Tax

Advocating for the EITC and a Tax ‘Subway Map’ in Latest IRS News Release

In a straightforward, plain-talking news release (which is refreshing from the IRS), the Taxpayer Advocate Service (TAS), an independent organization within the IRS that helps taxpayers and protects taxpayer rights, released two important items: A special report on how better to administer the Earned Income Tax Credit (EITC), so the people who need it get […]

Stock

Q3 GDP Forecasts: 1.6% to 1.9%

From Merrill Lynch: The collapse in construction spending and soft inventories cut 0.3pp from 2Q GDP tracking, bringing our estimate down to 1.8% qoq saar from the advance 2.1% print. … we revise up our 3Q GDP forecast to a trend-like 1.7% qoq saar from 1.2%. [Aug 2 estimate]emphasis added From Goldman Sachs: We lowered […]

Stock

Trade Deficit decreased to $55.2 Billion in June

From the Department of Commerce reported: The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $55.2 billion in June, down $0.2 billion from $55.3 billion in May, revised. June exports were $206.3 billion, $4.4 billion less than May exports. June imports were $261.5 billion, […]

Stock

Comments on July Employment Report

The headline jobs number at 164 thousand for July was close to consensus expectations of 156 thousand, however the previous two months were revised down 41 thousand, combined. The unemployment rate increased to 3.7%. Overall this was a decent report. Note: Temporary Decennial Census hiring for July is not available yet (something to watch). Earlier: […]

Budgeting

Bucket List ideas for You and Family

I’ve also thought of the bucket list as an item for the individual and never considered bucket list ideas for the family. If unfamiliar with a bucket list, it typically defined as a list of things you’d like to do before you die. Although I’ve documented several bucket list ideas over the years, including a… […]

Tax

Sajid Javid – the fantasist

According to The Evening Standard, London’ evening paper: In a letter to Sir Jon [Thompson, Hmrc’s boss] Mr Javid said: “HMRC must make no deal preparation their absolute top priority as the UK prepares to exit the European Union on 31st October 2019, with or without a deal.” He said HMRC must deliver “critical internal […]

Tax

Project Fear is right: we should be afraid

Full marks to Irish taoiseach Leo Varadkar who said yesterday in response to the suggestion that he was simply promoting Project Fear about Brexit: In terms of fear, I think we should be afraid of a no-deal Brexit … [it] would have very serious impacts on the economy, north and south, and on Britain. It could have […]

Tax

Newsnight – a footnote

I feel I have to post this, and do so as explanation with a little reluctance. On Wednesday night, after being told no one was available to debate with me on Newsnight I posted this fact on Twitter because having previously tweeted that I would be on air I felt I had to explain why […]

Tax

Lessons from Brecon and Radnorshire

This was the election result from Brecon and Radnorshire: Are there any messages? I think so. First, UKIP is dead, beaten by the Monster Raving Loony Party. Second, if we generously assume that Labour is a Remain party, the bote splits 48.8% remain, 50.3% Leave. So not much has changed. Third, Boris was a facto. […]

Stock

Friday: Employment Report, Trade Deficit

My July employment preview. Goldman’s July payroll preview. Friday:• At 8:30 AM ET, Employment Report for July.   The consensus is for 156,000 jobs added, and for the unemployment rate to decline to 3.6%. • Also at 8:30 AM, Trade Balance report for June from the Census Bureau. The consensus is the trade deficit to […]