Four Tax Breaks Every College Student Should Know About

A recent report by the New York Federal Reserve Bank shed a sobering light on how much debt Americans will carry with them into the new year. 

Though they managed to end the third quarter of 2012 with a $ 74 billion lighter debt load overall, consumers upped their non-mortgage credit debt by another $ 2 billion and took on $ 42 billion in new student loans. 

Heading into tax season, it’s the student loan figure that is possibly most troubling. It was only last spring that the U.S. Government Accountability Office found Americans managed to leave behind nearly $ 800 million worth of college tuition tax benefits in 2009 –– an average of $ 466 per person. 

With the national student debt already past the $ 1 trillion-dollar mark, we figure now is a good time to revisit some of the most lucrative tax breaks out there for college students. 

American Opportunity Credit. Students are eligible to claim up to $ 2,500 for the first four years of post-secondary education. And since 40 percent of the credit is refundable, that means students can get back up to $ 1,000 on their refund –– even if they don’t owe any taxes, according to the IRS. What qualifies: Tuition and fees, course related books, supplies and equipment. Income: Couples filing jointly who earn less than $ 160,000; single-filers who earn less than $ 80,000.

Lifetime Learning Credit.  For students earning less than $ 60,000 (single-filers) or $ 120,000 (married, filing jointly), they can claim up to $ 2,000 education-related expenses.

Tuition and fees deductions. Like the American Opportunity Credit, students earning less than $ 80,000 (single) or $ 160,000 (married, filing jointly) can deduct up to $ 4,000 in tuition and fees on their annual tax returns. Use it while you can –– this tax break is set to expire at the end of 2013, unless lawmakers extend it. 

Student loan interest deduction. If you’ve taken out a federal or private student loan, you’re eligible to deduct up to $ 2,500 worth of interest paid on the loan as an “above-the-line” exclusion from your income. You don’t have to itemize your deductions in order to claim ir. 

Note:  College students can only claim one of the above tax credits per year, but parents supporting more than one child in college can claim tax credits on a per-student basis. 

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Wall Street loses ground as earnings season starts

NEW YORK (Reuters) - U.S. stocks fell on Tuesday as the market consolidated from last week's rally on the "fiscal cliff" deal in Congress and investors awaited the start of the earnings season with lowered expectations.

Profits in the fourth quarter are seen above the previous quarter's lackluster results, but analysts' current estimates are down sharply from where they were in October. Quarterly earnings are expected to grow by 2.7 percent, according to Thomson Reuters data.

The benchmark S&P index has fallen 0.7 percent in the wake of the 4.3 percent jump in the two days surrounding the conclusion of the fiscal cliff debate, and investors have found few catalysts to extend the brief rally.

"The path of least resistance at the moment is lower just because we had that explosion to the upside after (the debate) in Washington," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.

"People are concerned about earnings," Polcari said, adding that other worries include raising the federal debt ceiling and automatic spending cuts set to take effect in weeks unless Congress acts.

"You are going to get this kind of apathetic market until we start to see what earnings look like," he said.

In Tuesday's results, Monsanto Co shares rose 2.6 percent to $98.46 after hitting a more than four-year high at $99.99. The world's largest seed company raised its earnings outlook for fiscal 2013 and posted strong first-quarter results.

Education provider Apollo Group and Dow component Alcoa Inc , the largest U.S. aluminum producer, round out the start of earnings season after the closing bell.

The Dow Jones industrial average <.dji> dropped 66.38 points, or 0.50 percent, to 13,317.91. The Standard & Poor's 500 Index <.spx> lost 7.88 points, or 0.54 percent, to 1,454.01. The Nasdaq Composite Index <.ixic> shed 17.31 points, or 0.56 percent, to 3,081.51.

AT&T Inc , which fell 1.8 percent to $34.30, was the biggest drag on the S&P 500 after the company said it had sold more than 10 million smartphones in the quarter, topping the same quarter in 2011 but also increasing costs for the wireless service provider.

