https://esd.wa.gov/newsroom/washington-veterans-will-speak-at-war-memorials-on-capitol-campus
OLYMPIA – Washington veterans will speak about their experiences at a Veterans Day ceremony from noon to 1 p.m. on Nov. 9 at the state capitol campus.
The public is invited to gather at the WWII Memorial to hear Jairus Rice, decorated Marine Corps veteran. Rice completed three combat tours in support of Operation Iraqi Freedom between 2003 and 2007.
Event attendees will then travel to the Winged Victory Monument, the POW-MIA Memorial, the Medal of Honor Monument, Vietnam Veterans Memorial Wall and conclude at the Korean War Memorial, hearing a speaker or music at each stop.
Other speakers will be: Danny Salazar and Felicia Wright of the Employment Security Department; Shawn Caskin of the Department of Social & Health Services; and Lyndsey Beaupre of the Department of Agriculture. Caskin and Beaupre also are members of the state Veteran Employee Resource Group.
The ceremony is the 26th annual event sponsored by the International Association of Workforce Professionals (IAWP), the Employment Security Department’s Veteran Employee Resource Group, and by the Washington Federation of State Employees.
Gary Condra, deputy director of the State Department of Veterans Affairs, will emcee the event. Vocalists Rhetta Barker and Jeanette Nelson of the Employment Security Department and trumpeter Vincent Anderson of the Health Care Authority will perform patriotic songs.
“Veterans Day is the day we honor our soldiers and their families who give ultimate sacrifices for ‘we the people,’” said Sarah C. Wilson, IAWP Southwest subchapter president. “Please join us.”
The Color Guard from the Washington Youth Academy will open and close the ceremony, and also lead attendees to each memorial. Anderson will formally end the ceremony with “Taps.”
Flags and U.S. Marines roses will be available for participants to place at the memorials.
MONDAY'S BUSINESS AND FINACE REPORT:
US CHAMBER OF COMMERCE:Dear Chicken Little, the Sky Isn’t Falling… But Wages, GDP Growth, and Job Creation Might Be Rising
Blog post dated 11/ 6/ 17
https://www.uschamber.com/above-the-fold/dear-chicken-little-the-sky-isn-t-falling-wages-gdp-growth-and-job-creation-might-be
Last week, when the House released their long anticipated tax reform legislation, the “Tax Cuts and Jobs Act,” New York Governor Andrew Cuomo (D) quickly declared, “By eliminating or rolling back state and local tax deductibility, Washington is sending a death blow to New York’s middle-class families and our economy.”
While the legislation doesn’t completely eliminate the state and local tax deduction, it would limit it to a deduction for property taxes up to $10,000 per year. So let’s examine the impact of this purported “death blow” to New York.
Over the weekend, Crain’s New York did just that, in an article titled, “Reports of NY's death from tax reform are greatly exaggerated.” Using statistics recently published by the state comptroller, the article notes, “New Yorkers deduct $51.7 billion in state and local taxes on their federal income tax return, and the average deduction per taxpayer ties California's as the largest in the nation,” but, and this is a big but, those figures carry some heavy caveats:
First, only one-third of New Yorkers itemize deductions. In other words, two-thirds of New Yorkers are not impacted by these changes. Further, if the standard deduction increases as anticipated under the proposal, very, very few New Yorkers would be impacted. And this is before consideration of the proposal’s higher child tax credit and the elimination of the alternative minimum tax (AMT)!
And who does benefit? The article notes that those who benefit primarily live in New York City and the surrounding suburban counties and are well up on the income scale, earning $100,000 to $200,000. Further, while the deduction provides the greatest benefit for Manhattanites, in other New York City boroughs it pales in significance: “Only 1 in 5 take advantage of it in the Bronx and only 1 in 3 in Brooklyn and in Queens—matching the statewide average.” And, again, that’s without accounting for the hike in the standard deduction.
Finally, noting the allowed deduction for property taxes, the article finds that while 90% of the value comes from itemized deductions in Manhattan, in upstate, roughly two-thirds comes from property taxes and concludes, “Voters there will feel little pain.”
Consider, too, a bit more context. The reduction in the state and local tax deduction is part of a larger tax reform plan, including the higher standard deduction as noted, as well as a significantly higher child tax credit and lower tax rates especially for the middle class. Since when is a middle class tax cut a death blow?
