News 

We need an infrastructure bank

“The bill, The Infrastructure Bank for America Act of 2017 (H. R. 3977), will establish a federally chartered bank to invest in infrastructure projects throughout the country” writes Rep John Faso for washingtonexaminer.com. A private infrastructure bank would supplement, not replace, existing public infrastructure funding.Without a specific entity, such as an infrastructure bank, it is not likely that sufficient funds can be raised to meet the need.An infrastructure bank that is privately managed is the way to utilize private investment to rebuild America.This proposal differs from President Obama’s infrastructure bank…

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What’s in, and not in, deal ending the government shutdown

“The deal to break through the Senate stalemate over immigration and border security that shut down the government is a bare-bones accord” reports foxbusiness.com. DACA protects some 700,000 immigrants from deportation. —New funds to toughen border security, including money to start building Trump’s long-promised wall spanning the U.S.-Mexico border. The wall was one of his leading campaign promises, and a number of congressional Republicans have continually stressed border security in the budget talks.A look at what the deal has and doesn’t have: —Short-term funding for the government through Feb. 8. Source:…

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How the New Tax Law Affects Gambling Deductions

“Does the new tax law affect any of this, specifically the tax-free contribution, and tax-free spend?” writes Robert Powell for thestreet.com. Ask us anything: We’re getting questions from readers about the new tax law.Send your questions about the new tax law to [email protected] questions about the new tax law?. More questions and answers related to the new tax law:.  Source: thestreet.com Share This:

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7 new taxes retirees face

“The penalty is applied in addition to the income tax due on retirement account distributions” writes Aol Staff for aol.com. After years of saving money in tax-deferred 401(k)s and IRAs, you have to begin taking annual withdrawals after age 70 1/2.Here’s a look at some of the taxes that could crop up in retirement.A retiree in the 24 percent tax bracket who fails to take a required $10,000 IRA distribution will owe $7,400 in taxes and penalties. Source: aol.com Share This:

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News Stocks 

GE earnings: Can it possibly get any worse?

“Earnings: GE is expected to report earnings, excluding nonrecurring items, of 30 cents a share, according to the average estimates of 14 analysts surveyed by FactSet” writes Reporter Editor for marketwatch.com. GE has beaten revenue expectations the past three quarters, after missing 10 of the previous 12 quarters.See also: GE’s stock plunge puts 110-year run in the Dow industrials at risk.Revenue: That FactSet revenue consensus is $33.81 billion, up from $33.09 billion a year ago, but down from a consensus of $34.40 billion three months ago. The following are the…

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With deferred liabilities, Verizon will get earnings benefit from tax bill

“Read: Tax bill lowered corporate tax rate, so why are some companies announcing charges?” writes Francine Mckenna for marketwatch.com. These are the companies with the largest net deferred tax liability balances as of the end of 2016.Wells Fargo & Co WFC, +0.79%   is the only big bank so far to see its fourth-quarter profit get a boost from writing down its deferred tax liabilities to reflect the lower rate.The bank said its income of $6.15 billion, or $1.16 a share, benefited from a $3.35 billion one-time tax boost.That is…

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Adobe lifts earnings forecast on tax reform boost

“(Reuters) – Photoshop maker Adobe Systems Inc on Monday lifted its forecast for yearly earnings per share, helped by new U.S. tax laws, saying it expects its effective tax rate to decline “substantially.”” reports businessinsider.com. Adobe said it expects earnings of $6.20 per share for fiscal year 2018, up from a previous forecast of $5.50. Source: businessinsider.com Share This:

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Crypto News 

Bitcoin tanks 11% to fall below $11,000; South Korea announces details on crypto tax

“Bitcoin trading in South Korean won accounted for 4% of trading volume, according to CryptoCompare” writes Evelyn Cheng for usatoday.com. The Japanese Yen had the largest share, accounting for about 37%, while the U.S. dollar had about 33% of bitcoin trading volume, the website showed.Ripple, the third-largest digital currency by market capitalization, fell about 12% to $1.22, according to CoinMarketCap.Bitcoin traded near $10,487 as of 11:56 a.m. on Coinbase, the leading U.S. marketplace for buying and selling major digital currencies.The news followed an announcement in late December the South Korean…

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