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For decades, the real estate industry has benefited from generous tax deductions that raise home values by making it cheaper for people to own property and shoulder their local taxes.
Around the country, real estate organizations are calling legislators, warning clients about their future tax bills and staging protests, all in an effort to keep homeowners as a favored class in the tax code. “We don’t consider ourselves to be Republicans or Democrats,” said Linda Jay, chief executive of the Bakersfield Association of Realtors in central California.
In May, alarmed by the discussion of tax reform percolating in Washington, the National Association of Realtors released a study it had commissioned to study the effect of those proposals on the housing market.
Read: Republican tax plans will make it less beneficial to own a home, analysis finds. Not everyone believes tax reform will squelch housing. Ed Pinto, the housing expert at the right-leaning American Enterprise Institute, published an op-ed in mid-November noting that the mortgage interest deduction is expensive for taxpayers — an estimated $140 billion in 2017, he said — while providing little support to homeownership.
State and local officials in other high-tax, largely blue states like New York, New Jersey and California are warning the tax plan will strain budgets, shake real estate markets and prompt residents to flee expensive coastal states for places with lower taxes.
State officials worry that all the economic progress is about to be undercut by the $1.5 trillion Republican tax plan sailing through Congress.
The federal government will unveil its highly anticipated national housing strategy today, with the Liberals looking to ease the concerns of Canadians who fear being priced out of the market.
The plan will put a heavy focus on housing supply – building tens of thousands of affordable housing units over the next decade – and repurposing other cash to maintain housing supplements. There are expectations that the plan will also include a new portable benefit that low-income renters can carry with them through the market.
Janet Yellen, the Federal Reserve chairwoman, made a relaxed appearance at New York University on Tuesday night, answering questions about her life in economics and her time at the Fed one day after she announced plans to leave the central bank next year.
Ms. Yellen said nothing new about the Fed’s policy plans for the coming months, leaving unaltered the widespread expectation that the Fed will raise its benchmark interest rate in mid-December.
U.S. stock futures on Wednesday mostly pointed to a small rise at the open, though drops by Hewlett-Packard Enterprise Inc., HP Inc. and Salesforce.com Inc. look set to limit the S&P 500’s gain.
S&P 500 futures ESZ7, +0.03% inched up by 0.45 point, or less than 0.1%, to 2,596.75, while Dow Jones Industrial Average futures YMZ7, +0.11% added 25 points, or 0.1%, to 23,568. Those who stick around will be treated to Federal Reserve minutes and fresh readings on durable goods and consumer sentiment.
Experts say these three steps can help donors get the most bang for their charitable buck:. While donors may have large capital gains in their brokerage or other taxable accounts thanks to the multiyear bull market, financial planners recommend against selling appreciated stocks and giving the proceeds to charity.
Another year of climbing stock prices and the uncertainty surrounding the Republican tax plans currently before Congress make smart charitable giving especially tricky this year—and important.
International banking giants HSBC and Societe Generale are being taken to court by France's far-right National Front (FN) leader Marine le Pen.
The defeated candidate in France's presidential elections in May, Marine Le Pen, told a press conference on Wednesday she believed her FN party had been deliberately cut off from financing as part of a "banking fatwa" against the far-right. "After being the victim of massive judicial persecution, we are witnessing a new stage in the persecution of the National Front — banishment from banking," she said at a press conference in Nanterre, calling on President Emmanuel Macron and other political parties to back the FN over her claim.
Home sales in October continued to be weighed down by supply shortages and the ongoing recovery from hurricanes in Florida and Texas.
Sales of existing homes increased 2% but some economists say the deal level is below the market’s potential because of a lack of inventory
In fact, the signs are that Beijing is letting market forces play a greater role in pricing credit—something investors should cheer.
Late last week, a coalition of Chinese regulators released a comprehensive set of new regulations for the asset-management industry, which could help clean out the country’s financial underbelly and allow rates to be better transmitted through the enormous shadow banking system.
U.S. fund investors pumped millions into bond funds for a 50th straight week, the Investment Company Institute (ICI) said on Wednesday, showing that caution in recent weeks may not portend a flight from debt generally.
U.S. fund investors walloped high-yield funds with their fourth-largest weekly withdrawals on record during the week ended Nov. 15, according to Lipper, as investor sentiment deteriorated following setbacks to several corporate mergers and in U.S. tax reform efforts.
Residential real estate sales in Miami bounced back in October after two months of delayed inspections, appraisals and closings following Hurricane Irma, according to a report Tuesday by the Miami Association of Realtors and the Multiple Listing Service.
“Now that re-inspections are being completed and tree debris has been mostly removed, Miami real estate is back to another strong month of home sales. The rise in luxury home sales showcases the strength of Miami’s market fundamentals.”
According to a French judicial source, Kerimov is accused of tax evasion by purchasing several luxury residences on the French Riviera using shell companies - something that would have enabled Kerimov to reduce taxes owed to the French state.
In Russia's lower house of parliament, lawmaker Rizvan Kurbanov said there was no information on why Kerimov was being held, asking the Russian foreign ministry to intervene with French authorities on the oligarch's behalf.
The expectation is that the extra money being poured into research will encourage industry to increase its funding on R&D.
The government has set itself the ambitious aim of doubling the total amount of money spent by public and private organisations on research from just over £30bn a year to £46bn by 2027. The expectation is that the extra money being poured into research will encourage industry to increase its funding on R&D.
“There’s so little transparency in venture capital,” said Kiki Mwiti, the Bay Area founder of tech start-up Globerly, who in July teamed up with industry peers to build a platform aiming to remove some of the secrecy from the venture capital industry.
Now, after allegations of sexual harassment and misconduct have led to the resignations of Justin Caldbeck of Binary Capital and Dave McClure of 500 Startups, and the dismissal of Steve Jurvetson of DFJ, the industry’s once-celebrated kingmakers are facing pressure from founders and limited partners to clean up their act.