Providers like AT&T pay hefty subsidies to handset makers so that they can offer device discounts to customers who commit to two-year contracts. Rival Verizon Wireless said on Monday it had its strongest fourth quarter ever.

The S&P telecom services index <.gspl>, down 2.8 percent, was the worst performing of the 10 major S&P sectors.

Shares of restaurant-chain operator Yum Brands Inc fell 4.5 percent to $64.82 a day after the KFC parent warned sales in China, its largest market, shrank more than expected in the fourth quarter.

Sears Holdings shares slumped 5.4 percent to $40.59 a day after the company said Chairman Edward Lampert would take over as CEO from Louis D'Ambrosio, who is stepping down due to a family member's health issue. The U.S. retailer also reported a 1.8 percent decline in quarter-to-date sales at stores open at least a year.

GameStop shares dropped 4.8 percent to $23.57 as the worst performer on the S&P 500 after the video game retailer reported sales for the holiday season and cut its guidance.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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Saban quickly turns to challenges of 2013 season

FORT LAUDERDALE, Fla. (AP) — It didn't take long for Alabama coach Nick Saban to turn his thoughts to next season.

Maybe he let the Gatorade dry from the celebratory drenching first. Maybe.

"The team next year is 0-0," Saban said Tuesday morning. "Even though I really appreciate what this team accomplished and am very, very proud of what they accomplished, we need to prepare for the challenges of the new season very quickly with the team we have coming back. "

Apparently, the coach's 24-hour celebration rule applies mostly to players. He didn't take nearly that long to refocus after a 42-14 demolition of Notre Dame that secured a second straight BCS title and the Crimson Tide's third in four seasons. Shortly after the game, he was already talking about getting back to the office by Wednesday morning.

The 2013 team will almost certainly be regarded among the preseason favorites for a three-peat, even though three Tide stars — tailback Eddie Lacy, cornerback Dee Milliner and right tackle D.J. Fluker — could decide to skip this senior seasons and turn pro.

Saban also emphatically tried to end speculation that he might return to the NFL, where he spent two years with the Miami Dolphins before returning to the Southeastern Conference.

It was a question that really made him bristle in the 30-plus minute news conference.

"How many times do you think I've been asked to put it to rest?" Saban said. "And I've put it to rest, and you continue to ask it. So I'm going to say it today, that — you know, I think somewhere along the line you've got to choose. You learn a lot from the experiences of what you've done in the past. I came to the Miami Dolphins, what, eight years ago for the best owner, the best person that I've ever had the opportunity to work for. And in the two years that I was here, had a very, very difficult time thinking that I could impact the organization in the way that I wanted to or the way that I was able to in college, and it was very difficult for me."

He said that experience taught him that the college ranks "is where I belong, and I'm really happy and at peace with all that."

As for the players, All-America linebacker C.J. Mosley has already said he'll return. So has quarterback AJ McCarron, who will have a talented group of receivers led by freshman Amari Cooper.

"We certainly have to build the team around him," Saban said, adding that a late-game spat with center Barrett Jones showed the quarterback's competitive fire. "I've talked a lot about it's difficult to play quarterback when you don't have good players around you. I think we should have, God willing and everybody staying healthy, a pretty good receiver corps. We'll have to do some rebuilding in the offensive line. Regardless of what Eddie decides to do, we'll probably still have some pretty decent runners. But I think AJ can be a really good player, maybe the best quarterback in the country next year."

The biggest question mark is replacing three, maybe four, starters on an offensive line that paved the way.

Saban emphasized the difficulty of repeating and said he showed the players a video of NBA Hall of Famer Michael Jordan saying that the first title isn't the hardest — it's the ones after that.

That's because, Saban said, "you have to have the will to fight against yourself."

Now, the 'Bama coach has four titles, including one during his stop at LSU. Saban doesn't wear the championship rings but uses them for a different purpose.

"I just put them on the coffee table for the recruits to look at," he said, cracking up the room.

Saban has already lined up another highly rated recruiting class and already has the next wave of young talents waiting in the wings.

After all, he talked about the sign mentor Bill Belichick hung in the football building during their NFL days together: "Do your job."

