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Howard Gold: Tax cuts may help realize Piketty’s dark vision of inequality

“The GOP tax plan may well have other benefits, and I support a corporate tax cut, but not one this big and that costs this much” writes Howard Gold for marketwatch.com. On Thursday, the House of Representatives passed, by a 227-205 margin, its long-awaited tax reform plan, dubbed the Tax Cuts and Jobs Act.But now comes the GOP tax bill, which may reverse that in several ways: • The threshold for paying the estate tax would nearly double and would be phased out over six years.The plan would permanently slash…

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Seattle hits record high for income inequality, now rivals San Francisco

“In 2016, Seattle hit an all-time high for a commonly used measure of income inequality, known as the Gini index” writes Gene Balk for seattletimes.com. With last year’s big increase in its Gini index, Seattle now ranks 18th for income inequality among the 50 largest U.S. cities. Even so, we’re still far behind the city with the worst income inequality, and a Gini index of 57.5: Miami.Income inequality here is now on par with San Francisco, with an index of 50.3 last year.The U.S. Census Bureau has been calculating the…

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Pass-through taxes could determine future of Senate tax reform plan

“That rate would be significantly reduced if either the House or Senate tax reform plan were to become law” reports foxbusiness.com. Currently, pass-through businesses are subjected to a top marginal tax rate of 44.6%.While the House pushed forward with approving its tax reform plan on Thursday, the Senate may taken a step in the opposite direction: Sen.More than 90% of businesses in the U.S. are considered to be pass-through businesses, which means they pay taxes based on the owner’s income rather than the corporate tax rate. Source: foxbusiness.com Share This:

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Metro Seattle’s personal income growth slowed in 2016

“At an average $64,553, metro personal income remained well ahead of the national average of $42,246” writes Special To The for seattletimes.com. The Seattle-Tacoma-Bellevue metropolitan area turned in fairly strong growth — 4.5 percent — in per-capita personal income for 2015.Personal income is counted from all sources, from wages and rents to government transfer receipts.Last year, income growth slowed down nationally: Up only 1.6 percent on a per-capita basis.Per-capita personal income is a gold-standard measure of well-being, but it has its limitations. Source: seattletimes.com Share This:

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Here’s what’s in the tax bill the House just approved

“The House approved a sweeping overhaul of the tax code crafted by the Republican majority on Thursday” writes Usa Today Network for thedailyjournal.com. Here are highlights of what the House approved: • The current seven brackets would be compressed to four: 12%, 25%, 35% and 39.6%. • The bottom rate would increase from 10%, but sponsors say people in 10% bracket this year would owe no tax next year. • The top rate would apply to couples whose income exceeds $1 million, compared with $470,700 now. • The standard deduction for a…

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The Latest: House passes sweeping GOP tax overhaul

“The Latest on House consideration of the tax overhaul (all times local): The House has passed a sweeping Republican tax bill cutting taxes for corporations and many people” reports foxbusiness.com. House approval was expected later Thursday of the plan to slash corporate tax rates and reduce personal income tax rates while eliminating some deductions and credits.Republicans drove a $1.5 trillion tax overhaul toward House passage Thursday.President Donald Trump has arrived at the Capitol to encourage House Republicans who are about to push a $1.5 trillion tax package through their chamber.Personal…

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Wonkblog: The House will vote on its tax bill today. Here’s what is in it.

“The House is voting on a tax bill only” reports washingtonpost.com. On Thursday, the House is set to vote on the tax bill, the central piece of the Republican plan to boost the U.S. economy.The House bill cuts the top rate that large corporations pay from 35 percent to 20 percent, the biggest one-time drop in the big-business tax rate ever.The House bill collapses the seven tax brackets the country has down to just four (12 percent, 25 percent, 35 percent and 39.6 percent).Now they would get to bring the money…

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8 smart tax moves to make before the end of the year

“Possible tax reform: The Senate tax reform bill would leave both credits in place under the existing rules” writes Bill Bischoff for marketwatch.com. It’s time to think about making some moves to lower your personal 2017 federal income tax bill while also positioning yourself for tax savings in future years.Possible tax reform: Both the House and Senate tax reform bills would eliminate this option for 2018 and beyond, so use it this year or maybe lose it.With those thoughts in mind, here’s part 2 of our list of the best…

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One of the top recruitment firms on Wall Street just published its annual compensation guide for traders — and it’s not pretty

“Still, the numbers match up with Wall Street revenues” writes Matt Turner for businessinsider.com. Third quarter revenues also disappointed, and Goldman Sachs CFO Marty Chavez said this week that the fourth quarter has been muted.It’s not looking good for Wall Street traders.According to an annual survey by Wall Street recruiting firm Options Group, total compensation for fixed income and equities professionals in the US will be down 7% from last year, on average.Only foreign exchange trading (+1%) and those working in electronic markets for fixed income (+7%) and equities (+3%)  are expecting to see…

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Rand Makes Pitch To Gut Obamacare…

“Importantly, Paul has not revealed whether he would oppose the tax cut bill if his amendment is not accepted” reports washingtonpost.com. They are trying to pass the tax cut bill through a process known as reconciliation, which means they only need a majority of support to pass the bill.The House and Senate must pass matching versions of the tax cut bill before they can be signed into law by Trump.His comments, made in a series of Twitter posts, could spur the first major intraparty fight over the tax cut bill…

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