Mike & Co.,
Recent election news cycles have included precious little on a number significant fiscal and financial policy developments since Congress adjourned to go campaign. These developments may not be getting as much media attention as Trump’s gaffe du jour right now. But some will get more eventually.
We outline below a number of the key developments crowded out of the presidential campaign spotlight and address their relevance to the campaign and beyond.
Best,
Dana
_______________________________________
- Child Tax Credit Plans Compared
Last week, HRC proposed an increase the child tax credit from $1,000 to $2,000 a year for each child up to age four, doubling the existing tax credit passed in the Bush tax plan, which itself was an increase from the Clinton administration’s original $500 child tax deduction.
The major difference between HRC’s plan and Trump’s child care subsidies is that the HRC plan will benefit lower income Americans. The Trump plan allows income tax payers could deduct up to the average cost of child care in their state, but excludes individuals earning over $250,000 and families earning over $500,000. But because the bottom 45 percent of income earners do not pay income tax, the benefit would favor upper middle class citizens.
The sharp criticism in the media led the Trump campaign to revise its proposal to permit up to $1,200 in spending rebates for childcare expenses for low income Americans through the EITC. The Trump plan is connected to market prices for child care on a state by state basis, reflecting the vast differences in average child care costs between high cost areas (Washington DC : $18,000/yr) and low cost areas (Mississippi : $5,000/yr).
The nonpartisan Tax Foundation estimates that HRC’s plan will cost $199 billion over the next ten years, which is in line with the $150-$200 billion range estimated by the Clinton campaign, a 40.1 percent increase from current policy cost. The Trump campaign says their plan will cost $25 billion over the next decade, but the ambiguities of the plan have prevented outside analysts from providing an accurate cost estimate.
The campaigns offered differing pay-fors: HRC claimed higher income taxes on the richest of Americans would pay for her program while Trump vaguely suggested eliminating waste in the unemployment insurance program to fund his plan. HRC’s plan would make the tax credit fully refundable, down from the current $3,000 threshold.
Electoral Implications | Trump’s child care plan is yet another example of his commitment to Trumped up trickle down, a case of his plans to help his friends while taking advantage of every day Americans.
- Fed Rate Hike in December?
At a Fed press conference on Friday, chairwoman Janet Yellen outlined several perplexing trends in the labor market which have made determining appropriate monetary policy difficult. The federal funds rate has not been above 0.5 percent since the recession and it is currently fluctuating between 0.25% and 0.50 percent. A rate hike has seemed inevitable for months, and it now seems that it will come in December b
A major issue raised Friday was whether keeping interests rates low encourages adults who are neither seeking employment or working to re-enter the workforce. Some questioned whether monetary policy is responsible for the relatively slow economic recovery; others blamed demographic shifts and slow productivity growth. Yellen suggested the lack of growth is due to households and businesses holding too much debt to make risky investments with low interest rates. Despite ostensibly lunfavorable investment side indicators, consumer spending increased a seasonally adjusted 0.6 percent in September and 2.7 percent above 2015 levels. Policy makers and academics have also not been able to understand why inflation, hovering at about 1 percent, has been so to increase since the recession.
Election Implications | Trump has repeatedly accused the Fed of keeping rates low to hide underlying economic trouble. HRC has provided relatively little comment about the nonpartisan board, but continuing to defend the growth led by the Obama administration makes sense — September consumer spending increases are additional reasons for optimism.
- Puerto Rico: New Austerity Measures
On Friday, a fiscal control board created by Congress charged with re-ordering Puerto Rican finances declared they would approve all non-ordinary public transactions, including the issuance of debt. This move came despite Gov. Alejandro Garcia Padilla’s plea to limit austerity measures as Puerto Rico attempts to restructure $70 billion of bond debt. The board also announced that major public institutions — including the island’s development bank, its largest university, and several utilities — would need to develop independent fiscal plans.
The fiscal oversight board is led by Jose Carrion III, a Republican nominated insurance executive based in San Juan. He is joined by six other board members, three appointed by Republicans and three by Democrats. The board was created in June when a rare piece of bipartisan legislation prevented creditors from suing Puerto Rico when they began defaulting on their debt. Had they been able to, public services would have been cut quickly and deeply, a grave fear of the Obama administration. But Treasury Secretary Jacob Lew was able to work out a deal with House Republicans, led by Paul Ryan, who feared that not permitting a debt restructure would have made mainland Americans responsible for the debt in the future.
