-exempt organizations temporarily, just to shield the money for taxation.

Fishy retirement plans: The IRS is on the hunt for taxpayers who abuse their retirement plan arrangements, including individual retirement accounts (IRAs). Many of these taxpayers are finding ways to exceed the contribution limit of IRAs or aren’t reporting early distributions.

While illegal, this abuse is often encouraged by advisers, so taxpayers should be wary of such advice, the IRS said.

Disguising your company: It’s time to fess up to that business you own. The IRS is currently working with state authorities to identify corporations and other entities that disguise the ownership of a business.

These entities are often disguised through using a third party to request an employer identification number, and the businesses or financial services can be used for the underreporting of income, fictitious deductions, money laundering, financial crimes and even terrorist financing.

Giving yourself a pay cut: In an attempt to lower the amount of taxes owed, some taxpayers file phony wage-related information returns instead of the required returns. This is typically done by filing Form 4852 (a substitute W-2 form) or a "corrected" Form 1099 to fraudulently lower a person’s taxable income to zero.

"Taxpayers should resist any temptation to participate in any of the variations of this scheme," said the IRS, adding that false filings could result in a $5,000 fine.

Abusing trusts: An increasing number of people are transferring money into trusts to reduce their taxable income, deductions for personal expenses and estate taxes.

"Such trusts rarely deliver the tax benefits promised and are used primarily as a means to avoid income tax liability and hide assets from creditors, including the IRS," the agency said.

Claiming gas costs: Gas is pricey these days, but that doesn’t make you eligible for the fuel tax credit. In fact, trying to claim this credit when you don’t deserve it could cost you a $5,000 fine from the IRS.

While taxpayers such as farmers who use fuel off highways as a means of carrying on their trade or business may qualify for the fuel tax credit, you can only claim the credit if your use of fuel and income level meet specific IRS requirements. 

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Rising fears about the nuclear crisis in Japan along with disappointing U.S. economic news sent stocks falling Wednesday.

Stocks opened lower then dropped sharply in midmorning trading after the European Union’s energy chief was quoted as saying that Japan’s nuclear crisis could get worse.

Japan temporarily suspended work at a stricken nuclear plant after a surge in radiation made it too dangerous for workers to remain there. That came a day after Japan’s prime minister said four crippled reactors at a nuclear power plant were leaking dangerous amounts of radiation.

The Dow Jones industrial average fell 165, or 1 percent, to 11,689.

The Standard & Poor’s 500 index fell 17, or 1.4 percent, to 1,264. All 10 company groups in the S&P 500 fell.

The Nasdaq composite index fell 39, or 1.5 percent, to 2,627.

Investments used as refuges from risk rose broadly. Bond prices rose, sending yields lower. The yield on the 10-year Treasury note fell to 3 short term personal loans.21 percent, near the lowest level this year. Gold, silver and copper all rose.

Investors are concerned about the effects that the quake, tsunami and evolving nuclear plant crisis could have on Japan. Japan’s economy, the third-largest in the world after the U.S. and China, accounts for about 10 percent of U.S. exports.

The Commerce Department reported that new home construction fell to the second-lowest level on record in February, reflecting weak demand. Homebuilder Lennar Corp. fell 3 percent, while Pulte Group Inc. and D.R. Horton Inc. each fell 2 percent.

Wholesale prices rose last month by the most in nearly two years due to higher energy costs and the biggest increase in food prices in 36 years. Shares of companies affected by higher food costs fell. McDonald’s Corp. and Starbucks Corp. both fell 1 percent.

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Father of two girls, President Barack Obama says he wants to improve the status of women in the United States.

Women are more likely than men to graduate from college today, yet earn less on average, face a greater chance of living in poverty and are outnumbered in critical subjects such as math and science, he said in his weekly radio and online address Saturday.

