News 

U.S. economy: A rundown of the poorest county in every state

“The typical household in the wealthiest county earned $2,219 more in 2016 than in 2015, and the typical household in the poorest county earned $356 less” writes Michael B for thedailyjournal.com. The typical Buchanan County household earns only $30,335 a year, less than half the $66,149 the typical household in the state earns annually.A relatively wealthy state, Utah’s median household income of $62,518 is about $7,000 higher than the national median income.The typical county household earns just $35,270 a year, the least of any California county and far less than…

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The American Health-Care System Increases Income Inequality

“That meant that these families spent something like a third or more of all their income on health care” writes Newkirk Ii for theatlantic.com. They found that income inequality in 2014 actually increased by 1.5 points after medical expenses were subtracted from income.That includes both the absolute cost of health care and the myriad ways the cost is passed onto people with insurance.Health insurance is supposed to mitigate those cost and information barriers.Of the 7 million, 4 million found their post-health-care income reduced below 50 percent of the poverty line,…

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Goldman upgrades Walmart on tax reform

“Walmart shares rose 1.7 percent in Thursday’s premarket session after the report” writes Daniel Acker for cnbc.com. The firm on Thursday raised its rating for Walmart shares to buy from neutral and added the retailer to its “Americas Conviction List.”. The analyst noted tax reform will give an average annual benefit of $1,018 per tax payer filing.”We expect a meaningful dividend hike as the firm redeploys cash from tax savings, and repatriated overseas cash,” he wrote.”We expect the mass market to benefit from stronger income growth, and from personal tax…

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Morgan Stanley quarterly profit tanks; adjusted profit beats view

“Excluding the one-off charge and other items, Morgan Stanley’s adjusted profit was $1.68 billion, or 84 cents per share” reports foxbusiness.com. Morgan Stanley recorded a one-time $1.2 billion tax provision, the smallest among the banks.Trading revenue, which is traditionally Morgan Stanley’s biggest source of income, fell 19.5 percent to $2.25 billion.Jan 18 (Reuters) – Morgan Stanley’s quarterly profit dropped almost 60 percent on a provision related to the new U.S. tax law, but adjusted profit beat analyst expectations as strength in wealth management helped offset a drop in trading revenue.Net…

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Goldman Sachs just had a historically bad quarter in trading

“Here’s a breakdown of recent quarterly revenue numbers for fixed income: It’s likely to be a cause for concern for investors and management” writes Matt Turner for businessinsider.com. Goldman Sachs’ fixed-income business just racked up a record it didn’t want.The unit posted quarterly revenues of $1 billion in the final three months of 2017, the lowest quarterly revenue line for that business since Goldman Sachs started breaking out fixed income, currencies, and commodities client execution revenues in 2010.The US investment bank in September set out a strategy to generate an additional $1…

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US Bancorp’s 4Q profit rises 16%

“Jan 17 (Reuters) – U.S. Bancorp reported a 16 percent increase in quarterly profit on Wednesday as it booked a $910-million tax benefit due to new U.S. tax laws” reports foxbusiness.com. The biggest U.S. regional bank by assets said net income attributable to common shareholders rose to $1.61 billion or 97 cents per share in the fourth quarter ended Dec. 31, from $1.39 billion or 82 cents per share, a year earlier. Minneapolis-based U.S. Bancorp’s net interest income rose 6.4 percent to $3.14 billion, benefiting partly from higher interest rates. Source:…

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The Trump tax reform won’t match the Reagan ones

“When pessimists claimed a year ago that tax reform was dead, I argued that a tax reform bill would be enacted by Congress, a judgment that proved correct” writes John Mueller for washingtonexaminer.com. President Trump and Republican House and Senate leaders deserve credit for enacting the 2017 tax reform.This explains why the Reagan tax reforms were enacted only with the support of so-called “Reagan Democrats” in Congress, while not a single Democrat voted for the 2017 tax reform.On the other hand, the facts show that the reductions in top marginal…

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Brokers News 

US tax legislation weighs on Interactive Brokers’ earnings in Q4 2017

“Excluding other comprehensive income, Interactive Brokers reported diluted earnings per share of $1.07 for 2017, compared to diluted earnings per share of $1.25 in 2016” reports financefeeds.com. Regarding the full year to December 31, 2017, comprehensive diluted earnings per share amounted to $1.22, compared to comprehensive diluted earnings per share of $1.19 in 2016.The results for 2017 were negatively impacted by the effects of the Tax Act, which decreased diluted earnings per share by $0.46.The company notes that the Tax Act reduces the corporate income tax rate to 21% and…

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Citi plunges to giant $18bn loss on back of Trump tax reforms

“Indeed Citi chief executive Michael Corbat said it would to lead “higher net income and increased returns”” writes Jon Yeomans for telegraph.co.uk. President Donald Trump’s tax reforms have pushed US banking giant Citigroup to a vast $18.3bn (£13.3bn) loss in the fourth quarter of last year.The tax reform – a flagship policy of the Trump administration – is expected to lower the corporate tax rate for most companies in the long term. Source: telegraph.co.uk Share This:

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A 30-year-old who quit corporate life to earn 6 figures working remotely from a Mediterranean island shares his best advice on turning a side job into a full-time gig

“Zima’s day job was in digital marketing, so he used his experience to start consulting in a similar vein” reports businessinsider.com. “I started getting good reviews, and that’s when I had the day job and the side hustle side by side.”. I took things that were a part of my day job, which I was very experienced at, and meshed it and overlapped it to make a more compelling offer.”. “The typical transition is like, ‘Ok, we’re going to move, I’m going to find a job, everything will be all…

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