MYB: Fiscal cliff and your taxes

After two strong days of gains, U.S. markets closed lower yesterday. Also, U.S. stock futures are down this morning as fiscal cliff talks stall in Washington. Christine Romans is minding your business this morning with more.

Romans stresses the problem with your taxes as Congress continues to stall on a deal. Tax season begins in a couple of weeks "and the government can’t change in just one week or two weeks," she says. "It’s really a mess."  The IRS Acting Director has warned Congress about the consequences of not passing an AMT patch, Romans reports. “Thirty million more people would pay the AMT and 100 million tax refunds would be delayed.”

Romans also looks into the business of guns, which made one billion dollars in profits this year, according to one forecast. The fasting growing part of the market is in military style refiles. “There is huge, soaring demand for those,” Romans says. “There are more gun shops in America than there are supermarkets and McDonalds restaiurants locations combined.” Gunmakers' stocks also bounced back on Wednesday after three days of solid decline.