- Warren and Progressive Priorities
Friday morning Sen.Elizabeth Warren released a letter to Pres. Obama urging him to remove SEC Chair Mary Jo White. In the letter, Warren accuses White of an “anti-disclosure agenda,” citing her failure to strengthen political spending disclosure requirements on publicly traded companies, which has not been a priority under White’s tenure. A rider in last month’s Continuing Resolution prevents the SEC from implementing any law on political disclosures, but progressives argue that the rider doesn’t prevent working on a regulation to be implemented after the CR expires. This is the most recent in a series of grievances Warren and other progressive groups have had with White, who has previously described the chair’s work as “extremely disappointing.”
While there is little chance that the president will remove White, this is part of a push to remove Obama appointees deemed too close to big business and to give progressives a stronger role in appointments under the next president. Progressives have recently attacked other moderate Obama appointees, including their successful block of Antonio Weiss for Treasury Secretary in 2015. Progressives have also called for the likely new Senate Democratic Leader Chuck Schumer to publicly announce his intent to further regulate Wall Street.
Some have raised a question over the chairmanship of Senate Banking following the election. Concerns center around the possible re-election of former Sen. Bayh. If Bayh regains his seat, he would be the ranking member it chair of the Committee, if seniority is calculated based on cumulative years served, outflanking current ranking member, Sen. Sherrod Brown.
But here is little chance that this will come to pass. Sources close to Democratic leadership have rejected the idea of Bayh over taking Brown for the Chairmanship, as it would go against the norm to calculate seniority cumulatively instead of concurrently.
Election Implications | The progressive Democrats in Congress, perhaps assuming Democrats gain control of the Senate and seeking to set the agenda for the coming Congress on economic policy. The next president will likely name a new Chair of the SEC and other key agencies. Sen. Warren and progressives are seeking to serve notice that they will make noise in this space if need be. Nominations may be a flashpoint.
- Earnings Stripping Regs
Last week, Treasury issued a revised final rule §1.385-2, under regulation 385 of the Internal Revenue Code in “interest stripping” that carved out debt instruments issued by most financial institutions. The Treasury proposal was targeted at transactions that use inter-affiliate debt to take deductions in a higher-tax jurisdiction and receive the income in a no- or low-tax jurisdiction. The practice is far more pervasive than headlines implied, with implications for ordinary operations of banks of any size.
Treasury carved out an exception to the rule for debt instruments issued by an “excepted regulated financial company,” including insured depository institutions, bank holding companies and certain savings and loan holding companies. Treasury did not lift documentation requirements for regulated entities, but S corporations are exempt from all aspects of the final rule.
Documentation under the final rule is treated as timely so long as it is prepared by the time the filer’s federal income tax return is filed. The final rule also provides a rebuttable presumption for documentation errors provided that covered entities are otherwise in compliance, instead of per se re-characterization of the debt to equity as proposed. Treasury also delayed the implementation date, with the final rule to come into force only for debt instruments issued on or after Jan. 1, 2018.
I happen to be writing to make you understand what a wonderful experience our princess went through visiting yuor web blog. She realized too many things, with the inclusion of what it is like to possess an incredible teaching style to make the rest without problems understand various very confusing topics. You undoubtedly surpassed visitors’ expected results. Thanks for supplying those warm and helpful, trustworthy, revealing not to mention unique tips on your topic to Tanya.
I am just writing to make you understand what a outstanding experience my wife’s girl obtained using your web site. She noticed so many pieces, which included what it is like to possess an excellent helping nature to let other people with ease learn specific specialized things. You truly surpassed people’s expected results. Thank you for producing these precious, trusted, informative and in addition fun tips about this topic to Lizeth.
