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U.S. consumer borrowing rises $25.5bn
U.S. consumer borrowing increased in July by the most since November 2022, reflecting jumps in non-revolving debt and credit-card balances. The Federal Reserve reported Monday that total credit outstanding increased $25.5bn, with revolving debt such as credit cards up $10.6bn and non-revolving credit, which includes loans for school tuition and vehicle purchases, up $14.8bn.
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Main Street employers face tax troubles
According to a report by the National Federation of Independent Business (NFIB), many small business owners are increasingly concerned about taxes, with a quarter labeling them a “critical” problem. This marks a 5% increase since 2018, despite the Tax Cuts and Jobs Act reducing the corporate tax rate from 35% to 21%. Holly Wade, executive…
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Marcum LLP announces 15 new partners across the U.S.
Marcum LLP has promoted 15 individuals to partner across the U.S., effective September 1st. “These individuals represent Marcum’s dedication to excellence,” commented chairman and chief executive Jeffrey Weiner. “They bring a wealth of experience, skill, and an entrepreneurial spirit. In a rapidly evolving world, they have shown adaptability and dedication to understanding and exceeding our clients’ expectations….
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U.S. manufacturing gauges raise fears of economic contraction ahead
A key barometer of U.S. factories was negative for the fifth straight month in August, signaling the manufacturing side of the economy is still in a deep slump that might not end until after the presidential election. The Institute for Supply Management’s manufacturing index edged up to 47.2 from an eight-month low of 46.8. Numbers…
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Trump’s economic agenda takes center stage in New York speech
In a significant address at the Economic Club of New York, Republican presidential candidate Donald Trump outlined his economic agenda, promising to reduce the corporate tax rate from 21% to 15% for companies that make their products in the U.S., cut regulations, and audit the federal government. He emphasized his commitment to “low taxes, low…
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Soaring U.S. tax credit deals boost solar, storage build
A transferable tax credit market created by the 2022 Inflation Reduction Act is drawing more investment into solar and other clean energy technologies, from a wider range of investors. Solar developers can access either investment tax credits (ITCs), which are allocated to project costs, or production tax credits (PTCs), which are based on the energy…