“Achieving equality and opportunity for women isn’t just important to me as president. It’s something I care about deeply as the father of two daughters who wants to see his girls grow up in a world where there are no limits to what they can achieve,” he said.

Obama noted that one of his first acts as president was to legislation allowing women who’ve been discriminated against in their salaries to have their day in court. Obama said he was disappointed when the Senate blocked action on a proposal that would treat gender discrimination involving pay in the same as race, disability and age discrimination.

The Senate in November fell just short of the votes needed to overcome GOP opposition and move ahead on the bill, which would make employers prove that any disparities in wages are job-related and not sex-based.

“At a time when folks across this country are struggling to make ends meet _ and many families are just trying to get by on one paycheck after a job loss _ it’s a reminder that achieving equal pay for equal work isn’t just a women’s issue,” the president said in his weekly radio and online address. “It’s a family issue.”

He said he would not relent in fighting for the goals of that legislation. He also said women on average make about 75 cents for each dollar a man earns and are more likely to fall in poverty.

Republicans and business groups said the Paycheck Fairness Act would expose employers to more litigation by removing limits on punitive and compensatory damage awards.

In the Republican radio address, Sen. Lisa Murkowski of Alaska addressed rising energy costs.

International events such as the upheaval in the Middle East and North Africa affect those costs, she said, but “our own shortsightedness and restrictions have played a role.”

She urged greater U.S. oil production, saying the way should be cleared for more pursuit of energy resources in the Gulf of Mexico and the Rocky Mountain West. She said her home state of Alaska has estimated resources in excess of 65 years’ worth of Persian Gulf imports.

Republicans also support energy alternatives that would lower oil consumption, Murkowski said.

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Online:

Obama address: www.whitehouse.gov

GOP address: www.youtube.com/gopweeklyaddress

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Americans’ wealth grew 3.8 percent in the final three months of 2010, boosted by gains in stock portfolios. Companies, meanwhile, added to their cash stockpiles, which reached their highest point in more than a half-century.

Household net worth rose to $56.8 trillion in the October-December quarter, even though the value of real-estate holdings fell 1.6 percent, the Federal Reserve said Thursday. Last quarter’s gain exceeded the 2.6 percent increase in net worth in the July-September period.

So far this year, stocks have risen more than 3 percent. Further gains in wealth could lead Americans _ especially higher-income consumers _ to spend more, strengthening the economy.

Net worth is the value of assets such as homes, checking accounts and investments, minus debts like mortgages and credit cards. It’s now risen for two straight quarters after shrinking last spring.

Americans’ net worth is well above the bottom hit during the recession: $49 trillion in the January-March quarter of 2009. Still, it would have to rise an additional 16 percent to reach its pre-recession peak of $66 trillion.

Companies are still holding tight to their cash. Their cash piles grew to $1.89 trillion last quarter. That’s the most on quarterly records dating to 1952.

Economists predict that companies will use more of their cash this year to make capital investments and boost hiring.

In the April-June quarter, net worth posted its first decline since 2009, when Europe’s debt crisis bred turmoil on Wall Street no teletrack payday loan. Since then, stock gains have continued to rebuild Americans’ wealth.

The value of households’ stock portfolios reached $8.5 trillion in the final three months of 2010. That was a 12.3 percent increase from the prior three months.

The Standard & Poor’s 500 index, a broad gauge of the market’s performance, surged 10.2 percent in the October-December quarter. It was the second straight quarter of double-digit gains. The S&P index soared 22 percent in the second half of last year.

Stock values as measured by the Dow Jones U.S. Total Stock Market Index rose $1.6 trillion in value in the final quarter of 2010 and an additional $840 billion so far in 2011. About $16.3 trillion is now invested in U.S. stocks.

About 91 percent of people who have 401(k) retirement savings plans now have more money in their accounts than at the market top in October 2007, according to estimates by Jack VanDerhei of the Employee Benefit Research Institute in Washington. That percentage would be considerably lower without factoring in workers’ continued contributions.

