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Republicans are targeting a corporate rate of 20 percent in their federal tax overhaul plan, according to three people familiar with the emerging blueprint — a number that represents a substantial cut from the current 35 percent rate but falls short of the 15 percent President Trump has long pushed for.
Grover Norquist, president of Americans for Tax Reform, said a 20 percent corporate rate combined with five years of expensing would achieve the GOP’s long-standing tax objectives.
Mr. Quarles’s provenance matters because of an obscure provision inserted into the Federal Reserve Act of 1913 by William “Alfalfa Bill” Murray of Oklahoma, a mustachioed, pistol-wielding congressman.
Oklahoma Congressman William ‘Alfalfa Bill’ Murray wanted to dilute Wall Street's influence in the Federal Reserve Act of 1913. The result: Members of the Fed board of governors must be from different districts—leading to creative definitions of ‘from.’
Republicans’ hopes of repealing Obamacare suffered their latest setback on Friday as Sen. John McCain said he couldn’t support a proposal from Sens. Lindsey Graham and Bill Cassidy.
“I’m completely convinced taking money and power out of Washington and returning it to states to administer health care is the best way to replace a collapsing Obamacare system,” Graham said in a statement Friday. Republicans say they’ll press on one way or another with trying to remake the health-care system.
U.S. taxpayers affected by this year’s hurricanes would get bigger-than-usual deductions for their property losses and penalty-free access to retirement accounts under a tax bill released Friday.
“My bill specifically helps hurricane victims keep more of their paycheck, deduct more of the cost of their expensive property damage, and have more affordable and immediate access to money they have saved for their retirement,” Mr. Brady said in a statement.
Indeed, the dollar’s weakness in 2017 despite continued underlying U.S. economic growth and the prospect of further tightening by the Fed, which has already delivered two rate increases this year, wrong-footed and perplexed a number of currency traders.
Investors weren’t too ruffled by the outcome of the Federal Reserve’s policy meeting, but it did appear to foster one market development that should cheer stock market bulls, according to Renaissance Macro’s Jeff deGraaf.
Since it announced a massive data breach earlier this month, Equifax has been hit with dozens of lawsuits from shareholders, consumers and now one filed by a small Wisconsin credit union that represents what could be the first by a financial institution attempting to preemptively recoup losses caused by alleged fraud the hack could cause.
Equifax has said its breach exposed sensitive information about 143 million consumers, including Social Security and driver’s license numbers.
The shocking truth about stock returns in this century. Major exchange-traded funds that track emerging market stocks rallied on Monday, hitting multiyear highs as the region’s strong year-to-date rally continued unabated.
Emerging market ETF hits 6-year high as China tech outshines. The ultimate YouTube watch list for investors today, whether you’re new to the game or a veteran looking to next level.