Some in the housing industry expressed concern that the plan would double the standard deduction to $24,000 for married couples and $12,000 for individuals—a move that could dramatically lessen the impact of the mortgage interest write-off.
The need to raise the U.S. debt limit, pass a budget, provide relief for victims of Hurricane Harvey and enact flood insurance and tax reform will dominate the remaining legislative calendar this fall.
Post-election euphoria tamped down M&A talk as bankers were hopeful that reform would justify staying independent. But there are signs bankers are getting restless.
The prospect of a lower corporate rate resulting from looming tax reform discussions may be a blessing for the industry, but it could be bittersweet for one particular group of bankers.
The new Citigold program for affluent customers is more than a product — it is the centerpiece of Citigroup's vision for the future, which will also rely on branch closures and sophisticated apps.
Lower tax rates won’t be unqualified good news for banks, as a lower rate would reduce the savings that they get from making tax-exempt loans to cities, counties and other governmental agencies.
Bankers hope that new tax policy will respect the role of tax-assisted community development programs in encouraging business investment in distressed areas.
If Washington lowers taxes as much as banks and the rest of corporate America hope, it will yield a bonanza of earnings per share, new tech investments or investor dividends … right? Not exactly, bank leaders warn.