Turning to the politics of this state and local tax deduction proposal, the article notes that no Republicans represent Manhattan and that six Republicans hold upstate seats, all of whom could support this proposal given that it doesn’t impact their constituents, but does acknowledge that some representing Staten Island and Long Island may face more pressure.
(see link source for more)
US CHAMBER OF COMMERCE BLOG POST: A Victory for Consumers—and for Justice
Blog posted 11/ 6/ 17
https://www.uschamber.com/above-the-fold/victory-consumers-and-justice
The historic rollback of harmful Obama-era regulations under the Trump administration continued last month with Congress’ dismantling of a rule that would have blocked consumers from using arbitration to settle their disputes with financial firms. This anti-arbitration rule was an outrageous act of overreach by the unaccountable Consumer Financial Protection Bureau (CFPB), and the U.S. Chamber of Commerce applauds Congress for answering our long-standing calls to strike it down.
The rule amounted to an enormous gift to the trial bar at the expense of consumers and businesses alike. It effectively banned arbitration—a method of settling disputes out of court—in consumer contracts in favor of costly and time-consuming class action lawsuits. In issuing this rule, the CFPB ignored the views of many members of Congress, the business community, as well as the findings of its own foundational study showing the problems associated with class action litigation.
According to the CFPB’s study, the average payout for the few consumers who actually recover something from a class action lawsuit is about $32, while the average plaintiff’s lawyer pockets $1 million. In arbitration, in contrast, consumers recover $5,389 on average. The study also reports that the average time frame for arbitration is two to seven months, while the average class action suit takes one to two years to complete. Despite these clear findings in favor of arbitration, the CFPB went ahead with issuing its devastating rule.
Ever since the CFPB came up with this bad idea, the Chamber has been working to defeat it. For over six years, the Chamber’s Center for Capital Markets Competitiveness and Institute for Legal Reform have worked together to fight this rule. They built a broad coalition of support, filed numerous comment letters, ran advertising campaigns, engaged state and local chambers of commerce, and even filed a lawsuit.
Their efforts paid off last month when the Senate joined the House in passing legislation to not only repeal the rule but to bar the CFPB from ever issuing a similar regulation. This does not mean, however, that opponents of arbitration will give up. They will continue to threaten arbitration in other contexts with other tools. And the Chamber will continue to fight back.
Yet for now, the repeal of the anti-arbitration rule is a major step in the right direction. Consumers will again have the option of settling disputes without incurring staggering legal fees and wading through the overburdened court system. This outcome is a victory for consumers, businesses of all sizes, and justice itself.---Thomas J. Donohue, President and CEO, U.S. Chamber of Commerce
US DEPT. OF LABOR BLOG POST: Positive Changes in the U.S. Senate Cafeteria
https://blog.dol.gov/2017/11/02/positive-changes-us-senate-cafeteria
Federal contractors should conduct their business in accordance with the highest standards, and that means paying their workers the wages to which they are legally entitled. A recent agreement with one contractor reinforces those standards for U.S. Senate office building food service workers.
In 2016, a U.S. Department of Labor Wage and Hour Division investigation found that Restaurant Associates LLC, Restaurant Associates Inc., and principal Dick Cattani had underpaid staff. The business has now agreed to enact significant enhanced compliance measures. Restaurant Associates and subcontractor Personnel Plus also agreed to pay back wages and fringe benefits of $1,020,745 to 678 workers.
Restaurant Associates has agreed to retain an independent monitor, at its own expense, to review compliance, and will not bid on any new federal service contracts for two years. The business is taking additional proactive steps to ensure future compliance, including appointing a compliance manager and compliance supervisors whose primary duties will include compliance, oversight, and annual service contract training to managers. Restaurant Associates will set up and maintain a confidential telephone hotline for employees or managers to report potential noncompliance. In addition, if during the term of the agreement, the Division determines that Restaurant Associates violated the law, and the violation is not fixed within 30 days, the company will voluntarily waive its defenses to debarment.
