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Tom Tait, the Republican mayor of Anaheim, isn’t happy about his party’s tax-overhaul efforts in Washington because the plan would eliminate a deduction for state and local taxes that helps many of his city’s residents.
Backers of the plan, which is focused on a large cut to the rate paid by U.S. corporations, said the state and local tax deduction mostly helps the wealthy and that the middle class will come out better overall because of other proposed changes, including nearly doubling the standard deduction.
Millions of Americans would lose a prized tax break under President Donald Trump's sweeping revamp of the tax code, but corporations would get to keep it.
The Republican proposal would eliminate the federal deduction for state and local taxes, a widely popular break used by some 44 million Americans, especially in high-tax, Democratic-leaning states like New York, New Jersey, California and Illinois.
Iran's supreme leader on Wednesday blasted President Donald Trump's "nonsensical comments" and urged Europe to do more to back the 2015 nuclear deal after Mr. Trump refused to re-certify the pact.
Mr. Trump said he decertified Iran's compliance on the grounds that Iran had committed several violations of the deal but he did not announce a withdrawal from the pact, instead kicking it to Congress for a decision.
After reporting a strong third quarter and debuting its new chief executive officer, UnitedHealth Group stock surged 5.5% in Tuesday trade, closing at an all-time high.
UnitedHealth reported better-than-expected third-quarter earnings on Tuesday and raised its 2017 earnings guidance for the third time this year. The company now expects 2017 earnings-per-share to approach $9.45, above the FactSet consensus of $9.32, and adjusted net earnings to approach $10.00, above the FactSet consensus of $9.43.
“There is no question that the rally in the stock market has baked into it reasonably high expectations of us getting tax cuts and tax reform done,” Mnuchin told Politico Money in a podcast.
Corporate earnings have so far been healthy and the global economy is taking part in a rare synchronized uptick that has seen Germany’s stock market, the DAX 30 index DAX, +0.09% and the Nikkei Stock Average NIK, +0.13% trade at or near record territory, market participants point out.
However, each clamber higher for the Dow will make its 1,000-point achievements far less momentous—at least arithmetically speaking.
As the table below shows, each 1,000-point move requires an increasingly smaller percentage push for the Dow and suggests that the completion of such moves shouldn’t be treated as monumental occasions:. Looking forward, if the Dow picks up another 1,000 points to reach 24,000, that will represent a 4.3% advance from the 23,000 mark, followed, if all goes to plan, by a 4.2% return to reach 25,000 and a 4% further march to 26,000.
The Senate is expected to take one step closer this week to crafting tax reform legislation with the passage of a budget resolution.
I think we have the potential of seeing a Watergate-style blowout," the Texas Republican said at a Koch brothers donors meeting at the St. Regis Hotel in New York.
If the recent ups and downs of the stock market have you tossing and turning at night, it's not because you need to get out of the market — it's because you need to get a real financial plan.
You can pinch pennies or throw money into a retirement account or make any other financial moves you want, but unless those moves are part of a holistic financial plan, you are always going to be worried and anxious.
The U.S. Securities and Exchange Commission (SEC) on Tuesday charged mining company Rio Tinto Plc (RIO.L) (RIO.AX) and two of its former top executives with fraud, saying they inflated the value of coal assets in Mozambique and concealed critical information while tapping the market for billions of dollars.
By making misleading public statements, Rio Tinto and the executives were able to raise $5.5 billion from U.S. investors, the SEC said.
The AI Powered Equity Exchange-Traded Fund (AIEQ.P), which launched in the United States on Wednesday, will use IBM Corp’s (IBM.N) Watson artificial intelligence technology to pick several dozen stocks with potential to beat the market, the fund’s backers say.
Even investors hoping to beat the market have increasingly turned to algorithms to pick stocks with attractive prospects. Starting in 2019, the Chartered Financial Analyst exam that is a respected license for portfolio managers will add questions on artificial intelligence, automated investment services and mining unconventional sources of data.
The job is forecast to grow 24 percent through 2024 because of age-related emergencies involving older Americans, as well as natural disasters and violence, according to the Bureau of Labor Statistics.
Jobs for these workers will grow 17 percent through 2024, or much faster than average, the Bureau of Labor Statistics says. Emergency medical technicians earn a median base salary of $27,636, but should be earning $35,407, or about 21.9 percent more, Glassdoor said.
He came to the Baron Fifth Avenue Growth Fund when Baron Funds CEO Ron Baron hired him away from Morgan Stanley, where he had an outstanding record.
Ask Alex Umansky why his Baron Fifth Avenue Growth Fund does so well, and you get a refreshingly self-effacing answer for someone in a profession full of big egos. Instead of talking about how great he is, Umansky points to his competitors’ artificial constraints that hold them back.
Financial companies led U.S. stock indexes mostly higher in morning trading Wednesday as investors pored over the latest batch of company earnings and deal news.
BANKING ON IT: Northern Trust shares picked up 5.4 percent after the bank's earnings and revenue beat Wall Street's estimates.
Gold futures on Wednesday deepened their retreat from the key $1,300 level, pressured by some strength in the U.S. dollar as investors deal with uncertainty over who will become the next Federal Reserve chief and how that will influence the outlook for interest rates.
December copper HGZ7, -0.63% shed 0.6% to $3.176 a pound, January platinum PLF8, -1.11% lost 1.2% to $923.70 an ounce and December palladium PAZ7, -1.76% traded at $958.95 an ounce, down 1.7%.
The Irish prime minister has accused Donald Trump of peddling “fake news” after the US president wrongly claimed that Ireland plans to further reduce its much-criticised 12.5% corporation tax.
The taoiseach, Leo Varadkar, denied the allegation during prime minister’s questions in the Dail (Irish parliament) on Wednesday. “I can confirm that President Trump’s claim that we are proposing to reduce our corporation profit tax to 8% is indeed fake news.