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    State and Local Tax Deduction: An Item Blurring Party Lines

    State and Local Tax Deduction: An Item Blurring Party Lines


    The value to New York City taxpayers of itemized deductions for state and local taxes was $7.7 billion in 2014, or about $6,600 per affected taxpayer, according to estimates from the Partnership for New York, an association of large...

    White House and congressional proposals would eliminate the provision, challenging tradition and bipartisan defenders in wealthy and populous states.
    G.D.P. Report Shows U.S. Economy Off to Slow Start in 2017

    G.D.P. Report Shows U.S. Economy Off to Slow Start in 2017


    A Carmax salesman showing a vehicle in Doral, Fla. Spending on goods was slow in the first quarter of the year, despite rising consumer confidence since President Trump’s...

    The government said gross domestic product grew at an annual rate of 0.7 percent in the first quarter, a three-year low, as consumer spending let up.
    Trump Tax Plan Would Shift Trillions From U.S. Coffers to the Richest

    Trump Tax Plan Would Shift Trillions From U.S. Coffers to the Richest


    President Trump and the first lady, Melania, at the White House on Thursday. Mr. Trump could benefit substantially from his tax plan, with provisions such as a repeal of the alternative minimum tax and a proposal to allow owner-operated companies,...

    The vast majority of benefits would go to the highest earners and largest holders of wealth, analysts said, setting up a battle over the government’s strained resources.
    Republicans’ Fiscal Discipline Wilts in Face of Trump’s Tax Plan

    Republicans’ Fiscal Discipline Wilts in Face of Trump’s Tax Plan


    Representative Peter Roskam, who chairs a congressional subcommittee on tax policy, warned against passing tax cuts that are not paid for. Many other Republicans...

    Some G.O.P. lawmakers are rallying around the idea that less taxation is more important than less debt, in a break from their party’s vocal deficit hawks.
    Revisiting Nafta: The Stakes for Key Industries

    Revisiting Nafta: The Stakes for Key Industries


    A woman carrying goods across the Paso del Norte International Bridge connecting El Paso and Ciudad Juárez, Mexico, in...

    President Trump says he won’t immediately try to terminate the North American Free Trade Agreement, but some sectors would be vulnerable in a renegotiation.
    A.M.T., With Few Defenders, Is Newly Targeted in Trump Tax Plan

    A.M.T., With Few Defenders, Is Newly Targeted in Trump Tax Plan


    In President Trump’s case, the alternative minimum tax functioned as it was meant to, requiring a multimillionaire to pay more of a fair...

    The alternative minimum tax was enacted to make sure high-income earners didn’t avoid a fair share of tax, but many say its effectiveness has eroded.
    Europe’s Central Bank Sounds a More Upbeat Tone

    Europe’s Central Bank Sounds a More Upbeat Tone


    The headquarters of the European Central Bank in Frankfurt. The bank’s Governing Council met on...

    The central bank’s Governing Council has become more optimistic about the eurozone economy, offering a hint at winding down stimulus measures.
    Wheels: Shortage of Auto Mechanics Has Dealerships Taking Action

    Wheels: Shortage of Auto Mechanics Has Dealerships Taking Action


    BMW’s technician training center in Woodcliff Lake, N.J. The shortage of technicians is so acute that BMW began its own recruiting...

    Car companies have had to create special training and hiring programs to meet the need, and the jobs that are available can pay handsomely.
    Economic Trends: Winners and Losers in the Trump Tax Plan

    Economic Trends: Winners and Losers in the Trump Tax Plan


    The new tax plan would eliminate the federal deduction for state and local income tax. If you live in a place where such taxes are high, like California and this San Francisco street, that’s unwelcome...

    The plan lacks many details, but one group of losers seems to be upper-middle-income people in blue states.
    Economic View: How Best to Tax Business

    Economic View: How Best to Tax Business


    Congressional proposals for changing the corporate tax go far beyond a simple discussion of tax rates. Fundamental shifts could affect business...

    Congressional proposals for changing the corporate tax go far beyond a simple discussion of tax rates. Fundamental shifts could affect business behavior.
    Taking Note: The Biggest Threat to Job Growth

    Taking Note: The Biggest Threat to Job Growth


    Despite a slow month, the overall job market is steady. Wrongheaded policy could change...

    Despite a slow month, the overall job market is steady. Wrongheaded policy could change that.

    Federal Reserve on Interest Rates


    Janet Yellen, the Federal Reserve chairwoman, announced the board’s decision on interest...

    Janet Yellen, the Federal Reserve chairwoman, announced the board’s decision on interest rates.