The U.S. Department of Labor is committed to providing businesses with the tools they need to understand and comply with the variety of labor laws the Wage and Hour Division enforces. It offers useful resources ranging from an interactive Employment Laws Assistance for Workers and Small Businesses advisor to a complete library of free, downloadable workplace posters. In addition, Community Outreach and Resource Planning specialists conduct ongoing activities to educate stakeholders, including employers, employees, business and labor groups, and professional associations.
For more information about federal wage laws, call the agency’s toll-free helpline at 866-487-9243 or visit www.dol.gov/whd.
Oscar L. Hampton III is the Regional Solicitor of Labor for the Department’s Philadelphia Regional Office.
IRS: IRS Statement on 2018 Filing Season Start Date
Press release issued 11/ 3/ 17
https://www.irs.gov/newsroom/irs-statement-on-2018-filing-season-start-date
The IRS has not yet announced a date that it will begin accepting individual tax returns for the 2018 tax filing season. At the present time, the IRS is continuing to update its programming and processing systems for 2018. In addition, the IRS continues to closely monitor potential legislation that could affect the 2018 tax season, including a number of “extender” tax provisions that expired at the end of 2016 that could potentially be renewed for tax year 2017 by Congress.
The IRS anticipates it will not be at a point to announce a filing season start date until later in the calendar year. The IRS will continue to work closely with the nation’s tax professionals and software community as preparations continue for the 2018 tax filing season.
Speculation on the Internet that the IRS will begin accepting tax returns on Jan. 22 or after the Martin Luther King Jr. Day holiday in January is inaccurate and misleading; no such date has been set.
Refund Timing
In addition, the IRS cautions taxpayers from relying on misleading refund charts on the internet that project tax refund dates. Any speculation about refund dates in 2018 is premature. In addition, these refund charts can overlook that many different factors affect the timing of tax refunds, ranging from the accuracy of information on the return to whether a taxpayer files electronically. In addition, the IRS and state revenue departments have increased their security protocols against identity theft and refund fraud, which also can affect the timing of federal and state refunds.
The IRS issues more than nine out of 10 refunds in less than 21 days. However, it’s possible your tax return may require additional review and take longer. Where’s My Refund? has the most up to date information available about your refund. The tool is updated no more than once a day so you don’t need to check more often. If you use a mobile device you can download the IRS2Go app to check your refund status.
E-File coupled with Direct Deposit remains the fastest way for taxpayers to receive their refunds.
Due to law changes first affecting last year’s returns, the IRS cannot issue refunds for tax returns claiming the EITC or ACTC before mid-February. This law requires the IRS to hold the entire refund — even the portion not associated with the EITC or ACTC. However, there is no need to wait to file such returns since the IRS will process them to the point of refund and then begin refund release when permitted by law.
FROM THE FED: Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2018
https://www.federalreserve.gov/newsevents/pressreleases/bcreg20171103a.htm
The Federal Reserve Board on Friday announced the annual indexing of two amounts used in determining reserve requirements of depository institutions. These amounts are the reserve requirement exemption amount and the low reserve tranche.
All depository institutions must hold a percentage of certain types of deposits as reserves in the form of vault cash, as a deposit in a Federal Reserve Bank, or as a deposit in a pass-through account at a correspondent institution. Reserve requirements currently are assessed on the depository institution's net transaction accounts (mostly checking accounts). Depository institutions must also regularly submit reports of their deposits and other reservable liabilities.
For net transaction accounts in 2018, the first $16 million, up from $15.5 million in 2017, will be exempt from reserve requirements. A 3 percent reserve ratio will be assessed on net transaction accounts over $16 million up to and including $122.3 million, up from $115.1 million in 2017. A 10 percent reserve ratio will be assessed on net transaction accounts in excess of $122.3 million.
These annual adjustments, known as the reserve requirement exemption amount adjustment and the low reserve tranche adjustment, are based on growth in total reservable liabilities and net transaction accounts, respectively, at all depository institutions between June 30, 2016 and June 30, 2017.
The new low reserve tranche and reserve requirement exemption amount will apply to the 14-day reserve maintenance period that begins January 18, 2018. For depository institutions that report deposit data weekly, this maintenance period corresponds to the 14-day computation period that begins Tuesday, December 19, 2017. For depository institutions that report deposit data quarterly, this maintenance period corresponds to the seven-day computation period that begins Tuesday, December 19, 2017.