Saban jokingly acknowledged that while he prepares for everything, the one thing he has never been able to anticipate is the Gatorade bath. He drew heat for a scowl after the first one, following the title game win over Texas when he got dinged in the head. Monday night's dousing went better.

"It's cold, it's sticky, but I appreciated not getting hit in the head with the bucket," Saban said. "That was an improvement."

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Iran faces oil revenue problem

By John Defterios, CNN

January 8, 2013 -- Updated 1535 GMT (2335 HKT)

With elections in June, it remains unclear how energy policy will evolve after President Mahmoud Ahmadinejad's era

STORY HIGHLIGHTS

• The IEA has suggested Iraq surpassed Iran in output for the first time in over 20 years


• The Iranian people are faced with spiralling inflation and job layoffs within the state sector


• Iranian oil revenues in the country plummeted 40 percent, while gas export revenues fell by 45%

Editor's note: John Defterios is CNN's Emerging Markets Editor and anchor of Global Exchange, CNN's prime time business show focused on the emerging and BRIC markets. You can watch it on CNN International at 1600 GMT, Sunday to Thursday.

Abu Dhabi (CNN) -- All indications are that sanctions against Iran are really starting to bite and this time it is coming from the oil ministry in Tehran, which for months has denied that oil production was suffering due to international pressure.

In an interview with the Iranian Student News Agency (ISNA), Gholam Reza Kateb a member of the national planning and budget committee in Parliament referenced a report from Iran's oil minister Rostam Qasemi. In that report, the minister suggested that oil revenues in the country plummeted 40 percent, while gas and gas products' export revenues fell by 45% compared to the same period last year.

Read more: Official: Iran, nuclear watchdog group deal close

This is a hot button issue in Iran, where the currency due to sanctions has dropped 80 percent from its peak in 2011. The Iranian people are faced with spiralling inflation and job layoffs within the state sector.

I spoke with a source in Iran's representative office to OPEC who declined to comment and referred all matters to the Oil Ministry. A spokesman at the state oil company Iran Petroleum would only say "in this political climate it is difficult to confirm these statements."

Read more: Iran steps up uranium enrichment, U.N. report says

Hours later, a spokesman from the Ministry told another Iranian news agency, Mehr, that the numbers quoted about revenue and production drops are not true, although he offered no specific numbers.

Until this report to the Iranian Parliament, Minister Qasemi has maintained that Iran's production was hovering around four million barrels a day, where it was two years ago.

Read more: Opinion: Time to defuse Iranian nuclear issue

Back at the OPEC Seminar in June 2012, the minister told me that sanctions would not have any influence on plans to expand production and investment, shrugging off questions that suggested otherwise. This despite analysis to the contrary from the Paris based International Energy Agency and Vienna based OPEC of which Iran is a member.

The IEA back in July suggested that Iraq surpassed Iran in production for the first time in over two decades and production in Iran dipped to 2.9 million barrels a day. OPEC in its October 2012 survey said it slipped to 2.72 million at the time Minister Qasemi said output remained at 4 million barrels.

Minister Qasemi was recently quoted at a conference in Tehran that Iran needs to invest $400 billion over the next five years to maintain production targets and to play catch up after years of under investment.

Iran is a land full of potential. According to the annual BP Statistical Review, Iran sits on nearly 10 percent of the world's proven reserves at 137 billion barrels. The South Pars field which it shares with Qatar is one of the largest natural gas fields in the world -- but Iran, due to sanctions, cannot expand development.

This is a highly charged period. With elections in mid-June, it remains unclear how energy policy will evolve after the era of President Mahmoud Ahmadinejad passes. It has been eight years of his tough line against Washington, Brussels and other governments that put forth sanctions against Iran. It is not clear if a new President will usher in a new nuclear development policy to ease the pressure on Iran's energy sector and the country's people.

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‘Downton,’ ‘Girls,’ ‘Idol’ and more this January

NEW YORK (AP) — Where once the post-holiday schedule was a blizzard of chilly reruns, January is aburst with premieres and finales.

