Category Archives: Economy

Proposed tax code changes

Allowed individual deductions and credits

House Bill

  • Charitable contributions
  • Interest on new mortgages up to $500,000
  • Property taxes up to $10,000
  • Child tax credit of $1,600 for each child
  • Tax credit for expenses of adopting a child
  • Family tax credit of $300 for each parent and non-child dependent
  • Child and dependent care tax credit
  • Earned income tax credit for low- and moderate-income workers

Senate bill

  • Charitable contributions
  • Interest on new mortgages up to $1 million
  • Medical expenses
  • Student loan interest
  • Uninsured losses from federally declared disasters
  • Child tax credit of $1,650 for each child
  • Tax credit for expenses of adopting a child
  • Child and dependent care tax credit
  • Earned income tax credit for low- and moderate-income workers

ISM

The Institute for Supply Management (ISM) said its manufacturing index in August climbed to 58.8% from 56.3% in July. The highest reading since April 2011.

Employment

The economy created 156,000 new jobs in September, another solid gain in employment that’s likely to prod the Federal Reserve to raise interest rates in the next few months.

Jobs

The Labor Department’s job openings and labor turnover survey showed 5.87 million openings, hires increased to 5.23 million from 5.17 million in June.

Housing



The National Association of Realtors said Wednesday that sales rose 5.1% to a 5.33 million seasonally adjusted annual rate.