Congress
Industry-backed report sees LA job loss
A recent LSU finance professor’s report indicated that if Congress repeals tax breaks for the oil and gas industry and for companies with significant operations overseas, Louisiana would lose an estimated 13,500 jobs and $233.5 million in wages next year. In addition to the Gulf Coast being hit particularly hard, LA would also lose $14.3 million in state and local taxes if the Section 199 and dual capacity tax credits are repealed. Full Article.
U.S. economy: Recession concerns ease
Companies in the U.S. added more jobs than forecast in August, easing concern the world’s largest economy is sliding back into a recession. President Obama said there is “no quick fix” for the economy and urged Congress to pass a package of measures to help small businesses, including tax breaks and aid to ease credit. Full Article.
Prospects bleak for fixing Social Security
Unless Congress acts, Social Security's combined retirement and disability trust funds are expected to run out of money in 2037. At that point, Social Security will collect enough in payroll taxes to cover about three-fourths of the benefits. Full Article.
Corps finalizes plan for coastal protection
The U.S. Army Corps of Engineers recently submitted a technical plan outlining options for protecting coastal communities to Congress in to a post-2005 hurricane season request for the corps to come up with recommendations about how coastal LA could be better protected from future storms. Full Article.
Upheaval Sweeps Consumer Finance
Even before Congress unveils a consumer-protection agency, new state and federal laws are ushering in the most sweeping changes in consumer finance since the 1960s. On July 1, Arizona will force changes on the state's 595 payday-loan stores that could put them out of business. Other states are putting curbs on tax preparers who offer costly loans against expected tax refunds. The federal government will require lenders verify a borrower's income and assets before issuing a home loan, and issued broad new rules on credit-card issuers, limiting their ability to boost interest rates and charge certain fees. Full Article.
Upheaval Sweeps Consumer Finance
Even before Congress unveils a consumer-protection agency, new state and federal laws are ushering in the most sweeping changes in consumer finance since the 1960s. The federal government, meanwhile, is for the first time requiring that lenders verify a borrower's income and assets before issuing a home loan. It has also slapped broad new rules on credit-card issuers, limiting their ability to boost interest rates and charge certain fees. Full Article.
10 tax breaks for small businesses
This year, doing your taxes should be slightly less painful for many of you. Congress has recently implemented some cool tax breaks — mainly in The American Recovery and Reinvestment Act of 2009 (a.k.a. the "Recovery Act") — to make things a little easier on small businesses. Full Article.
