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1 Article
Source: Common Domain

Why new tax rules make Roth accounts better than ever

Today 03:19 GMT

With the potential for higher tax rates in 2026 and beyond, funding accounts such as the Roth IRA and Designated 401(k) Roth accounts, where money grows tax-free and assuming you follow the rules, is tax-free upon withdrawal, is more important than ever.

This extra income on the tax return often pushes some of the retiree’s income into the next higher marginal tax rate, can make more of their Social Security taxable, and in many cases, may cause them to pay higher Medicare Part B premiums.

1 Article
Source: Common Domain

Is the World Actually Getting Better?

Today 06:59 GMT

The World is Getting Quietly, Relentlessly Better is the title of a recent story by Greg Ip, The Wall Street Journal's chief economics commentator.

“Perhaps it feels irresponsible to celebrate the many ways the world is quietly getting better because it distracts from the fight against things that are loudly getting worse: polarized and authoritarian politics, deadly opioids, nuclear proliferation, and most of all, a warming climate - a consequence of all those new middle-class entrants burning fossil fuels,” Mr. Ip writes. But many of today's problems the world faces today "are far smaller than those it has already overcome and can be solved the same way: not by betting on miracles but by patiently applying knowledge and tools we already possess… If we can solve global poverty, we can solve other problems like climate change.”

1 Article
Source: DW

An artist collective from Indonesia to curate Documenta 15

Today 06:59 GMT

The Indonesian artist collective Ruangrupa has been picked to curate the upcoming edition of Documenta in 2022,  the selection committee revealed at a press conference on Friday.

It's the first time that the world-renowned German art show will be directed by an artist collective; the group will also become the event's first curators from Asia. As a group of artists, Ruangrupa, which loosely translates as "a space for art," has participated in various international visual art events, such as Gwangju Biennale (2002 and 2018), Istanbul Biennale (2005) and Singapore Biennale (2011).

1 Article
Source: Common Domain

The right way to attack the budget deficit is to cut spending, not to raise taxes

Today 06:59 GMT

Some Democrats want to substantially raise income taxes on the rich, both to reduce income inequality and to cut the federal deficit.

It will produce a short-term economic cost unless the higher taxes for the rich are offset by lower taxes for the middle class that could spur more consumer spending. In addition, basic principles of public finance show that a smarter way to tax the rich more is by reducing tax loopholes and deductions rather than raising tax rates.

1 Article
Source: Fox News

Texas community celebrates boy's 'miraculous recovery' with superhero sendoff

Today 05:09 GMT

TRUMP'S PERSONAL LETTER 'TOUCHED' WOMAN WHO WAS BATTLING BRAIN TUMOR: 'I COULDN'T BELIEVE IT'. They expect him to make a full recovery as he enters kindergarten in the fall with his twin brother, Hudson.

Days before Christmas, Owen Coulter, 5, of Austin, Texas, was rushed to the hospital with a deadly virus and moments later, his heart stopped. He was unresponsive.

1 Article
Source: Common Domain

What oil-tanker rates can tell traders about OPEC members’ compliance with cuts

Friday 19:06 GMT

A monitoring committee set up by OPEC and its allies found compliance with the cuts at 83%, Reuters reported on Wednesday, though not everyone is impressed by how well participants are sticking to the deal.

Savvy oil traders keep an eye on the cost of moving crude via tankers for myriad clues to the underlying supply and demand picture. But one analyst is warning investors not to get fooled into thinking that a bounce in one closely watched rate is a signal that OPEC producers are surreptitiously loosening the spigots.

1 Article
Source: Reuters

A Fed pivot, born of volatility, missteps, and new economic reality

Today 06:59 GMT

The January statement, JP Morgan analyst Michael Feroli wrote recently, showed the Fed “subtly but profoundly evolving” to a new view of the world where a variety of forces have changed the way inflation and interest rates work, and have now changed how the central bank responds.

Along with Powell’s public comments, Fed minutes, and other documents, the picture emerges of a central bank edging towards a period of potentially difficult change as it reviews how to do business in light of that new reality.

