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A New Tax Break for Poor Neighborhoods Could Benefit Luxury Developers
The idea for opportunity zones was hatched three years ago in a white paper from the Economic Innovation Group, a non-profit founded by Sean Parker, the Napster creator and first president of Facebook Inc., to “empower entrepreneurs and investors to forge a more dynamic economy throughout America.” The authors—Jared Bernstein, one of the key members […]
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Zuckerberg Defends Facebook’s Value While Senators Question Apology
People use its services ‘100 billion times a day’: Zuckerberg ‘We’ve seen the apology tours,’ scoffed Senator Blumenthal Mark Zuckerberg defended the social network’s value before Congress and pledged to correct its mistakes, as senators questioned whether he’ll deliver after years of failed assurances that he’d protect user privacy. “People come to Facebook, Instagram, Whatsapp, […]
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Remingtons Bankruptcy May Be the Tip of the Iceberg
Firearms companies face declining sales, falling stock prices and tremendous debt. Gunmaker American Outdoor Brands Corp., formerly known as Smith & Wesson, has seen its stock plummet by almost half from 2017. On Monday, Remington Outdoor Co., an iconic, 200-year-old American firearms manufacturer, announced it’s planning to file for bankruptcy. With Republicans in control of Washington, there’s little […]
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Trumps War on Pot Could Split Republicans in 2018
As a presidential candidate, Donald Trump promised to leave the issue of marijuana legalization to the states. Then he chose Jeff Sessions as his attorney general, and it was only a matter of time before that changed. Sessions has long pined for a crackdown on pot. “Good people don’t smoke marijuana,” he said in 2016. […]
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‘Orwellian’ Offshore Tax Will Hit Some Firms Harder Than Others
The name that Republican tax writers gave to a new, multi billion-dollar business levy implies that it targets foreign earnings from “intangible” intellectual property — hitting tech firms and drugmakers like Apple Inc. and Pfizer Inc. But experts agree that the little-understood “global intangible low-taxed income” levy, or GILTI, will also apply to earnings that […]
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How the Carried Interest Break Survived the Tax Bill
President Donald Trump’s plan to abolish a tax break for hedge-fund managers was kept out of the final tax overhaul legislation — an act of defiance by congressional leaders who exploited a split among Trump’s advisers. White House economic adviser Gary Cohn wanted to end the carried interest break, while Treasury Secretary Steven Mnuchin successfully […]