News 

Tax reform’s biggest impact still to come

“Opponents of tax reform will be relentless in trying to repeal, cutback, and discredit tax reform” writes Ap Photo Jacquelyn for washingtonexaminer.com. Tax reform opponents want to “undo” the law, scaling back or repealing the tax cuts to reduce future deficits or to fund other government spending programs.The Reagan tax cuts and reforms produced seven years of economic growth averaging nearly 5 percent a year.After being stuck in a slow-growth rut for a decade, our economy is finally beginning to grow again, just as it did after the Kennedy tax…

Read More
News 

Arizona teacher strike an effort to increase state taxes

“Rather, the labor union leading the strike, the Arizona Education Association, wants the state legislature to increase taxes” reports washingtonexaminer.com. “Here’s the game that is played every year [at the state capitol]: Tax cut, tax cut, tax cut.What they want is for the Republicans and Republican governor to do a tax increase.”.  Source: washingtonexaminer.com Share This:

Read More
News 

Accountants Confident in U.S. Economic Outlook

“Vaidyanathan said, is the boost that has come from low interest rates at central banks seeking to foster economic growth” writes Ezequiel Minaya for wsj.com. Globally, economic confidence is at its strongest since the inception of the survey in 2009.According to the Organization for Economic Cooperation and Development, which tracks 35 member countries from the Americas to Europe and Asia, the short-term outlook is for stable growth overall.US President Donald Trump arrives to speak about tax cuts during an event with American workers in the Rose Garden of the White…

Read More
News 

Seattle City Council releases plan to tax businesses, fund homelessness help

“The Seattle City Council has finally released draft legislation for a new tax on large employers that would raise $75 million next year to help address homelessness” writes Daniel Beekman for seattletimes.com. Not accounting for inflation, the payroll tax would raise the same amount of money as the employee-hours tax.In 2021, the employee-hours tax would be replaced by a tax of 0.7 percent on payroll on the same category of companies. Source: seattletimes.com Share This:

Read More
Crypto News 

Bitcoin’s latest climb brings post-Tax Day rally to more than 8%

“The cryptocurrency spiked about $300 to a high of $8,554.97, according to CoinDesk’s bitcoin price index” writes Artur Widak for cnbc.com. If bitcoin can break above the line, charts indicate the price can easily rise towards $9,173, he said.The IRS gave taxpayers another day to submit their returns after the agency’s web page for making the payments crashed Tuesday.Tom Lee of Fundstrat Global Advisors estimated U.S. households owe $25 billion in taxes on their cryptocurrency holdings. Source: cnbc.com Share This:

Read More
News 

Hedge Fund Titans Pull Money From Funds to Pay Massive Tax Bills

“A few hedge fund billionaires have been able to replace money they took out of their funds” writes unknown author for bloomberg.com. Paulson recently closed some smaller funds at his firm, and pulled money from his Credit Opportunities Fund to pay the bill.To make the payments, they had to pull some of their own money from their funds.Clients aren’t exactly lining up — a net $9.8 billion came into hedge funds in 2017, a sliver of the $3.2 trillion in total industry assets — as many firms have faced multiple…

Read More
News 

Tax law boosts bank returns

“So have the banks finally turned the corner?” writes Michael Rapoport for marketwatch.com. But that 13% would have been 11.8% without the earnings boost of more than $2.8 billion the six banks collectively received because of the decline in their tax rates from a year ago, driven by the new tax law.While the banks’ first-quarter ROEs were strong, a significant chunk of the strength stemmed not from growth in the banks’ operations, but from the sharply lower tax rates they’re now enjoying because of the federal tax overhaul enacted in…

Read More
News 

JPMorgan Chase is bringing its branch network to Washington, hiring as many as 700 new employees under a $20 billion investment program powered by deep Republican tax cuts for U.S. corporations.

“JPMorgan plans to open as many as 70 branches, some before the end of this year, Thasunda Duckett, head of the bank’s consumer business, said in an interview” writes Ap Photo Mark for washingtonexaminer.com. The lender is more than doubling a $10 million philanthropic investment and expanding affordable-housing loans to $500 million over five years to support communities such as D.C.’s Wards 7 and 8.JPMorgan Chase is bringing its branch network to Washington, hiring as many as 700 new employees under a $20 billion investment program powered by deep Republican…

Read More
News Oil 

Ryan Zinke moves to open Arctic refuge to drilling

“The Trump administration on Friday will start the process of opening the Arctic National Wildlife Refuge to oil and natural gas leasing” writes Ap Photo Becky for washingtonexaminer.com. Dan Sullivan, R-Alaska, said last month the Interior Department could have the first lease sale to oil and gas drillers in 2019. Under the tax law, the Interior Department must hold the first lease sale by 2021 and another by 2024, with at least 400,000 acres available each time.Republicans last year were successful in achieving their long-pursued goal to allow energy exploration…

Read More
News 

Durkan tells Seattle council what she’s looking for as new tax on employers takes shape

“The council members championing the idea of a new tax on employers intend to release draft legislation in the coming days, following weeks of discussions” writes Daniel Beekman for seattletimes.com. Small businesses should be wholly exempted, the tax money should be spent in line with a regional plan and an independent board should provide oversight, the mayor wrote in a letter to Seattle City Council members. Source: seattletimes.com Share This:

Read More