Tuesday, Aug 20th
Last update05:20:13 AM GMT
Economic Glance
That’s nearly 20% of the estimated gap between what corporations paid in taxes and what they owed from 2002 through 2014.
The report from the Indiana University Kelley School of Business is the first to quantify the amount of corporate tax revenue lost during the audit process for every dollar of IRS budget cuts, according to the school.
The number of federal tax examiners has declined by about one third since 2010.
Wall Street stumbled on Wednesday as investors fled equities for safe-haven assets, seeking shelter amid gathering signs that a recession could be on the horizon.
All three major U.S. indexes were sharply lower as short- and long-dated Treasury yields inverted for the first time in 12 years, a potential signal of imminent recession.
Elsewhere, ominous indicators suggested a faltering global economy, hobbled by the intensifying U.S.-China trade war, Brexit jitters and geopolitical concerns. Germany reported a contraction in second-quarter GDP, and China’s industrial growth in July hit a 17-year low.
Another women's retailer is closing all of its stores.
Plus-size retailer the Avenue will close its 222 stores in 33 states, according to a press release from liquidation company Hilco Merchant Resources.
Hilco is managing the liquidation with Gordon Brothers.
“Avenue shoppers will be amazed not only by the incredible savings, but also by the great selections and styles available at the closing sale," the press release states. "Given the popularity of the brand and the seasonal trends, merchandise is sure to sell out quickly. We are encouraging consumers to shop early and take advantage of these offers.”
When you have a seemingly endless list of bills to pay and financial responsibilities to take care of, it can be tough to make sure there's enough money to go around.
The average American is struggling to make ends meet each month, with 59% of U.S. adults saying they live paycheck to paycheck, according to a recent survey from Charles Schwab. Furthermore, nearly half of survey participants say they carry credit card debt and struggle to keep up with the payments.
If you're having a hard enough time paying the bills and putting food on the table without racking up debt, saving for the future is probably the last thing on your mind. Only 38% of people have an emergency fund, according to Charles Schwab, and one in five Americans don't have a dime saved for retirement, according to a survey from Northwestern Mutual.
“We expect tariffs targeting the remaining $300bn of US imports from China to go into effect,” the bank said in a note sent to clients.
U.S. President Donald Trump announced on Aug. 1 that he would impose a 10% tariff on a final $300 billion worth of Chinese imports on Sept. 1, prompting China to halt purchases of U.S. agricultural products.
U.S. businesses and farmers are begging President Trump for relief from his escalating trade war with China as tensions between the world’s two largest economies reach new heights.
Trump’s plan to impose a 10 percent tariff on more than $300 billion in Chinese goods, and China’s decision to suspend U.S. agricultural imports, sets the stage for potential economic and political blowback for the president.
Advocates for businesses and industries caught in the crosshairs of the yearlong U.S.-China trade war are bracing for damage, warning Trump’s new tariffs could force them to hike prices or lay off workers during this year’s holiday shopping season.
A dramatic escalation of the trade war between the United States and China sparked a worldwide sell-off in markets on Monday. The Dow closed down 767 points, and the Nasdaq — a proxy for the technology companies that are particularly tied into the Chinese economy — suffered its longest losing streak since November 2016.
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