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Hiking taxes on upper-income Americans could cost 710,000 jobs, according to a new study.

The study, from Ernst & Young and a collection of pro-business groups that includes the National Federation of Independent Business and the U.S. Chamber of Commerce, looked at the impact of raising taxes on capital gains and dividends and hiking the top two individual tax rates to 36 percent and 39.6 percent respectively. It also included the tax hikes for health-care reform.

The report found that all of the hikes combined would cause output to fall by 1.3 percent and capital stock and invetsments to fall by between 1.4 percent to 2.4 percent. It said employment “in the long run” would fall by half a percent, or by about 710,000 jobs. Wages would fall 1.8 percent.

“This report finds that these higher marginal tax rates result in a smaller economy, fewer jobs, less investment, and lower wages,” the report stated.

President Obama and his fellow Democrats have proposed extending the Bush tax cuts for everyone except those making more than $250,000 in annual income. Republicans advocate extending the tax cuts for everyone.

While the debate over taxes has been framed around wealthy Americans, the study said that flow-through businesses are also in the two top income brackets. The study said that flow-through companies employ half of the private sector work force and pay 44 percent of federal taxes.

The study said that if the tax cuts expire, the top tax rate will rise to 40.9 percent from 35 percent, while the top tax rate on dividends will rise to 44.7 percent from 15 percent and the rate for capital gains will rise to 24.7 percent from 15 percent.

( CNBC )

Stock of the Biopharmaceutical company  Supernus Pharmaceuticals Inc ( SUPN ) moving higher with a gain of more than 36 % and trading above $14.50 with strong volumes. A strong up move along with volumes might be seen as a breakout and stock might cross its 52 week high $15.20. We recommend a buy side trading approach for short term with a 52 week high break out target in the stock. Although there was no official announcements from the company regarding any development.

Supernus Pharmaceuticals, Inc. (Supernus) is a specialty pharmaceutical company focused on developing and commercializing products for the treatment of central nervous system diseases, including neurological and psychiatric disorders. Supernus is developing several product candidates in neurology and psychiatry to address opportunities in epilepsy and attention deficit hyperactivity disorder (ADHD). Supernus’s two epilepsy product candidates are SPN-538 and Epliga. Epliga is in Phase III clinical trials. Supernus ADHD product candidates include SPN-810 (molindone hydrochloride), a treatment for impulsive aggression in patients with ADHD, and SPN-812, a non-stimulant treatment for ADHD. Both of these programs are in Phase II. In addition to these four products candidates, Supernus has several additional product candidates in various stages of development, including SPN-809. Its wholly owned subsidiary includes TCD Royalty Sub LLC.

Somaxon Pharmaceuticals, Inc ( Nasdaq: SOMX ), penny stock of the biopharmaceutical company gained more than 70% and trading above $0.45 in the morning trade after company has announced a settlement on Silenor Patent Litigation With Mylan Inc and Par Pharmaceutical Companies Inc. The impact of the news might be temporary and stock might not able to hold gains for long. Cautious trade alert from buy side.

Below is the Press Release of the news

Tuesday, 17 Jul 2012 04:05pm EDT

Somaxon Pharmaceuticals, Inc. announced that it has entered into separate settlement arrangements with Mylan Inc. and its subsidiary, Mylan Pharmaceuticals, Inc. and Par Pharmaceutical Companies, Inc. and its subsidiary Par Pharmaceutical, Inc. to resolve pending patent litigation involving Silenor 3 mg and 6 mg tablets. The settlement agreement with Mylan grants Mylan the exclusive right to begin selling an authorized generic version of Silenor (i.e., a generic version sold under Somaxon's New Drug Application) on January 1, 2020, or earlier under certain circumstances. Mylan's right to sell such an authorized generic product could extend for a period of as long as 360 days, and after such period Mylan will have the non-exclusive right to sell a generic version of Silenor under its Abbreviated New Drug Application. In connection with the settlement agreement, the parties also entered into a supply agreement under which Mylan has agreed to supply the Company with commercial quantities of Silenor 3 mg and 6 mg tablets. The settlement agreement with Par grants Par the right to begin selling a generic version of Silenor 180 days after the earlier of the date that a third party's generic version of Silenor is first sold in the United States under a license from Somaxon or a final court decision that the asserted patents are not infringed, invalid or unenforceable, or earlier under certain circumstances.
Somaxon Pharmaceuticals, Inc. (Somaxon) is a specialty pharmaceutical company focused on the in-licensing, development and commercialization of branded products and late-stage product candidates. In March 2010, the United States Food and Drug Administration (FDA) approved its New Drug Application (NDA) for Silenor three milligram and six milligram tablets for the treatment of insomnia characterized by difficulty with sleep maintenance. Silenor was made commercially available by prescription in the United States in September 2010. The Company’s focus is on commercial activities relating to Silenor. As of December 31, 2010, the clinical development program for Silenor included four Phase 3 clinical trials. In September 2010, the Company acquired the worldwide license from ProCom One, Inc. (ProCom) to certain patents to develop and commercialize low dosages of doxepin for the treatment of insomnia.

