GOP tax plan would slash corporate rate, help wealthiest

House Republicans on Thursday unveiled a tax cut plan that would slash the corporate rate and lower the personal taxes of most Americans but also limit a cherished deduction for homeowners, as President Donald Trump and the GOP seek to deliver on the first tax revamp in three decades. The proposal would add $1.5 trillion to the nation's debt over the next decade as Republicans largely abandoned fiscal discipline in a plan that could secure a legislative achievement for Trump and score a political win ahead of next year's midterm elections.

House GOP tax overhaul keeps retirement rules

President Donald Trump listens during a meeting on tax policy with business leaders in the Roosevelt Room of the White House, Tuesday in Washington. WASHINGTON >> House Republicans would preserve the popular retirement account for middle-class Americans while limiting a cherished deduction for homeowners in a sweeping tax cut plan unveiled Thursday that would add $1.5 trillion to the nation's debt.

Ag Lender Survey: Farm Profitability Still Down But Improving

Eighty-two percent of agricultural lenders reported a decline in farm profitability in the last 12 months, according to a joint survey by the American Bankers Association and the Federal Agricultural Mortgage Corporation . Despite the continued decline, the survey of more than 580 agricultural lenders revealed that the agricultural loan approval rate is 84 percent.

House GOP alters tax plan to allow property tax deductions

House Republican leaders are making last-minute changes to their tax bill in an attempt to win over skeptical members within their own party, crafting a provision that would allow Americans to deduct their local property taxes from their federal taxable income. House Ways and Means Committee Chairman Kevin Brady had planned for months to prohibit people from deducting any state or local taxes from their federal taxable income as part of a sweeping overhaul of tax rules, but huge pushback from Republicans in states such as New York and New Jersey precipitated the change.

Credit Suisse relief plan could downsize RMBS settlement amount

Credit Suisse's plan to fulfill the consumer relief portion of its multibillion-dollar residential mortgage-backed securities settlement with the Department of Justice could cost it less than the face settlement amount. The $5.2 billion settlement includes $2.8 billion in consumer relief credit that does not necessarily require a dollar match in spending, and it could allow Credit Suisse to spend less, "potentially far less," than that amount, settlement monitor Neal Barofsky of Jenner & Block LLP noted in the report.

Trump tax overhaul under intensifying fire as Congress readies bill

President Donald Trump's plan for overhauling the U.S. tax system faced growing opposition from interest groups on Sunday, as Republicans prepare to unveil sweeping legislation that could eliminate some of the most popular tax breaks to help pay for lower taxes. Republicans who control the U.S. House of Representatives will not reveal their bill until Wednesday.

RBS pays out A 33.4 million to settle US fraud claims linked to mortgage-backed securities

The US Department of Justice said RBS would pay a $35 million penalty , and compensation of around $9 million The Royal Bank of Scotland has paid out $44 million to settle a US criminal investigation that accused its traders of lying to customers over bond prices. The Royal Bank of Scotland has paid out $44 million to settle a US criminal investigation that accused its traders of lying to customers over bond prices.

Black Knight’s First Look at September 2017 Mortgage Data: Hurricanes …

Black Knight's First Look at September 2017 Mortgage Data: Hurricanes Irma and Harvey Drive Surge in Past-Due Mortgages Nationally, the number of non-current mortgages jumped by 214,000 , driven primarily by fallout from Hurricanes Harvey and Irma FEMA-declared hurricane disaster areas accounted for the bulk of the increases; non-current inventory rose by 84,000 in Irma disaster areas and 52,000 in those related to Harvey Prior to the hurricanes, Texas and Florida ranked 20th and 22nd among states by non-current mortgage rates; after the storms, they now rank 3rd and 5th respectively Primarily as a result of hurricane impact, September saw the first annual rise in mortgage delinquencies since July 2010 Monthly foreclosure starts were at their lowest in more than 17 years, with starts down as much as 90 percent in areas covered by post-hurricane foreclosure action moratoria JACKSONVILLE, ... (more)

Trump taking his tax overhaul pitch to Pennsylvania capital

President Donald Trump is looking to promote his tax plan as a boon for truckers as his cross-country tour takes him to Pennsylvania for his latest stop. The White House expected that about 1,000 people, including many truckers, would attend Trump's speech late Wednesday afternoon speech in Harrisburg against a backdrop of big rigs at an airplane hangar.

Federal judge strikes down tax-free housing for clergy

A federal judge in Wisconsin has struck down as unconstitutional a law that gives clergy tax-free housing allowances, in a ruling that could have far-reaching ramifications for religious leaders who have fought for years to keep the substantial financial benefit. Under the federal law passed in 1954, a "minister of the gospel" doesn't pay income taxes on compensation that is designated part of a housing allowance.

Detroit’s Accomplishing Politician

With biblical succinctness, and foreshadowing a resurrection, Mike Duggan said, "Let there be light!" and 65,000 LED streetlights replaced the 40 percent of the city's streetlights that were broken when he took office in 2014. They are among the many reasons that on Nov. 7 he, the first white mayor here in 40 years, will win a landslide re-election in a city that is 83 percent black.

Are NJ rent and house prices so high because we have too many school districts?

When people gripe about New Jersey having so many school districts, with more educational systems than municipalities, it's generally to complain about paying for too many administrators. Tim Evans, the research director for New Jersey Future, said that fragmentation encourages the 'ratable chase' in which cities and towns crave commercial properties but try to avoid residential development, in many cases regardless of whether it contains an 'affordable housing' component.