Thanks for your suggestions. One thing I’ve noticed is the fact that banks as well as financial institutions really know the spending routines of consumers as well as understand that many people max away their own credit cards around the vacations. They sensibly take advantage of this particular fact and begin flooding your own inbox as well as snail-mail box along with hundreds of Zero APR credit card offers right after the holiday season finishes. Knowing that if you’re like 98% of all American open public, you’ll leap at the opportunity to consolidate credit debt and move balances to 0 annual percentage rates credit cards. eddddfj https://headachemedi.com – buy Headache medications
Pingback: sildenafil pronunciation
Pingback: gnc substitute for viagra
Pingback: better than viagra
Pingback: teva viagra
Pingback: viagra penis
Pingback: generic viagra india
Pingback: levitra 20mg
Pingback: viagra online
Pingback: female viagra too much
Pingback: slipped friend viagra
Pingback: generic viagra
Pingback: viagra for sale
Pingback: viagra substitute
Pingback: how to get viagra
Pingback: free cialis
Pingback: viagra australia
Pingback: how to use cialis
Pingback: son takes viagra
Pingback: viagra mistake
Pingback: levitra generic
Pingback: lady viagra
Pingback: viagra wiki
Pingback: bhp and cialis
Pingback: viagra vs generic
Pingback: viagra mujer
Pingback: virectin vs viagra reviews
Pingback: viagra cartoons real bad
Pingback: cialis 200mg
Pingback: price of cialis 20mg
Pingback: son took to much viagra
Pingback: healthy male viagra offer
Pingback: does viagra cause eye issues
Pingback: viagra online herbal club
Pingback: cheap viagra express delivery
Pingback: us otc cialis
Pingback: buy generic cialis free bonus pills
Pingback: viagra 100mg uk
Pingback: generic viagra 200
Pingback: amoxicillin staph infection
Pingback: can you give dogs amoxicillin
Pingback: azithromycin birth control interaction
Pingback: is celebrex still available
Pingback: celebrex compared to aspirin
Pingback: cephalexin made teeth hurt
Pingback: can you take aspirin with keflex
Pingback: duloxetine hcl dr caps
Pingback: cymbalta for headache
Hello there, just became alert to your blog through Google,
and found that it’s really informative. I’m going to watch out
for brussels. I’ll appreciate if you continue this
in future. Lots of people will be benefited from your writing.
Cheers! 0mniartist asmr
Hi my loved one! I wish to say that this post is amazing,
great written and include almost all vital infos.
I would like to look extra posts like this .
asmr 0mniartist
If you desire to get a good deal from this post then you have to apply these strategies to your won blog.
asmr 0mniartist
My brother recommended I might like this blog. He was
entirely right. This post truly made my day. You can not imagine simply how much time I had spent for
this info! Thanks! 0mniartist asmr
Ahaa, its nice dialogue regarding this article at
this place at this website, I have read all that, so at this time me
also commenting here. 0mniartist asmr
free foreign dating sites free no fee
meet singles
Pingback: sildenafil oral gel youtube
Pingback: cialis pills for sale uk
Pingback: sildenafil 50 mg cost
Pingback: cheap viagra generic best price
Pingback: sildenafil coupon 100mg
Pingback: otc viagra 2018
Pingback: cialis 20mg pills
Pingback: cialis
Pingback: get cialis online australia
Pingback: canadian pharmacy viagra 200 mg
Pingback: order viagra 25mg
Pingback: cheap viagra from india
I’d like to thank you for the efforts you’ve put in writing this site.
I am hoping to check out the same high-grade blog posts from
you later on as well. In truth, your creative writing abilities
has encouraged me to get my own site now 😉
Pingback: buy viagra 200mg online
Pingback: where to buy cialis pills
Pingback: 200 viagra
Pingback: over the counter cialis 2017
Pingback: compare generic cialis prices
Pingback: can i order cialis online in canada
Pingback: generic viagra white pill australia
Pingback: pfizer cialis otc
Pingback: xnxx viagra australia
Pingback: sildenafil 58
Pingback: snorting cialis australia
I quite like looking through a post that can make men and women think.
Also, thank you for permitting me to comment!
Magnificent items from you, man. I have take note your stuff previous to and
you are just too great. I actually like what you have obtained right here, certainly
like what you’re stating and the way by which you assert it.
You’re making it entertaining and you still take care
of to keep it wise. I can not wait to learn much more from you.
This is actually a tremendous site.
This page certainly has all of the information I needed about this subject and didn’t know who to ask.
I’ve been exploring for a little for any high quality articles or weblog posts on this sort of
house . Exploring in Yahoo I finally stumbled upon this site.
Studying this information So i am satisfied to exhibit that I have a
very just right uncanny feeling I discovered just what I needed.
I most for sure will make sure to don?t put out of your mind
this website and give it a glance on a relentless basis.
Useful info. Fortunate me I discovered your web site
by chance, and I’m stunned why this twist of fate didn’t came about
earlier! I bookmarked it.
I think the admin of this site is in fact working hard for his web page, for the reason that
here every data is quality based stuff.
I just like the helpful information you supply
on your articles. I will bookmark your blog and test once more right here regularly.
I am somewhat certain I will learn a lot of new stuff right here!
Best of luck for the next!
Great post. I’m experiencing some of these issues as
well..
Thanks for finally talking about > Recess Roundup Part II
(Oct. 17) < Loved it!
tinder online , tinder sign up
http://tinderentrar.com/
scoliosis
It’s the best time to make some plans for the future and
it is time to be happy. I have read this post and if I could I
wish to suggest you few interesting things
or tips. Perhaps you can write next articles referring to this article.