Indonesia's communications and information ministry has shut down more than one million pornographic websites ahead of the Islamic holy month of Ramadan.

Minister Tifatul Sembiring said Wednesday that his office would target more sites in the upcoming month.

The closed websites were all run from abroad, he said.

"We will block more porn sites during Ramadan, though that doesn't mean that we will allow such sites to operate during the rest of the year," the minister said.

The minister said there were around two billion websites providing pornographic content, and that public involvement in curbing online pornography was crucial.

"Online pornography is an industry and the producers always seem to find new ways of escaping detection," he said.

Ramadan is due to start July 19 in Indonesia.

The game, to be released on July 20, is based on the new Batman movie, The Dark Knight Rises.



The iconic saga of fictional superhero Batman is about to be retold with the upcoming movie - The Dark Knight Rises. To cash in on the popularity of the movie, game publisher Gameloft has now announced that it will launch a new mobile game based on the official The Dark Knight Rises movie and with the same title on July 20 - the day on which the movie will officially be released.

The Dark Knight Rises game will be made available on the Apple iOS, Google Android and Java mobile platforms.

The Dark Knight Rises is the epic saga of Batman who sets out to save Gotham city from the attack of maniacal super-villain Bane and Selina Kyle aka Batwoman. Gameloft will be releasing a mobile game with the same title for Android, iOS and Java devices.

Gameloft has posted the official mobile game trailer on YouTube and more details about the game in the Facebook App. The game video also has a secret URL that leads to a landing page revealing the secret code to unlock exclusive content in the game.

The cost of the game is not decided yet, but you can certainly get it on the same day and play it while you wait for the movie to begin.

Movie based games aren't new and recently we saw The Amazing Spiderman mobile game from Gameloft. The Dark Knight Rises game will hopefully be available worldwide through the Apple app store and Google Play store.

• VIVUS, Inc. (VVUS), Orexigen Therapeutics, Inc. (OREX) Stock Volatile Awaiting FDA Verdict More...

Nook Web Reader Brings B&N Books To Macs And PCs
Starting today, you can read Barnes & Noble's Nook ebooks on the web, and B&N is throwing in six free titles to kick things off. The company released a web version of their reader for Firefox, Chrome, Safari and Internet Explorer. B&N already has a Nook app out for iOS, Android and even the Kindle Fire. Amazon, Barnes & Noble's big competitor in this game, already has a web version of its e-reader, called the Kindle Cloud Reader, for Macs and PCs running Chrome and Firefox.

Catalyst Pharmaceutical Partners Inc ( NASDAQ: CPRX ) one of the top gainers on Nasdaq as company has announced that it would reveal clinical top line data from its compound CPP-109 Phase II(b) for the treatment of Cocaine addiction earlier than expected. The statement might be read as a positive outcome of the clinical trial and investors are betting on it. Stock jumped as much as 26% and trading nearly $0.8. Volumes are heavier than average and strong upmove might help the stock to cross $1 mark and if the data will be positive, It will surely take out its 52 week high of $1.90. Investors might consider this as investment opportunity until the clinical data announced by company.

Below is the Press Release 

Catalyst Pharmaceutical Partners, Inc. today announced that it expects to report top-line results from its CPP-109 (vigabatrin) Phase II(b) trial around the end of September 2012 versus the previous guidance of early in the first quarter of 2013.

After discussions with our collaborators, the National Institute on Drug Abuse (NIDA) and the Department of Veterans Affairs Cooperative Studies Program (VACSP), and our statistical and regulatory consultants, we have been able to work through the complexities of modifying our statistical analysis plan. This will enable us to report top-line trial results about four months earlier than previously expected.

