Headlines 

Why a $38 Billion Tax Payment Is a Good Deal for Apple

Apple has faced mounting criticism in recent years for avoiding taxes in the US and Europe. Wednesday, it offered critics 38 billion replies. More precisely, Apple said it would pay an estimated $38 billion in tax to bring back to the US some of the cash it has stashed overseas over the years. Apple says the payment would be the largest tax payment of its type in history. But it’s also a pretty good deal for the company. In the wake of the tax-cut bill approved by Congress last month,…

Read More
Odds and Ends 

Pulling Their Heartstrings: Tearful Republicans Unanimously Voted For The New Tax Bill After Hearing A Billionaires Heart-Wrenching Story Of How He Would Like To Have More Money

People like to paint conservatives as unfeeling plutocrats, but here’s a story that proves that Republicans in Congress are actually governing with their hearts: Today tearful Republicans unanimously voted for the new tax bill after hearing a billionaire’s heart-wrenching story of how he would like to have more money. Wow. If you thought conservatives were utterly void of empathy, think again. Members of Congress took a break from political jockeying this morning to hear a tear-jerking testimony from billionaire banker Andrew Beal about how he has a lot of money…

Read More
Headlines 

Singapore’s Economy Grows Faster Than Estimated

Singapore’s economy finished 2017 on a solid footing, allowing more room for policy makers as they consider raising taxes and tightening monetary policy this year. Growth was higher taxes when the government releases its budget on Feb. 19, with one option being an increase in the goods and services tax. The Monetary Authority of Singapore may also shift to a tightening stance after government and the central bank forecast GDP growth of 1.5 to 3.5 percent this year. A stabilizing labor market and recharged property market is setting up a…

Read More
Odds and Ends 

Incredible: This Inner-City Teacher Can Finally Use The Private Jet Tax Credit To Take Her Kids On A Field Trip To The Louvre

While the long-term impact of the newly passed Republican tax plan remains uncertain, there’s already one American who is reaping the benefits, and her story is absolutely heartwarming: This inner-city teacher can use the tax credit she now receives on her private jet so that she can fly her students to an educational field trip at the Louvre! It’s official: Chalk this one up as a win for America’s underdogs! Thanks to the GOP’s tax reform, Ms. Nadia Perez, a sixth-grade teacher in the Newark public school system, will now…

Read More
Headlines 

Ray Dalio Says End of the SALT Deduction Will Further Divide the Nation

Billionaire legislation. The Senate bill mirrors the House legislation by calling for the repeal of state and local tax deductions, while allowing up to $10,000 for property tax deductions. According to a study by the Tax Policy Center, 7 percent of taxpayers would pay more tax in 2019, 10 percent in 2025, and 48 percent in 2027, compared to current law. On average in 2027, taxes would change little for lower- and middle-income groups and decrease for higher-income groups. Tax Revenues On its face, ending so-called Read more about the…

Read More
Headlines 

Senate Passes Major Business, Individual Cuts: Tax Debate Update

The Senate tax bill is in the midst of a marathon vote session that stretched into early Saturday morning with the goal of holding a final vote in the next several hours. Here are the latest developments, updated throughout the day: Senate Passes Major Business, Individual Cuts (1:51 a.m.) Senate Republicans narrowly approved the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans. The 51-49 vote — achieved only after closed-door deal-making with dissident senators…

Read More
Headlines 

Grad Students Are Freaking Out About the GOP Tax Plan. They Should Be

Amanda Coston was preparing for a meeting with her advisor Monday afternoon when her friend, another first-year PhD student in Carnegie Mellon's machine learning department, knocked on her door. Had she seen the email? A few minutes earlier, the university's Graduate Student Assembly had sent a Google Doc to department representatives across the university, and those reps had forwarded the document to their grad students. That document, which you can see for yourself here, details the devastating impact the GOP's recently unveiled tax-reform plan could have on the university's PhD…

Read More
Headlines 

Mnuchin Says Its Very Hard Not to Give Tax Cuts to the Wealthy

U.S. Treasury Secretary Steven Mnuchin said in an interview published Wednesday that the Republican tax plan will include breaks for the wealthy, a rhetorical reversal that contradicts President told CNBC that Trump wanted “no absolute tax cut for the upper class,” which prompted Democrats to label that promise the “Mnuchin Rule.” In the ensuing months, Mnuchin softened that promise in public remarks — in June, he

Read More