Now that both the Senate and House have passed their version of tax relief, MarketWatch has the calculator to show how the bills would potentially impact your finances. The legislation, called the Tax Cuts and Jobs Act, cuts individual tax rates and slashes corporate taxes, among other things. But not everyone's a winner. The mortgage-interest deduction is limited in the House version, and state and local income tax deductions are zapped in both the House and Senate plan. It's only meant to give a look at what happens in the first year after enactment, as the individual tax rates are set to sunset. The calculator also doesn't address more complicated scenarios, like the new tax rates on so-called pass-through companies. read more
Republican Roy Moore, removed from the Alabama Supreme Court for his erratic behavior and banned from the mall for harassing teenage girls, has cloaked his campaign for the Senate in the language of "spiritual warfare." As such, he is the most apt representative of the Republican Party in our age of cult politics. Moore is pitching himself as God's candidate and his voters are slopping it up like poisoned applesauce. The party of "family values" is about to send a known sexual predator to the Senate because God wants them to. This would be startling, except they already used the same reasoning to put a known sexual predator in the White House. read more
Michael Flynn will reportedly testify that President Trump instructed him to make contact with Russians during the 2016 presidential campaign, ABC News reported on Friday. "[Flynn] is prepared to testify ... against President Trump, against members of the Trump family, and others in the White House," Brian Ross reported. He added that Flynn's testimony, as such, would "contradict all that President Trump has said up to this moment." Flynn, Trump's former national-security adviser, pleaded guilty Friday to charges that he misled the FBI during a January 2017 interview.
More than half of North American CNBC Global CFO Council members welcome the GOP tax reform plan, but only one-third think it will lead to higher worker wages.
The CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing more than $4 trillion in market capitalization across a wide variety of sectors.
While the GOP plan to lower corporate tax rates to 20 percent remains under debate, less than half of North American council members expect their effective tax rate to be lower in 2018.
Special counsel Robert Mueller has charged former Trump national security adviser Michael Flynn with "willfully and knowingly" making "false, fictitious and fraudulent statements" to the FBI regarding conversations with Russia's ambassador.
Flynn is the first Trump administration official and the fourth connected to the campaign to be charged as part of Mueller's investigation into possible collusion between the Russian government and members of Trump's team, as well as potential obstruction of justice and financial crimes. read more