"We are pleased that we will be able to report the top-line results of our CPP-109 Phase II(b) clinical trial sooner than expected," said Patrick J. McEnany, Chief Executive Officer of Catalyst. "We are committed to bringing safe and effective breakthrough products for the treatment of cocaine addiction to the market as quickly as possible, and the earlier reporting of these data is consistent with that philosophy."

About the CPP-109 Phase II(b) Clinical Trial

The 24-week CPP-109 Phase II(b) clinical trial is randomized, double-blind and placebo-controlled in 207 patients recruited at 13 sites in the United States. It is designed to demonstrate that the rate of cocaine dependent subjects treated with CPP-109, who abstain from cocaine use in the last two weeks of the trial's treatment phase (weeks 8 and 9), will be higher than patients treated with placebo. Other outcomes include: i) reduction in cocaine use days; ii) increase in clean urines collected; and iii) improvements in other measures of subject well-being and cocaine craving.

About CPP-109 and Fast Track Status

CPP-109 is a GABA analog that is Catalyst's designation for vigabatrin. Catalyst licensed CPP-109 from Brookhaven National Laboratory for the treatment of cocaine and other addictions, and has been granted "Fast Track" status by the U.S. Food and Drug Administration (FDA) for cocaine addiction. Under the Federal Food, Drug, and Cosmetic Act, the FDA is directed to facilitate the development and expedite review of drugs and biologics intended to treat serious or life-threatening conditions, and that demonstrate the potential to address unmet medical needs. Fast Track designation emphasizes communication between Catalyst and the FDA, and provides Catalyst benefits that may help to expedite the approval process. For example, Fast Track designation affords Catalyst the potential to submit a New Drug Application (NDA) for CPP-109 on a rolling or modular basis, allowing the FDA to review sections of the NDA in advance of receiving a full submission. The designation also means that Catalyst may have increased communications with the FDA regarding the design of its clinical studies, which may expedite the development and review of Catalyst's application for the approval of CPP-109 for cocaine addiction and may provide greater certainty overall in the regulatory pathway.

About Cocaine Addiction

According to the most recent Substance Abuse and Mental Health Services Administration (SAMHSA) survey, an estimated 1.5 million people, or 0.6% of the population aged 12 or over, had used cocaine in the month preceding the survey. Additionally, in 2010, approximately 637,000 people aged 12 or over had used cocaine for the first time within the preceding 12 months, an average of approximately 1,700 new users per day. In addition, approximately 699,000 patients received treatment for cocaine abuse in 2010.

Cocaine addiction is not only a U.S. health problem. In 2009, according to the United Nations Office on Drugs and Crime, there were 4.3 million -- 4.7 million users of cocaine between the ages of 15 and 64 across Europe who had used it within the past year. Catalyst believes that the direct and indirect costs of cocaine use are indicative of a global public health problem, representing a significant unmet medical need for which no adequate pharmaceutical therapies exist.

About Catalyst Pharmaceutical Partners

Catalyst Pharmaceutical Partners, Inc. is a development-stage specialty pharmaceutical company focused on the development and commercialization of prescription drugs targeting diseases and disorders of the central nervous system, including addiction and epilepsy. Catalyst has two products in development, CPP-109 and CPP-115. It is currently evaluating its lead product and first-in-class GABA aminotransferase inhibitor candidate, CPP-109, for the treatment of cocaine addiction. Both CPP-109 and CPP-115 have been granted "Fast Track" status by the FDA for the treatment of cocaine addiction. Catalyst is also planning to evaluate CPP-109 for the treatment of other addictions. Catalyst believes that it controls all current intellectual property for drugs that have a mechanism of action related to the inhibition of GABA aminotransferase. For more information about Catalyst, go to www.catalystpharma.com .

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. A number of factors, including whether CPP-109 will be safe and effective for the treatment of addiction, whether the CPP-109 Phase II(b) clinical trial will be successful, whether any of the above-described benefits from having received Fast Track status from the FDA for CPP-109 will be realized by the Company, whether CPP-109 will ever be approved for commercialization, and those other factors described in the Company's filings with the U.S. Securities and Exchange Commission (SEC), could adversely affect the Company. Copies of the Company's filings with the SEC are available from the SEC, may be found on the Company's website or may be obtained upon request from the Company. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

Associated Press