Hundreds of companies began queuing up to testify in Washington on Monday for seven days of hearings on the Trump administration's proposal to jack up tariffs on Chinese imports. A common theme of their testimony: Americans would feel the pinch on everything from mobile phones and laptops to apparel, fireworks and Christmas ornaments.
How was the Opportunity Zones initiative created in the first place? And why is this program so radically different from previous place-based policies?
America’s corporate tax rate is no longer the most controversial part of the Tax Cuts and Jobs Act of 2017. A then-little-known provision establishing tax incentives for investment in Opportunity Zones – legally designated, economically-distressed census tracts - has generated debate nationwide.
Once the war ended, American soldiers brought home that innovative spirit that has propelled our economy in the years since World War II. It makes our market-based system the envy of the world. In the intervening 75 years, other countries that cast off their oppressive, totalitarian regimes studied the United States as the economic model. They not only looked at Washington companies such as Boeing, Microsoft and SEL for guidance, but our education as well.
U.S. economic growth depends heavily on the performance of individual states. But some contribute more than others. California, for instance, blossomed in 2017 as the fifth largest economy in the world, boasting a GDP larger than that of countries like the U.K., France and India. Meanwhile, Alaska, a state with valuable natural resources, is struggling with the highest unemployment rate in the country, at 6.5%.
For the first time in nine years, Singapore surpassed the United States and Hong Kong to clinch the title of the world’s most competitive economy, according to annual rankings compiled by Switzerland-based business school IMD. Speaking to CNBC’s “Squawk Box Asia” on Wednesday, Arturo Bris -- director of the IMD World Competitiveness Center -- said the Southeast Asian country had been following a simple “recipe for competitiveness.”
Millennials have a much lower net worth than previous generations, according to a new study. The average net worth of Americans between the ages of 18 to 35 is less than $8,000 -- about 34 percent lower than in 1996, a Deloitte study published Wednesday found. Despite clichés that millennials are “ruining everything from movies to marriage,” the study found millennials are actually under more economic pressure because of numerous increased costs over the last decade.
If the ongoing tensions between Beijing and Washington force companies to develop two different sets of technologies -- one for China and its aligned countries, and the other for the rest of the world -- then it would be bad news for everyone, according to a senior executive at a multinational tech firm.
Secretary of State Mike Pompeo told FOX Business’ Maria Bartiromo that Huawei Technologies' ties to the Chinese Communist Party pose the greatest threat to America’s economic and national security. “Huawei is an instrument of the Chinese government. They’re deeply connected. It’s something that hard for Americans to understand,..."
In the U.S., apparently not every dollar is equal. The value of $1 varies depending on where you go. According to new data compiled by 24/7 Wall Street from the Bureau of Economic Analysis (BEA), a dollar goes the furthest in America's "poorest states," such as Mississippi and Alabama.