Stocks still have a long way to go to return to where they were 3 1/2 years ago. The S&P 500 is about 16 percent below its peak of 1,565. But it’s back to the level of June 2008, just before the financial crisis erupted.

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Federal Reserve Chairman Ben Bernanke told Congress Tuesday that a prolonged rise in oil prices would pose a danger to the economy. But he said a more likely outcome is a temporary and modest increase in consumer prices, not runaway inflation.

Bernanke, in testimony to the Senate Banking Committee, also defended the Fed’s $600 billion bond-purchase program. He told the panel that it was working and successful, but avoided answering a question about how he measures its success.

Bernanke did express confidence that economic growth would increase this year. But he warned it won’t be strong enough to quickly lower unemployment, now at 9 percent.

He also cited other risks to the economy, including rising prices for oil, gasoline, food and other commodities, and further weakness in home prices. All could prompt Americans to spend less.

The Fed chief said the economy still needs the support of the bond-purchase program, downplaying runaway inflation risks that others have raised.

“The most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in U.S. consumer price inflation,” Bernanke said in the first of two appearances this week to deliver the Fed’s twice-a-year economic report to Congress.

The bond-purchase program is scheduled to end in June. It is intended to spur more spending and invigorate the economy by lowering rates on loans and boosting prices on stocks.

Republicans in Congress and some Fed officials worry that the program could trigger high inflation and a wave of speculative buying on Wall Street that could lead to new bubbles in the prices of assets like stocks and bonds.

Sen. Richard Shelby of Alabama, the panel’s top-ranking Republican, complained that the Fed needs to come up with a way to measure the bond-purchase program’s success. Shelby asked Bernanke for detailed information about whether it was a success or failure. Bernanke defended the program and said it has helped the economy, but he didn’t provide specifics.

Bernanke said the bond program is needed to energize growth and reduce unemployment. He blamed the rise in oil and global commodities prices on strong demand from fast-growing countries such as China, not the Fed’s stimulus policy.

Gas prices jumped over the weekend to a new nationwide average of $3.37 a gallon _ 26.7 cents a gallon more than a month ago. Food prices in January rose at the fastest since the fall of 2008.

Political upheaval in the Middle East, Bernanke said, has caused oil and gasoline prices to march higher. However, Bernanke said he and a majority of his Fed colleagues continue to believe that the situation won’t lead to out of control inflation.

Workers have little power to demand big pay increases because the jobs market is still weak. Many factories and other companies are operating well below full capacity because customer demand is far from booming. Those forces will prevent inflation from taking off, Bernanke said.

Responding to questions from concerned lawmakers about rising energy prices, Bernanke said the increases seen so far “while a problem for many people, don’t pose a significant risk to the recovery or to overall inflation.”

However, a prolonged rise in the price of oil or other commodities would represent a “threat” to economic growth and to inflation, Bernanke acknowledged. The Fed is closely monitoring the situation.

Sen. Robert Menendez, D-N.J., complained that all American families see and are concerned about are rising prices.

The Fed regularly reviews its bond-purchase program. It could buy fewer securities if the economy were to grow more strongly than anticipated or if inflation showed signs of breaking out. Or it could buy more if the economy was in danger of weakening. Most economists believe the Fed will spend the full $600 billion on schedule.

Bernanke says the sharp drops in the nation’s unemployment rates over the last two months were encouraging. But he said it will still take “several years” for unemployment to drop back to normal - around 6 percent.

“Until we see a sustained period of stronger job creation, we cannot consider the recovery to be truly established,” he said.

If gas prices rise to $3.75 a gallon and stay there for a year, it could mitigate the benefit of the Social Security tax cut, economists said. The economy would still grow, but it wouldn’t get a boost from people spending more on goods and services.

If gasoline prices went as high as $5 a gallon, spending cuts by consumers and businesses could push the economy into a recession, analysts say.

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