Last Blog for 2017 from New York City

Fri, 2017/12/15 - 3:08pm | Your editor
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Today's is the last blog before we head for London for a holiday, during which I will be filing less compulsively than I do when in New York. We are going for family reunions and a lot of family business affecting not me, but my husband, who is British.

My last US posting is rather upbeat despite the Fed raising rates this week, because even in Republican ranks there are now problems with the so-called “tax reform” package being rushed through Congress. I hope that some of the nasties in store for New Yorkers, who except for Pres. Trump personally are assumed to be his opponents, will be dropped. We and people from other coastal states like Massachusetts, Connecticut, New Jersey, and California pay high state and local taxes which since the Federal Income Tax began, before World War I, have been deductible from what we pay Uncle Sam. We also pay high prices for our homes and are in the habit of deducting mortage interest from our taxes. Both of these affect our homes's resale, the most widely available source of family wealth for the US middle class.

As a matter of good governance, I agree that taking away the child tax credit from poor Americans is an abomination. But I also want the tax code to look after grandparents like me.

More for paid subscribers follows from Israel, unusual for a Friday when Tel Aviv is closed. Plus news from Brazil, Belgium, Mexico, Switzerland, Denmark, Japan, the Netherlands and its Antilles, Sweden, Canada, Britain, Chile, Hong Kong, Indonesia, and Finland.

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