U.S. Economic News

August 7, 2017

 

U.S. News

Eric Morath of the Wall Street Journal writes that Americans currently are less likely to be laid off than at any point in the past half-century.  Morath argues that while this is largely due to a healthy labor market, there are also underlying structural factors that have contributed, such as higher long-term unemployment and an aging labor force. WSJ
 
The Wall Street Journal reports that although Congressional Republicans plan to spend the August recess establishing a tax reform plan, they face numerous hurdles in the coming months. GOP lawmakers have to formulate a federal budget for the coming fiscal year, address the debt ceiling, and attempt to pass healthcare reform before rewriting the tax code. WSJ
 
According to the Wall Street Journal, charitable organizations could lose billions of dollars in donations if the GOP effort at tax reform doubles the “standard deduction” and prevents state and local tax deductions from federal taxable income.  Charities do not want to appear opposed to tax cuts for their donors, and therefore will likely advocate for a “universal” deduction for charitable contributions even if taxpayers do not itemize. WSJ

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