Already, the much-adored British miniseries “Downton Abbey” has made its much-awaited season return Sundays on PBS.

On IFC on Fridays, the hilarious “Portlandia” is back for its third season of sketch comedy poking fun at the peculiarities of Portland, Ore., starring Fred Armisen and Carrie Brownstein.

And NBC‘s mystery melodrama “Deception” has arrived on Mondays. Meagan Good stars as a detective going undercover at the home of a rich family with whom she was once friendly, to investigate a murder within the clan.

On Tuesday, PBS’ “American Experience” begins a three-week documentary miniseries, “The Abolitionists,” spotlighting Frederick Douglass, William Lloyd Garrison, Harriet Beecher Stowe, John Brown and Angelina Grimke.

Also on Tuesday, the FX drama “Justified” is returning for its fourth season of Kentucky hill-country crime-fighting led by Deputy U.S. Marshal Raylan Givens (series star Timothy Olyphant).

On Thursday, comedic action centers at the White House with the premiere of NBC‘s “1600 Penn.” Josh Gad (“The Book of Mormon”) stars as the goofball son of the incumbent U.S. president (played by Bill Pullman) who keeps the first family in a stir, yet manages to make everything turn out all right by the final fade-out.

The Gallaghers of “Shameless” are a much different family. In this dark comedy, William H. Macy stars as the boozy single father of a brood of kids who manage their ragtag Chicago homestead in spite of Dad’s overindulgences. Also starring Emmy Rossum, it returns Jan. 13 for its third season on Showtime.

Also on Jan. 13, HBO’s comedy “Girls” returns for a second season sure to be at least as ballyhooed, discussed and argued about as the first. Lena Dunham (who also writes, produces, directs and created the series) stars as one of a quartet of twentysomething gal pals in New York.

Right after “Girls,” HBO launches the second season of “Enlightened,” an affecting comedy starring Laura Dern as a confused New Age-y activist who’s bent on changing the world.

What was Carrie Bradshaw like before Sarah Jessica Parker and “Sex and the City”? Find out on “The Carrie Diaries,” which debuts on the CW on Jan. 14. AnnaSophia Robb stars as the high-school era Carrie in this likable prequel.

“American Idol” returns on Jan. 16 on Fox. Veteran judge Randy Jackson will be joined by Mariah Carey, Nicki Minaj and Keith Urban. Ryan Seacrest, as always, is the affable host.

After five seasons, Fox’s lovably inscrutable sci-fi series “Fringe” concludes its head-scratching run on Jan. 18. Stars include Anna Torv, Joshua Jackson and John Noble.

Fox’s bloody suspense drama “The Following” premieres Jan. 21. Kevin Bacon stars as a former FBI agent drafted back into service to chase a serial murderer and his vicious disciples.

My, how Spartacus‘ army has grown! Commanding thousands of freed slaves, Spartacus is primed to bring down the entire Roman Republic as the final season begins for “Spartacus: War of the Damned,” Jan. 25 on Starz. Liam McIntyre plays the rebel leader.

The world of “Dallas” will be rocked during its second season with the death of arch-villain oilman J.R. Ewing (played, of course, by Larry Hagman, who passed away in November while the series was in production). Also starring Patrick Duffy and Linda Gray, this rebooted (so to speak) version of the long-running CBS prime-time soap returns on TNT on Jan. 28.

FX weighs in with an edgy new drama “The Americans” on Jan. 30. It stars Matthew Rhys and Keri Russell as two KGB agents posing as the heads of a normal American household in the 1980s, as they work tirelessly to bring down the U.S. on behalf of Mother Russia.

On Jan. 31, NBC unveils a new medical drama “Do No Harm.” Steve Pasquale (“Rescue Me”) stars as a neurosurgeon with a great bedside manner who inconveniently shares a body with his sociopathic alter ego.

The same night, NBC closes the book on the brilliant mockery of “30 Rock.” This Tina Fey comedy wraps seven seasons of making fun of pop culture, modern life and especially its own real-life broadcast network — which, like the rest of the TV universe, has even more midseason goodies in store come February.

