Financial News

9
Oct

New Credit Legislation

Recently, as part of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, Congress made several changes to credit rules that benefit consumers. Under the new law, consumers are now allowed to "freeze" and "unfreeze" their credit reports free of charge at all three of the major credit reporting bureaus, Equifax, Experian, and TransUnion. The law also extends free credit freeze protection to
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11
Sep

IRS Shuts Down State Tax Workaround

The IRS has released proposed regulations that would shut down some suggested workarounds for the new $10,000 limit on the deductibility of state and local taxes (SALT). The new guidance would close the door on a strategy offered by some states to circumvent the deduction limit by attempting to turn the taxes paid into charitable contributions not subject to the
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28
Aug

US Fiscal Issues: Larger Deficits Are Driving Up Debt

According to the most recent Congressional Budget Office (CBO) projection, the federal budget deficit for the fiscal year 2018 (which ends on September 30) will reach $793 billion, or 3.9% of gross domestic product (GDP). This figure is $230 billion larger than the CBO previously estimated in June 2017, largely because legislation enacted since then reduced potential revenues and increased
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