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In a 2013 construction forecast released Dec. 4, ABC Chief Economist Anirban Basu predicted nonresidential construction spending to expand 5.2 percent next year, with much of the expansion coming from privately financed projects.
The Internal Revenue Service (IRS) and the Treasury Department issued proposals that will implement two taxes in the health care law on Jan. 1, 2013: the onerous 3.8 percent Net Investment Income Tax and the 0.9 percent Additional Medicare Tax. These taxes will heavily impact many merit shop contractors.