A number of high-tax states have recently passed legislation to help residents manage new caps on their ability to take federal tax deductions. However, accountants are warning taxpayers to proceed with caution. This year, the Tax Cuts and Jobs Act put in place a $10,000 cap on the amount of state and local taxes (SALT) that filers can claim on their taxes.
Over a million more people moved out of California from 2006 to 2016 than moved in, according to a new report, due mainly to the high cost of housing that hits lower-income people the hardest. “A strong economy can also be dysfunctional,” noted the report, a project of Next 10 and Beacon Economics. Housing costs are much higher in California than in other states, yet wages for workers in the lower income brackets aren’t.
California’s economy has surpassed that of the United Kingdom to become the world’s fifth largest, according to new federal data made public on Friday. Despite having a population of only 40 million compared with the UK’s 65 million people, California’s gross domestic product of $2.7tn has overtaken the UK’s $2.6tn.
Vice President Mike Pence sang the praises of the Trump economy at an event announcing that Infosys Technologies will spend $35 million on a new U.S. Education Center in Indianapolis, Indiana by 2020 and will hire 2,000 to 3,000 new employees in the state by 2023.
Congress should be working to grow the economy instead of weakening it. And, with the introduction of the STRONGER Patents Act, they might just be doing that. What does it take to grow the economy? In some ways that question can be almost insurmountable, but in others it is just common sense.
We’re currently in one of the most pivotal moments in U.S. history. Technology is advancing at a faster pace than ever before, bringing with it unprecedented opportunities for businesses of all sizes and across all industries. We’ve seen digitization enable startups to compete on the same playing field as enterprises, tear down barriers to entry that prevented small businesses from scaling, boost GDP growth, and perhaps most profoundly, enrich the lives of our citizens.
AI has arrived, but are companies ready for it? According to an MIT scientist, executives are underestimating the speed, scope, and scale of the disruption it will bring.
There already are a lot of Best Places to Retire lists. But with more and more people extending their working careers these days, what about a list of the best places to pre-retire?
The new measures are designed to penalize China for trade practices that the Trump administration says involve stealing American companies' intellectual property. They will primarily target certain products in the technology sector where China holds an advantage over the U.S.
Based on the U.S. Census Bureau's American Community Survey data, "lower income Californians are the ones who are leaving, not higher income," said Christopher Thornberg, founding partner of research and consulting firm Beacon Economics in Los Angeles. He said housing is the chief reason people are leaving California, pointing out there are frequently bidding wars for what limited inventory of homes is available.