___

EDITOR’S NOTE — Frazier Moore is a national television columnist for The Associated Press. He can be reached at fmoore(at)ap.org and at http://www.twitter.com/tvfrazier

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Canada’s Ivey PMI beats expectations with December rise

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IDS Solar Technologies Announces Production of Solar Generators for Distribution

LAKE ELSINORE, CA–(Marketwire – Jan 7, 2013) – IDS Solar Technologies, Inc. ( OTCQB : IDST ) today announced production has begun on the first commercial multi-unit order for its Solar Survivor portable electric generator. This first delivery to its distributor is expected during January.

“The completion of these units will move us into the commercial growth stage of our business plan, where a distribution framework is being established and orders being fulfilled,” stated George Rodriguez, VP, Production and Operations. “We’re encouraged by the volume of inquiries we’ve received from dealers wishing to provide portable solar power solutions to their recreational, construction, military and industrial customers. Certainly events of this past year have brought a tremendous increase in the public’s awareness of the need for such a product.” 

Because of its innovative storage and charge design, the Solar Survivor is the economical, sturdy, and reliable choice for portable solar energy as part of an emergency/disaster preparedness plan or to provide off-grid, odorless, noiseless and non-flammable power.

About IDS Solar Technologies, Inc.
IDS Solar Technologies, Inc. is a GIIRS-rated green energy company that designs, develops, manufactures and distributes a family of portable, solar power generators for use by consumers, industry, government and disaster relief efforts worldwide. Each unit features a battery storage system that provides electricity anytime, almost anywhere for routine, periodic or emergency use. For additional information please visit www.IDSSolarTech.com

Forward-looking & Safe Harbor Statement
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and those statements are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Marketwire News Archive – Yahoo! Finance

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Wall Street falls on banks' settlement, doubts on earnings

NEW YORK (Reuters) - Stocks fell on Monday as banks agreed to pay billions in a settlement with U.S. regulators and investors speculated that U.S. earnings for the end of 2012 would be only modestly better than in the previous quarter.

Financials declined after a group of home mortgage servicers, including major U.S. banks, agreed to pay a total of $8.5 billion to end a government-ordered, case-by-case review of foreclosures.

The KBW bank index <.bkx>, a gauge of U.S. bank stocks, was down 0.7 percent.

Earnings are expected to be only slightly better than the third-quarter's lackluster results, and analysts' current estimates are down sharply from what they were in October.

"There is little doubt that concerns about the fiscal cliff created spending hesitancy in both consumers and businesses in the fourth quarter, and it is likely that will adversely impact earnings season," said Randy Frederick, managing director of active trading and derivatives at Charles Schwab.

Aluminum company Alcoa Inc will unofficially launch the reporting season by announcing its results after Tuesday's market close.

The Dow Jones industrial average <.dji> was down 77.33 points, or 0.58 percent, at 13,357.88. The Standard & Poor's 500 Index <.spx> was down 8.69 points, or 0.59 percent, at 1,457.78. The Nasdaq Composite Index <.ixic> was down 12.39 points, or 0.40 percent, at 3,089.26.

The day's decline came a session after the S&P 500 finished at a five-year high and investors booked profits on stocks' best weekly gain in more than a year, boosted by a budget deal and economic data. The S&P 500 rose 4.6 percent last week.

Ten mortgage servicers - including Bank of America , Citigroup , JPMorgan , and Wells Fargo - agreed on Monday to pay $8.5 billion to end a case-by-case review of foreclosures required by U.S. regulators.

Bank of America also announced roughly $11.6 billion of settlements with mortgage finance company Fannie Mae and a $1.8 billion sale of collection rights on home loans.

The bank also entered into agreements with Nationstar Mortgage Holdings and Walter Investment Management to sell about $306 billion of residential mortgage servicing rights.

Bank of America shares were down 0.6 percent at $12.04 while Nationstar Mortgage Holdings jumped 11.3 percent to $36.97.

JPMorgan shares were down 0.4 percent at $45.16 and Citigroup shares were down 0.8 percent to $42.07. Wells Fargo shares fell 1.1 percent to $34.55.

