Americans increased their borrowing for the 22nd straight quarter as more households took out loans to buy homes or refinance existing mortgages, according to a report released today from the Federal Reserve Bank of New York.Total U.S. household debt rose by $601 billion in the fourth
After the passage of Tax Cuts and Jobs Act (TCJA), the IRS encouraged taxpayers to update their withholdings, but few did. More than halfway through 2018, after the law took effect, the Government Accountability Office (GAO) warned that more Americans would owe money to the IRS under the new law while those receiving refunds would decrease. In the end, many Americans saw modest increases in their paychecks throughout the year, but didn’t notice.
Trump’s tax cut for corporations and the wealthy didn’t just reduce the top corporate tax rate from 35% to 21%. It also retained a boatload of corporate tax credits and loopholes, making the actual tax rate just 7 percent – the lowest in 71 years.