Interest rate cuts have an unequal impact on Americans. Getty For the first time since 2008, the Federal Reserve has cut interest rates. They made this move Wednesday preemptively attempting to continue the U.S.’s record-long economic growth and to protect it from slowing growth overseas. The quarter-point decrease was expected, although whether it was even
Taxes
Things did not go well for Christopher Dufresne, son of famous psychic Sylvia Browne and himself a psychic, in the Tax Court decision that came out last week. Judge Kerrigan confirmed the IRS notices of deficiencies of over $500,000 and accuracy penalties that tack on another hundred thousand plus. You would have thought that he
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses restricted applications, when the deeming provision is applied, the availability of divorced spousal benefits, unexpected payments from SSA and the earnings test. Larry Kotlikoff is a Professor of Economics
Section 1031 is one of the few sections of the tax code everyone seems to know. It is even routinely used as a verb. Under 1031, if you exchange real estate for ‘like-kind’ real estate, gain is postponed until you sell your replacement property. Starting in 2018, swaps of Bitcoin for Ethereum, exchanges of private aircraft,
Shoppers at an outlet mall exit an Adidas store on May 21, 2019 in Los Angeles. Photo credit: FREDERIC J. BROWN/AFP/Getty Images AFP/Getty Images The economic benefits of the Tax Cuts and Jobs Act (TCJA) seem to have petered out. The US economy grew robustly in late 2017, perhaps partly due to expectations for