Fed Chair Powell: Rampant inflation is “not a problem.” In his testimony before the Senate Banking Committee yesterday, Federal Reserve Chairman Jerome Powell said while prices may rise when the pandemic subsides, the increase won’t be enough to reverse past decades of downward pressure on inflation. And he was unconcerned about the inflationary effects of
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Kathy Kraninger, former president Donald Trump’s appointee to head the Consumer Financial Protection Bureau. Andrew Harrer/Bloomberg via Getty Images “Big deal” Both are a type of qualified mortgage, a category that carries legal protections for lenders from consumer lawsuits. That may happen, for example, if borrowers can’t make monthly payments and lose their homes to
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martin-dm | E+ | Getty Images The amount of money raised by special purpose acquisition companies in the past year has soared. SPACs are an alternative way for companies to go public that differs from a traditional initial public offering in its process, speed, disclosure and regulatory requirements. Key participants involved in SPACs include SPAC sponsors
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Table of Contents Key Findings President Joe Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations. The proposals are being considered to raise revenue for new spending
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In December, scholars David Hope and Julian Limberg released a study with the London School of Economics (LSE) examining the economic effects of reducing tax rates for high-income individuals and corporations. The paper illustrates how overlooking an important element of the tax system—the structure of the tax base—can lead to an incomplete understanding of how
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Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about how vacation pay can be counted regarding the earnings test, whether benefits for a disabled child are automatic or must be separately filed for and whether restricted application must be made in person or can be done online. Larry Kotlikoff is a Professor of
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A child attends an online class at a learning hub inside the Crenshaw Family YMCA during the Covid-19 pandemic on February 17, 2021 in Los Angeles, California. Patrick T. Fallon | AFP | Getty Images It’s almost one year into the coronavirus pandemic and students are still suffering, especially Blacks and Hispanics. Many schools around
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WASHINGTON, DC – FEBRUARY 22: U.S. President Joe Biden speaks during an announcement related to … [+] small businesses at the South Court Auditorium of the Eisenhower Executive Office Building February 22, 2021 in Washington, DC. President Biden announced changes to the Paycheck Protection Program aimed at helping small and minority-owned business to qualify for
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Originally intended to be presented during the fall of 2020, and postponed due to the COVID-19 pandemic, a new United Kingdom budget will finally be published on March 3. Although normally most tax rate changes come into effect on budget day or soon after, 2021’s tax reforms might need to wait. Consultations on policies that
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Under the budget introduced by Pennsylvania Gov. Tom Wolf (D), taxes would go up more than $6 billion per year, with additional revenue from both individual and corporate income taxes. The state’s flat personal income tax rate would increase by 46 percent, partially offset by an outsized increase in the poverty credit, which would see
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Opponents of additional federal aid to state and local governments have noted that overall state revenue declines have not been as bad as expected during the pandemic, thus the need for assistance has lessened. This is too simplistic an argument. While some states have enjoyed better than expected revenues, other states have not. And local
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