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The Fed is likely to cut rates for the first time this year. Here's what that means for credit cards and housing costs Business InsiderFederal Reserve may cut rates for the first time since 2024 — here are four key money moves to consider now CNBCWill the Fed cut rates on Wednesday? See 5 economic charts that may determine its decision. CBS News
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What to Watch at the Strangest Fed Meeting in Years The Wall Street JournalThe most extraordinary Fed meeting yet has just kicked off CNNFederal Reserve to Meet Under Cloud of Trump's Attacks The New York TimesFed for now avoids shock to independence after Cook ruling; Miran sworn in as governor ReutersFed Dissent Is Going to Raise Some Uncomfortable Questions Bloomberg.com
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US Retail Sales Beat Forecasts in Sign of Solid Summer Spending Bloomberg.comAgainst the odds, Americans are still spending CNNUS retail sales increase solidly; headwinds from softening labor market loom ReutersRetail sales up 0.6% in August from July even as tariffs hurt jobs and lead to price hikes AP NewsRetail sales surprise as Americans increase spending in August Axios
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IN THE annals of modern American economic policymaking, among the most revered pieces of legislation is the Tax Reform Act of 1986. During the three decades since its passage, Democrats and Republicans alike have hailed the law not only for overhauling the country''s tax system, which Jimmy Carter famously called 'a disgrace to the human race', but also for doing so with bipartisan support in both houses of Congress. As Republicans embark on yet another sweeping rewrite of the tax code, many point to the 1986 effort as a model to emulate. It was 'really something special', Donald Trump said in August. However, admirers of America''s last comprehensive revision of its tax code should be disappointed with the GOP''s current attempts.The bill that passed in 1986 took a long, arduous path to President Ronald Reagan''s desk. Originating out of a three-volume report by the Treasury department, it faced numerous brushes with death, and took more than two years to wind its way through Congress. The process included full committee hearings, markups and deliberations. The final bill eliminated many deductions, credits and exemptions that favoured some taxpayers over others. This generated new revenues, which were then used to reduce tax rates, mainly for low and middle-income individuals. The bill did ...
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