Walt Disney Co started an internal cost cutting review several weeks ago that may include layoffs at its studio and other units, three people with knowledge of the effort told Reuters. Disney shares fell 2.4 percent to $50.95.

Video-streaming service Netflix Inc shares gained 5.8 percent to $101.55 after it said it will carry previous seasons of some popular shows produced by Time Warner's Warner Bros Television.

Amazon.com shares hit their highest price ever at $269.22 after Morgan Stanley raised its rating on the stock. Shares were up 3.3 percent at $267.77.

Major U.S. technology companies could miss estimates for fourth-quarter earnings as budget worries likely led some corporate clients to tighten their belts last month.

(Reporting By Angela Moon; Editing by Kenneth Barry)

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RG3 defends himself as Redskins await knee results

ASHBURN, Va. (AP) — As the Washington Redskins awaited word on Robert Griffin III's health, teammates defended the rookie quarterback's decision to keep playing after reinjuring his right knee.

Griffin also chimed in. He did not appear in the locker room during the two hours it was open to reporters Monday morning, but offered some thoughts on Twitter.

"Many may question, criticize & think they have all the right answers. But few have been in the line of fire in battle," Griffin tweeted.

The Redskins were expected to announce results of Griffin's MRI later Monday.

Already playing with a heavy black brace in his third game since spraining a ligament in his knee, Griffin hurt the knee again when he fell awkwardly while throwing a pass in the first quarter of Sunday's 24-14 playoff loss to the Seattle Seahawks.

Griffin stayed in the game, but he was far from his usual self, clearly favoring the knee and unable to run with the world-class speed that helped define his play early in the season.

Then, in the fourth quarter with the Redskins trailing by seven, the knee buckled the wrong way when Griffin tried to field a bad snap. The Seahawks recovered the fumble deep in Washington territory, setting up a short field goal that helped put the game out of reach. Griffin was done for the night.

If Griffin had been pulled earlier, the critical turnover might not have happened. And, of course, his knee probably wouldn't be hurt as badly as it is.

"I thank God for perspective and because of that I appreciate the support from everyone. I also appreciate the criticism," Griffin tweeted.

Coach Mike Shanahan said after the game he essentially left the decision for Griffin to keep playing in Griffin's hands, and Griffin said he would probably have defied his coach if ordered to the bench.

"It's a slippery slope, I guess you can say, because you want to help the team," said receiver Pierre Garcon, who faced similar questions this season while dealing with a painful toe injury. "But you want to help yourself in the long run and your career.

"You want to look out for all sides, but it's hard to really know exactly if you're doing the right thing because if you sit out and the team losses, it's like 'I could probably have helped.' If you go out there and don't help the team, it's like, 'I probably should've sat out.' You've just got to make a decision and live with it."

Shanahan was scheduled to address reporters Monday afternoon, but said after the game that he perhaps should have pulled Griffin sooner.

"It's a very tough decision," Shanahan said Sunday. "You have to go with your gut. You have to go with your gut and I did. I'm not saying my gut is always right, but I've been there before. In different situations, I get to know Robert better as time goes on and I'll know how stubborn he is — probably more so as time goes on. He's a competitor and I'll probably second guess myself. ... In the second half, should you have done it earlier? I think you always do that, especially after you don't win."

___

Follow Joseph White on Twitter: http://twitter.com/JGWhiteAP

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Depardieu exit causes French storm

STORY HIGHLIGHTS

• Russian President Vladimir Putin has bestowed Russian citizenship on actor Gérard Depardieu


• For Depardieu, a public war of words erupted, with many in France disgusted by his move


• Depardieu more than anyone, represents the Gallic spirit, says Agnes Poirier


• Majority of French people disapprove of his action but can't help loving him, she adds

Agnes Poirier is a French journalist and political analyst who contributes regularly to newspapers, magazines and TV in the UK, U.S., France, Italy. Follow her on Twitter.