1 Article
Source: Common Domain

A record number of Americans now have access to a credit card — and it’s not going great

Friday 03:19 GMT

The number of consumers who have access to a credit card — meaning those who either have a card themselves or are authorized users on a card — hit a record high of 178.6 million at the close of 2018.

Kimberly Foss, a certified financial planner and the founder of Empyrion Wealth Management, adds that “if have a HELOC on your home you can borrow against that and pay off the credit card debt I’m sure it’ll be a lot less interest rate than credit card debt. On the HELOC you can get a variable or fixed rate and that way you can fixed interest rate on the HELOC as interest rates go up.”

1 Article
Source: Global News

Bank of Canada governor Poloz says pace of future rate hikes ‘highly uncertain’

Friday 12:40 GMT

The head of the Bank of Canada says his trend-setting interest rate is low enough, at its below-inflation level of 1.75 per cent, that it’s delivering stimulative effects to the economy.

READ MORE: Southern Albertans feeling the pinch after Bank of Canada interest rate hike. “With that rate still lower than inflation, it is clear that monetary policy continues to deliver stimulus to the economy today,” Poloz said.

1 Article
Source: Common Domain

Existing-home sales fall for third-straight month, hit a 3-year low

Friday 14:30 GMT

The numbers: Existing-home sales ran at a 4.94 million seasonally-adjusted annual rate in January, the National Association of Realtors said Thursday.

Still, there isn’t much more inventory than before: at the current pace of sales, it would take 3.9 months to exhaust available supply. First-time buyers haven’t made any progress, and even took a step back in January, making up 29% of all transactions during the month, well below their long-term average 40% share.

1 Article
Source: Common Domain

U.S. government bond yields retreat after data deluge, with Philly Fed in focus

Friday 13:35 GMT

Treasury prices pulled back Thursday, pushing up yields on signs of progress on U.S.-China trade talks and investors sorted through a deluge of economic reports.

The Philadelphia Fed manufacturing index, known as the Philly Fed, dropped sharply to -4.1 from 17 in the prior month — the first negative reading since May 2016. Orders for durable goods rose 1.2% in December, according to a government report delayed for more than a month due to the recently ended partial government shutdown.

1 Article
Source: Common Domain

A 5% to 10% correction is vital for this stock market, warns Jefferies strategist

Friday 11:46 GMT

Are we nearing a point where we will finally see how much juice is left in this stock market from a trade-deal announcement?

A 5% to 10% correction would be welcome, and it would be justified,” said the strategist, adding that there’s plenty that could pull that correction trigger — a slowdown in China, Europe or the U.S., lower earnings estimates, profit declines, valuations pulling back.

1 Article
Source: Fox News

Expanding Social Security for the rich (Huh)

Thursday 08:59 GMT

Those two groups are working-age households and retirees, and over 80 percent of House Democrats have co-sponsored legislation – the Social Security 2100 Act – that would do precisely as described: raise taxes on working-age households who have seen only skimpy income growth in order to “expand” Social Security benefits for retirees whose incomes have risen rapidly.

He previously served as the principal deputy commissioner of the Social Security Administration, as well as working on Social Security reform at the White House National Economic Council during the George W. Bush administration.

1 Article
Source: Common Domain

Fed divided over need for further interest-rate hikes, minutes show

Thursday 15:25 GMT

Federal Reserve officials broke into two camps about future interest-rate hikes at their January meeting, according to minutes of the two-day talks released Wednesday.

Fed officials said the U-turn on policy — in December, they had forecasted two rate hikes for 2019 — was needed because the economic outlook had become more uncertain since the start of the year, the minutes show. They noted that financial conditions had tightened since September despite some easing in the first few weeks of the year.

1 Article
Source: BBC

Three Tory MPs join breakaway group

Thursday 08:59 GMT

Remain-backing Tory MP Nicky Morgan said party "should regret losing three such talented women from the Conservative Party".

In the letter, the former Tory MPs said the party was "in the grip" of the DUP and the pro-Leave European Research Group over Brexit, and said there had been a "dismal failure" to stand up to them. They wrote: "We find it unconscionable that a party, once trusted on the economy, more than any other, is now recklessly marching the country to the cliff edge of no deal."


“Four hostile newspapers are more to be feared than a thousand bayonets...” ― Napoléon Bonaparte