I wish to read even more things about it! scoliosis
scoliosis
you are actually a just right webmaster. The website loading velocity is amazing.
It seems that you are doing any unique trick.
Furthermore, The contents are masterwork. you have performed a magnificent activity in this subject!
scoliosis
scoliosis
Hey there, You have done an excellent job.
I’ll certainly digg it and personally suggest to my friends.
I’m confident they’ll be benefited from this site. scoliosis
dating sites
Hello! I could have sworn I’ve visited this web site before but after browsing through some of the articles I realized it’s new
to me. Regardless, I’m definitely pleased I discovered it and I’ll be book-marking it and checking back regularly!
https://785days.tumblr.com/ free dating sites
dating sites
Hi there, its pleasant post regarding media print, we all
be aware of media is a wonderful source of facts.
dating sites
Hi! Do you know if they make any plugins to safeguard against hackers?
I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?
If some one wants to be updated with latest technologies therefore he must be pay a
quick visit this web site and be up to date everyday.
Terrific article! This is the type of information that are meant to be shared across the web.
Shame on Google for now not positioning this submit upper! Come on over and discuss with my web site .
Thanks =)
For hottest information you have to go to see web and on world-wide-web I
found this web site as a finest web site for most recent updates.
Good blog you have got here.. It’s difficult to find
high quality writing like yours nowadays. I really appreciate people like you!
Take care!!
Every weekend i used to pay a visit this site, because i wish for enjoyment, as this this web page conations genuinely fastidious funny
material too.
Hi there, I discovered your website via Google while searching for a comparable topic, your
website got here up, it seems to be good. I’ve bookmarked it in my google bookmarks.
Hi there, just changed into aware of your weblog thru Google,
and located that it is really informative.
I’m gonna watch out for brussels. I’ll appreciate if you happen to proceed this in future.
Numerous people shall be benefited out of your writing.
Cheers!
Wow, this article is nice, my younger sister is analyzing these kinds of
things, therefore I am going to tell her.
Hello there! This is my first visit to your blog! We are a team of volunteers and starting a new initiative in a community in the same niche.
Your blog provided us beneficial information to work on. You have
done a wonderful job!
Hello, yes this article is actually fastidious and I have
learned lot of things from it on the topic of blogging.
thanks.
Pingback: cialis tablets generic
Pingback: viagra xxx
Pingback: viagra online order
Pingback: canadian cialis 20mg
Pingback: uses for cialis
Pingback: viagra prices
Pingback: cialis europe
Pingback: sildenafil rx coupon
buy animal porn instagram web site.
buy animal porn instagram web site.
Great looking site. Presume you did a bunch of your own html coding. http://ketodietione.com/
Great looking site. Presume you did a bunch of your own html
coding. http://ketodietione.com/
How are you, awesome web site you have got going here. https://ketodietplanus.com/
buy hacklink and viagra instagram shop best buy site.
Extremely individual friendly website. Immense information offered on couple of clicks. https://ketorecipesnew.com/
Pingback: free dating russia
buy hacklink and viagra instagram shop best buy site.
free local singles
hotwife dating
metformin 52080
best pharmacy prices for sildenafil
ivermectin cream
ivermectin otc
ivermectin 10 ml
stromectol tablets for humans for sale
ivermectin 90 mg
buy oral ivermectin
ivermectin 4 tablets price
stromectol without prescription
buy stromectol pills
stromectol 3 mg tablet
stromectol drug
ivermectin tablets
stromectol 6 mg dosage
stromectol covid 19
ivermectin 6
cost of ivermectin
cost of ivermectin pill
stromectol uk
buy stromectol
ivermectin cost
stromectol for sale
stromectol for humans
ivermectin 6
online pharmacy china
viagra 5mg price
price of tadalafil 5 mg
where can i buy prednisone online without a prescription
hydroxychloroquine 30 mg
sildenafil in india online
sildenafil 25 mg uk
cialis 25 mg tablet
cheapest sildenafil 100 mg uk
where can i buy cialis in canada
ivermectin usa
cheap cialis 5mg australia
tadalafil generic cost
I’m excited to find this web site. I wanted to thank you for ones time just for this fantastic read!!
I definitely appreciated every part of it and i also have you book marked to
see new things on your blog.
tadalafil tablets 20 mg india
stromectol ivermectin
canadian pharmacy viagra paypal
Thankfulness to my father who told me concerning this webpage, this weblog
is truly amazing.
tadalafil best buy
tadalafil uk pharmacy
cialis medicine in india
sildenafil prescription
where can i buy cialis over the counter in uk
stromectol ivermectin