Articles Tagged with ''Tax Cuts and Jobs Act''

Four states sue federal government over GOP property tax law changes

New York, Connecticut, Maryland, New Jersey sue over SALT deduction reduction
Following through on a threat made in January, the states of New York, Connecticut, Maryland, and New Jersey are suing the federal government over the Republican tax reform bill, which President Donald Trump signed into law late last year. At issue is the Tax Cuts and Jobs Act’s elimination of certain state and local tax deductions, which the states claim are disproportionately harmful to their residents.
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HELOC use is on the rise

More Americans are tapping their home equity
For most homeowners, a good portion of their money is tied up in their house. But a sizable number are no longer content to sit on that nest egg and watch it grow. They want cash – now – and they’re tapping their home equity to get it.
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IRS: Interest paid on home equity loans is still deductible under new tax plan

But not in every case
The country’s new tax laws, ushered in by President Donald Trump and his Republican counterparts late last year, will bring many changes to the mortgage industry. Namely, the plan reduces the available mortgage interest deduction from $1 million to $750,000. But what’s the impact of the tax plan on home equity loans, home equity lines of credit, and second mortgages? The IRS has answers.
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Hensarling blames Watt for GSEs needing Treasury money, demands answers

Criticizes Watt for ordering Fannie, Freddie to contribute to Housing Trust Fund
One of the top Republicans in Congress lays the blame for Fannie Mae and Freddie Mac needing money from the government for the first time since 2012 not on the Republican tax plan’s reduction of the corporate tax rate, but rather, squarely at the feet of Federal Housing Finance Agency Director Mel Watt.
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Fannie Mae needs billions from Treasury for the first time since 2012. What happened?

Credit the Republican tax plan, and much more
If you’ve been playing close attention, you knew this day was coming, but that doesn’t make it any less shocking. Fannie Mae needs money from the government for the first time since 2012. So, how did we get here? The easy answer is to blame the Republican tax plan, and in many ways, that’s correct… but it’s far more complicated than that.
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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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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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