by on February 27, 2018
President Donald Trump and Boeing have struck a deal over the development of two new Air Force One planes at a price tag of $3.9 billion, the White House and Boeing said Tuesday, and the President has asked for the planes to be ready by 2021. Trump met with Boeing executives last Tuesday in the White House to finalize the deal. Two officials said the President asked for the new plane to be done by 2021, the beginning of what would be a second term, which is three years sooner than the ...
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by on December 16, 2017
Senate and House Republicans announced agreement Friday on the first major tax overhaul in more than 30 years—a $1.5 trillion bill that would touch most Americans in some way, affecting not only take-home pay but also the cost of healthcare, home and business ownership, having a family, and more.  Among the major changes, the legislation would significantly shrink the deduction of state and local taxes and reduce the mortgage-interest tax deduction, mainstay tax breaks for decades. Th...
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by on December 21, 2017
Mayor de Blasio deserves credit for developing a plan to create 100,000 good jobs. But a recent CUF forum made it clear that there are several other promising ideas that, if added to the city’s plan, could bolster middle class job creation and help more low-income New Yorkers access them. by Center for an Urban Future Read the full report (PDF) New York City can boast 975,000 more jobs than 20 years ago, nearly 700,000 of which were added in the past decade. However, New York’s rece...
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by on March 3, 2018
U.S. President Donald Trump’s plan to slap stiff tariffs on imported steel and aluminum has rattled financial markets and stirred fears that some trading partners might retaliate by dumping U.S. Treasuries. Should China, Japan and other nations, which have recycled their trade dollars through their Treasuries holdings, suddenly decide to whittle them down, markets could be in for a rough ride. Such a retaliatory move, in the wake of Trump’s first big protectionist action, comes at a time w...
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by on December 20, 2017
Congressional Republicans delivered on their first major legislative accomplishment of the Trump era on Wednesday, when the House voted 224-201 to pass a $1.5 trillion tax package. The bill cuts individual rates for eight years and slashes the top corporate tax rate to 21 percent permanently. President Trump speaks about the passage of tax legislation on the South Lawn of the White House on Wednesday. The bill now goes to Trump for his signature, though it's not clear when he will sign...
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by on December 15, 2017
The soaring price of bitcoin—the virtual currency is now worth more than $250 billion—has gotten a lot of attention in recent weeks. But the real significance of bitcoin isn't just its rising value. It's the technological breakthrough that allowed the network to exist in the first place. Bitcoin's still anonymous inventor, who went by the pseudonym Satoshi Nakamoto, figured out a completely new way for a decentralized network to reach a consensus about a shared transaction ledger. This innova...
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by on March 11, 2018
SEN. ELIZABETH WARREN told a gathering of progressive lawmakers Friday that seeing her colleagues vote to advance a Wall Street deregulation bill this week was a “stab in the heart.” This week, 16 Senate Democrats voted for the Economic Growth, Regulatory Relief, and Consumer Protection Act. It’s a cleverly misnamed bill that would peel back regulations on 25 of the 32 largest banks in the country, removing a slew of consumer protections while relaxing stress tests and other reporting requi...
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by on February 1, 2018
Mayor Bill de Blasio released an $88.7 billion preliminary budget Thursday, saying the city was “keeping a watchful eye on the risks that are coming our way up I-95, and down the New York State Thruway.” For all of Bill de Blasio’s first term, New York City saw uninterrupted growth in tax revenue and continued economic expansion, enabling him to spend like no other mayor in the city’s history, growing the payroll and work force to a new level. With the Trump administration threatening ...
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by on December 23, 2017
When Sandy Vierling took a job at a new robot-packed factory her company built just a few miles from an older plant where she made automotive exhaust systems, she crossed into the future of manufacturing in the United States. A job seeker departs the Dr. Martin Luther King Jr. career fair held by the New York State department of Labor in New York, April 12, 2012. REUTERS/Lucas Jackson She didn’t like it at all. Auto supplier Faurecia SA’s (EPED.PA) new plant - dubbed Columbus South to disting...
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by on February 27, 2018
Puerto Rico's governor said Tuesday that the U.S. Treasury Department has cut a $4.7 billion disaster relief loan available to the U.S. territory by more than half, and he demanded help from Congress.  Gov. Ricardo Rossello said federal officials reduced the amount to $2 billion without providing an explanation nearly five months after Congress approved the loan. He warned the move puts Puerto Rico in a "dangerous financial dilemma" and that his administration could be forced to cut some esse...
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by on December 15, 2017
Tis the season for giving, and one Bitcoin investor claims to be giving away the majority of their cryptocurrency holdings after experiencing an incredible year. The unnamed donor has set up a fund to hand out $86 million worth of Bitcoin to various charities, and they’ve already started listing the donations and providing receipts. If this whole thing works out, you can just call this mystery person the Bitcoin Bill Gates. So far, The Pineapple Fund claims to have distributed just over $...
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by on December 22, 2017
The NHL team says it’s leaving Brooklyn for a new home by Belmont Park, but getting fans there could cost taxpayers big bucks New York governor Andrew Cuomo welcomes the New York Islanders back to New York from New York, where they’ve played since moving from New York. Good news for Islanders fans — a sentiment not often expressed this past decade or three — as the Great Barclays Center Hockey Experiment is over. On Wednesday, Governor Andrew Cuomo, NHL commissioner Gary Bettman, and l...
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