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Category Archives: Financial System

House or Senate Tax Bills Would Still Add to Debt

JCX-58-17 (November 16, 2017) – Distribution Effects Of The Chairman’s Modification To The Chairman’s Mark Of The “Tax Cuts And Jobs Act,” Scheduled For Markup By The Committee On Finance On November 16, 2017.

  • Committee for a Responsible Federal Budget Budget – Dynamic Scoring Confirms: House or Senate Tax Bills Would Still Add to Debt: “As more dynamic estimates of the Tax Cuts and Jobs Act (TCJA) are released, they all confirm that tax cuts do not pay for themselves. Because both the House and Senate versions of the TCJA add to the national debt, they will only improve economic growth very modestly over the long term – less than they would have if they were completely paid for. Most recently, the Penn Wharton Budget Model (PWBM) estimated the growth effects of the Senate tax bill. PWBM found that the Senate bill (as introduced) would increase the annual average growth rate by between 0.03 and 0.08 percentage points over a decade, generating between $104 billion and $359 billion of dynamic revenue. However, because the resulting faster growth would increase federal spending on interest on the debt and on programs connected to inflation, the additional economic effects would reduce the ten-year debt impact of the bill by between $27 billion and $171 billion.”
  • Washington PostAfter clearing House, GOP tax plan faces obstacles in Senate – Senate Republican leaders are struggling to find enough support for their bill. Multiple Republicans have expressed reservations about the plan, which would permanently reduce the corporate tax rate but allow cuts for households and individuals to expire. The plan would also repeal the Affordable Care Act’s individual insurance mandate.”
  • Wonkblog: What’s in the House bill
  • Senate bill would cut taxes for millionaires but hike them for the poor, working class, report shows

CBO – Trends in the Distribution of Household Income

Presentation by Kevin Perese, an analyst in CBO’s Tax Analysis Division, at the University of Michigan’s 65th Annual Economic Outlook Conference. November 16, 2017. “Using CBO’s new distributional framework and improved estimates of income from means-tested transfers, this presentation examines the distribution of household income and how means-tested transfers and federal taxes affect that distribution.… Continue Reading

Beyond GDPR: The Challenge of Global Privacy Compliance

TechPrivacy – Daniel Solove: “For multinational organizations in an increasingly global economy, privacy law compliance can be bewildering these days. There is a tangle of international privacy laws of all shapes and sizes, with strict new laws popping up at a staggering speed. Federal US law continues to fade in its influence, with laws and regulators… Continue Reading

New Republic – The Cause and Consequences of the Retail Apocalypse

Private equity firms overburdened businesses with debt, and now workers are paying the price. Will policymakers do anything about it? By David Dayen. November 14, 2017. “The Macy’s near my house is closing early next year. The mall where it’s located has seen less and less foot traffic over the years, and losing its anchor… Continue Reading

The Paradise Papers in four data visuals

Data Driven Journalism: “Revealing 13.4 million documents and implicating more than 120 politicians and world leaders, the Paradise Papers have exposed the hidden happenings of the offshore industry, its users and operators. The International Consortium of Investigative Journalists (ICIJ) began releasing reports on 6 November 2017, drawing on nearly 7 million loan agreements, financial statements, emails, trust… Continue Reading

House Tax Plan sneaks under $1.5 Trillion debt limit – Senate releases two page bill summary

Follow up to previous posting – DavisPolk Posts Updated Tax Bill Navigator Tool – and HR 1 – Tax Cuts and Jobs Act 2017 – via Axios: “The latest version of the House tax bill, passed by the Ways and Means Committee this afternoon, meets Senate deficit requirements, according to a Joint Committee on Taxation… Continue Reading

Equifax says it owns all its data about you – really!

Senate Commerce Committee Hearing – Protecting Consumers in the Era of Major Data Breaches – November 8, 2017: “…“Massive data breaches have touched the vast majority of American consumers,” said [Senator John] Thune [R- S.D.]. “When such breaches occur, urgent action is necessary to protect sensitive personal information. This hearing will give the public the… Continue Reading

Brief Preliminary Distributional Analysis of the “Tax Cuts and Jobs Act”

“The Tax Policy Center has produced preliminary distributional estimates of the Tax Cuts and Jobs Act as introduced on November 3, 2017. We find the legislation would reduce taxes on average for all income groups in 2018 and 2027. The largest cuts, in dollars and as a percentage of after-tax income, would accrue to higher-income… Continue Reading

Views of Job Situation Improve Sharply, but Many Still Say They’re Falling Behind Financially

Pew – Share saying there are ‘plenty of jobs available’ at 16-year high: “The public’s views of local job availability continue to improve. Currently, 50% of Americans say there are plenty of jobs available in their communities – the highest number saying that jobs are plentiful in Pew Research Center surveys dating to 2001. Since June… Continue Reading

Offshore Trove Exposes Trump-Russia links and Piggy Banks of the Wealthiest 1 Percent

International Consortium of Investigative Journalists (ICIJ) – A new leak of confidential records reveals the financial hideaways of iconic brands and power brokers across the political spectrum. “A trove of 13.4 million records exposes ties between Russia and U.S. President Donald Trump’s billionaire commerce secretary, the secret dealings of the chief fundraiser for Canadian Prime… Continue Reading

Guardian – Russia funded Facebook and Twitter investments through Kushner associate

theguardian investigative report: “Two Russian state institutions with close ties to Vladimir Putin funded substantial investments in Twitter and Facebook through a business associate of Jared Kushner, leaked documents reveal. The investments were made through a Russian technology magnate, Yuri Milner, who also holds a stake in a company co-owned by Kushner, Donald Trump’s son-in-law… Continue Reading

Library of Congress digitized collection of Alexander Hamilton papers

“The papers of Alexander Hamilton (ca. 1757-1804), first treasury secretary of the United States, consist of his personal and public correspondence, drafts of his writings (although not his Federalist essays), and correspondence among members of the Hamilton and Schuyler families. The collection, consisting of approximately 12,000 items dating from 1708 to 1917, documents Hamilton’s impoverished… Continue Reading