Articles Tagged with ''Tax reform''

Black Knight nets $111M in profit on new tax code

"Another successful year for Black Knight"
Mortgage analytics and software provider Black Knight announced its results for both the fourth quarter of 2017 and for the full year. The company reports revenues for the fourth quarter of 2017 increased 2% to $267.5 million from $261.5 million in the prior year quarter.
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Housing industry applauds Trump’s State of the Union address

But will the booming economy solve housing affordability issues?
As expected, the president touched on topics such as recently passed tax reform and the ongoing immigration debate in his State of the Union address Tuesday night. Housing experts applauded the president’s speech, but one pointed out that while Trump’s claimed the economy is booming, low levels of affordability and rising home prices continue to plague the housing market.
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NAR: Pending home sales rise for 3rd straight month, but there’s trouble on the horizon

Realtors wary of tax reform impact on home sales
Pending home sales rose in December for the third straight month, providing further evidence that 2017 was a positive year for housing, but the National Association of Realtors doesn’t expect the good times to keep rolling. But combine continually low housing inventory and the Republican tax plan and you have a recipe for a slowdown, according to NAR Chief Economist Lawrence Yun.
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New York, New Jersey, Connecticut plan to sue federal government over GOP tax bill

Take issue with elimination of state and local tax deductions
The states of New York, New Jersey, and Connecticut are planning to sue the federal government over the Republican-led tax reform bill, which President Donald Trump signed into law late last year. Each of the three states’ governors say that their residents will be harmed by the tax plan’s cap on state and local tax deductions.
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JPMorgan Chase to invest $20 billion in new branches, new hires

Bank to raise wages for second time in two years
Today, JPMorgan Chase announced it is investing $20 billion over five years to help its employees and support job and local economic growth in the U.S. The long-term investment aimed at increasing and accelerating the company’s current growth comes on the heels of the Trump administration’s recently enacted Tax Cuts and Jobs Act.
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Wintrust raises minimum wage following tax reform

Bank gives employees boost to $15 per hour
Following the recently passed tax reform legislation, Wintrust announced that it is raising its minimum wage for its hourly employees to $15 an hour. The bank said it expects that more than 600 employees will benefit from the raise.


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Bank of America net income drops nearly 50% after tax reform

But pretax earnings rose 17%
Bank of America reported its net income dropped in the final quarter of 2017 due to expenses from tax reform, however without these expenses, its earnings surged 17%. The bank’s CEO said the company had a positive year, claiming, “We invested in technology, client engagement, and in our own team, including the $1,000 bonus we announced last month for 145,000 employees.”
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Citigroup reports net loss in Q4 due to tax reform

Citi mortgage improvements push net credit losses down $30 million
Citigroup reported a net loss during the fourth quarter of 2017 after taking a hit from the Tax Cuts and Jobs Act. Tax reform caused the bank to pay $19 billion related to the re-measurement of its deferred tax assets arising from a lower U.S. corporate tax rate.
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Will tax reform harm the housing market?

Depends on where you live and how much you make
For the most part, the latest tax reform will boost the average paycheck and do little to harm the housing market. However, according to two recent expert reports, the devil is in the details.
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