Paris (CNN) -- Since the revelation on the front page of daily newspaper Libération, on December 11, with a particularly vicious editorial talking about France's national treasure as a "former genius actor," Gérard Depardieu's departure to Belgium, where he bought a property just a mile from the French border, has deeply divided and saddened France. Even more so since, as we have learnt this week, Russian President Vladimir Putin has bestowed the actor Russian citizenship.

Read more: Depardieu's puzzling love for Russia

Back in mid-December, the French media operated along political lines: the left-wing press such as Libération couldn't find strong enough words to describe Depardieu's "desertion" while right-wing publications such as Le Figaro, slightly uneasy at the news, preferred to focus on President François Hollande's punishing taxes which allegedly drove throngs of millionaires to seek tax asylum in more fiscally lenient countries such as Belgium or Britain. Le Figaro stopped short of passing moral judgement though. Others like satirical weekly Charlie hebdo, preferred irony. Its cover featured a cartoon of the rather rotund-looking Depardieu in front of a Belgian flag with the headline: "Can Belgium take the world's entire load of cholesterol?" Ouch.

Quickly though, it became quite clear that Depardieu was not treated in the same way as other famous French tax exiles. French actor Alain Delon is a Swiss resident as is crooner-rocker Johnny Halliday, and many other French stars and sportsmen ensure they reside for under six months in France in order to escape being taxed here on their income and capital. Their move has hardly ever been commented on. And they certainly never had to suffer the same infamy.

Read more: Actor Depardieu makes Russia trip after accepting citizenship

Agnes Poirier

For Depardieu, a public war of words erupted. It started with the French Prime Minister Jean-Marc Ayrault, and many members of his government, showing their disdain, and talking of Depardieu's "pathetic move." In response the outraged actor penned an open letter to the French PM in which he threatened to give back his French passport.

The backlash was not over. Fellow thespian Phillipe Torreton fired the first salvo against Depardieu in an open letter published in Libération, insulting both Depardieu's protruding physique and lack of patriotism: "So you're leaving the ship France in the middle of a storm? What did you expect, Gérard? You thought we would approve? You expected a medal, an academy award from the economy ministry? (...)We'll get by without you." French actress Catherine Deneuve felt she had to step in to defend Depardieu. In another open letter published by Libération, she evoked the darkest hours of the French revolution. Before flying to Rome to celebrate the New Year, Depardieu gave an interview to Le Monde in which he seemed to be joking about having asked Putin for Russian citizenship. Except, it wasn't a joke.

Read more: French star Depardieu ditches France for Putin's Russia

In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit. He has been Cyrano, he has been Danton; he, better than most, on screen and off, stands for what it means to be French: passionate, sensitive, theatrical, and grandiose. Ambiguous too, and weak in front of temptations and pleasures.

In truth, French people have felt touched to their core by Depardieu's gesture. He, more than anyone, represents the Gallic spirit
Hugh Miles

For more than two weeks now, #Depardieu has been trending on French Twitter. Surveys have showed France's dilemma: half the French people understand him but there are as many who think that paying one's taxes is a national duty. In other words, a majority of French people disapprove of his action but can't help loving the man.

Read more: Paris promises flurry of economic reforms

Putin's move in granting the actor Russian citizenship has exacerbated things. And first of all, it is a blow to Hollande who, it was revealed, had a phone conversation with Depardieu on New Year's Day. The Elysées Palace refused to communicate on the men's exchange. A friend of the actor declared that Depardieu complained about being so reviled by the press and that he was leaving, no matter what.

If, in their hearts, the French don't quite believe Depardieu might one day settle in Moscow and abandon them, they feel deeply saddened by the whole saga. However, with France's former sex symbol Brigitte Bardot declaring that she too might ask Putin for Russian citizenship to protest against the fate of zoo elephants in Lyon, it looks as if the French may prefer to laugh the whole thing off. Proof of this: the last trend on French Twitter is #IWantRussianCitizenship.

Read more: Brigitte Bardot threatens to spurn France, embrace Russia if 2 elephants killed

The opinions expressed in this commentary are solely those of Agnes Poirier.

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