Dec 14, 2017

Pass-through filers do better than wage earners in Senate tax bill

Under the Senate-passed tax bill, people with pass-through income would see bigger increases in their after-tax income in 2019 than people paying taxes only on wages and salaries, according to a Tax Policy Center analysis. Generally, the wealthier a filer with pass-through income is, the better off they are under the bill.

Reproduced from Tax Policy Center; Chart: Axios Visuals

Be smart: The Senate bill allowed pass-throughs to deduct 23 percent of business income, whereas the conference report will likely lower this to 20 percent while also lowering the top individual income rate.

The bottom line: While this is unlikely to drastically reshape the findings of the TPC analysis, the fact that analysts can't keep up with the GOP's speed in writing and passing updated tax legislation underlines how much we still don't know about the bill's impact.

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New York City's mansion tax impacts housing cost

Manhattan sunset, seen in September from Arthur Ashe Stadium in Queens, home of the U.S. Open. Photo: TPN/Getty Images

The average price of a Manhattan co-op or condo fell to $1.8 million in the fourth quarter of 2019, according to Douglass Elliman, the largest real estate brokerage in the New York City area, the Financial Times reports.

Why it matters: "The Manhattan property drop is in sharp contrast to the rally on Wall Street, where stock markets have hit new records."

Go deeperArrowJan 4, 2020

Warren on economists criticizing her wealth tax: "They're just wrong"

Sen. Elizabeth Warren said at the Democratic debate Thursday that economists who claim her wealth tax proposal would stifle growth and investment are "just wrong."

Why it matters: Warren's riff on the wealth tax, in which she emphasized how "a two cent tax" on fortunes of $50 million and above, has become a core part of her stump speech.

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Keep ReadingArrowDec 20, 2019

Household income stagnates as home prices soar

Data: Census Bureau; Chart: Andrew Witherspoon/Axios

Despite a robust economy and low unemployment, household income hasn't changed much in the past 20 years.

Go deeperArrowDec 31, 2019