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Final GOP tax bill raises tax on overseas profits, keeps deductions for medical expenses, student loans

“Related: Read the Republican tax bill for yourself Republicans also moved other parts of the bill around to free up revenues” writes Joseph Lawler for washingtonexaminer.com. Those businesses, though, would still effectively have their top rate lowered to 29.6 percent, thanks to the lower top individual tax rate.The Republican tax bill that Congress will vote on next week would raise the one-time tax on businesses’ foreign earnings and includes other new revenue to pay for tax breaks needed to win support from Republicans.”There were adjustments made throughout the whole tax…

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Will US companies put overseas cash to work? Don’t bet on it

“Most of the industry’s overseas cash has been accumulated by five companies: Apple, Microsoft, Cisco Systems, Alphabet and Oracle” reports foxbusiness.com. Once the companies’ earnings overseas were taxed at the one-time low rate, most future overseas profits could be returned home tax-free.Smiley said the company could use money returned from overseas to buy companies, finance research and return cash to shareholders.Jeffrey Loo, an analyst at CFRA Research, predicted that Pfizer, Merck and Amgen would return some of their overseas money.So most have chosen to keep the money overseas — at…

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Technology leads US stocks higher, following overseas gains

“JOBS REPORT: U.S. employers added 228,000 jobs last month, more than economists expected” writes The Associated Press for seattletimes.com. The jobs report is the last major piece of economic data that will arrive before the Federal Reserve meets next week to discuss interest rate policy.Technology stocks were strong again and are coming close to erasing their losses over the past week and a half.TECH LEADS THE WAY: Technology stocks in the S&P 500 rose 0.8 percent, the most among the 11 sectors that make up the index. Source: seattletimes.com Share This:

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Kim Kardashian’s Perfume Can’t Be Shipped to Australia and Customers Outraged

“Kim Kardashian’s Perfume Can’t Be Shipped to Australia and Customers Outraged Kim Kardashian’s Crystal Gardenia perfume line has been a worldwide smash … problem is, customers in Australia, New Zealand and other countries have plunked down the cash but still don’t smell nice” reports tmz.com. Overseas customers have been complaining because there was no warning on Kim’s website that there were blackout zones.Sources connected to Kim tell us she and her people were first told there wouldn’t be an issue in shipping the goods overseas. Source: tmz.com Share This:

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9 destinations in Europe where retirees are happy and housing is affordable

“Live and Invest Overseas, a resource for people who want to live, retire, and invest overseas, put together a list of the best retirement destinations in Europe for American retirees” reports businessinsider.nl. Portugal’s Algarve region is the best place in Europe to retire to today, according to Live and Invest Overseas.Luckily, it’s not as overwhelming as it might seem to figure out the best places to retire in a foreign country. Source: businessinsider.nl Share This:

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UBS sees bull case for ‘tax-fueled’ 25 percent surge in S&P 500 next year

“But with the right mix of tax law juice, a case can be made where it leaps ahead to 3,300, he said” writes unknown author for cnbc.com. The details of a final tax bill are still unclear, but in the House and Senate plans, approved Friday, the corporate tax rate is reduced to 20 percent from the current 35 percent. Companies that pay high taxes have been rallying, while those with the least to gain are getting flogged. Source: cnbc.com Share This:

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Saudi billionaires rush to move funds abroad to escape asset freeze

“In Saudi Arabia, some are in talks with banks and asset managers to move money outside the country, the people said” writes Zainab Fattah for independent.co.uk. Some Saudi billionaires and millionaires are selling investments in neighbouring Gulf Cooperation Council (GCC) countries and turning them into cash or liquid holdings overseas, the people said. Source: independent.co.uk Share This:

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Satellite Images Spy China’s First Overseas Military Base

“The base is China’s first overseas military base in recent memory, and was officially inaugurated on August 1, 2017” writes unknown author for popularmechanics.com. A commercial imagery satellite shows China’s first overseas military base in modern times, located in the tiny African nation of Djibouti. Source: popularmechanics.com Share This:

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Apple defends use of new tax haven after Ireland got tough

“There was no tax benefit for Apple from this change and, importantly, this did not reduce Apple’s tax payments or tax liability in any country.”” writes Daniel Shane for cnn.com. Under the House GOP tax bill, the main federal tax rate would be 20%, not 35%, and overseas profits would no longer be subject to U.S. tax.Related: These are the world’s worst tax havens Apple CEO Tim Cook was forced to defend Apple’s tax practices in testimony to the U.S. Senate in 2013.The Paradise Papers disclosures come as President Trump’s…

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