The Board also announced changes in two other amounts, the nonexempt deposit cutoff level and the reduced reporting limit, that are used to determine the frequency with which depository institutions must submit deposit reports. The attached Federal Register notice contains a description of the new boundaries for deposit reporting that will be effective in 2018.
US TREASURY DEPT: Remarks by Treasury Secretary Steven T. Mnuchin at the Ronald Reagan Presidential Library
Press release issued 11/ 5/ 17
https://www.treasury.gov/press-center/press-releases/Pages/sm0207.aspx
Simi Valley, CA – It is good to be back in California – I specifically wanted to come here and speak at the iconic Reagan Library and reflect on the former president and what he did more than thirty years ago.
At that time, President Reagan and Congress worked together to pass an ambitious and comprehensive tax plan that he signed into law in 1986. By lowering rates, broadening the tax base, and allowing the market to make its own decisions, that legislation ignited a period of prosperity that carried our country through the 1990s. In the final two years of the Reagan Administration, annual real GDP growth was averaging 4.2 percent each quarter and the economy was generating an average of over 200,000 jobs a month. We saw rising incomes, increasing labor force participation, and growing output. American investment in that period helped to create modern economic growth.
To pass this legislation, President Reagan knew he had to speak directly to the American people. In an address to the nation from the Oval Office, he spoke of the need to “transform a system that’s become an endless source of confusion and resentment into one that is clear, simple, and fair for all—a tax code that no longer runs roughshod over Main Street.”
The messenger may be different, but the message is the same. President Trump’s number one priority is bold, pro-growth tax reform. We are going to overhaul our code for the first time since President Reagan.
Like Reagan we will lower rates – for individuals, for families, and for business. He reduced the business rate from 46 to 34 percent – we will reduce it further to 20 percent. Like Reagan we will free the country from the “grip of special interests” by closing loopholes that benefit a privileged few. We are going to do everything possible to make our code simple and fair again.
This is an important moment in our nation’s history. That is why it is so meaningful for us to be here today surrounded and inspired by President Reagan’s legacy.
The Tax Cuts and Jobs Act released last week by the House Ways and Means Committee is a critical first step to a stronger economy that benefits all Americans. Lackluster growth below 2 percent has sometimes been referred to as the New Normal. I want to assure you that this will never be normal for me, for President Trump, or for the American people. President Trump is committed to moving forward on economic policies that will create sustained growth of 3 percent or higher – that is what the American people deserve. This means trillions of dollars back into the economy, new innovations, and better, higher paying jobs for all Americans. (for more see link source)
WORLD AND NATIONAL HEADLINES FROM REUTERS
Trump says Japan would shoot North Korean missiles 'out of sky' if it bought U.S. weaponryTOKYO (Reuters) - U.S. President Donald Trump said on Monday that Japan would shoot North Korean missiles “out of the sky” if it bought the U.S. weaponry needed for doing so, suggesting Tokyo take a stance it has avoided until now.
U.S. restarts visa issuing in Turkey in first step to ease crisis
ANKARA (Reuters) - The United States has partially resumed issuing visas in Turkey after getting assurances about the safety of staff at its missions there, the U.S. embassy said on Monday, in the first step to ease a diplomatic crisis between the two allies.
Saudi-led forces close air, sea and land access to Yemen
DUBAI (Reuters) - The Saudi-led military coalition fighting Houthi rebels in Yemen said on Monday it would close all air, land and sea ports to the Arabian Peninsula country to stem the flow of arms to the Houthis from Iran.
Texas church gunman sent threatening texts to in-laws, officials say
SUTHERLAND SPRINGS, Texas (Reuters) - The man accused of killing 26 people including an 18-month-old child at a Texas church had sent threatening text messages to his in-laws who sometimes attended the house of worship before launching the latest U.S. mass shooting, officials said on Monday.
Supreme Court reverses ruling sparing killer who forgot the crime
(Reuters) - The U.S. Supreme Court on Monday overturned a lower court ruling that an Alabama man convicted of killing a police officer in 1985 was no longer legally eligible to be executed because strokes wiped out his memory of committing the murder.
Senator Paul suffers five broken ribs after assault: reports
(Reuters) - U.S. Senator Rand Paul’s return to Washington may be delayed after he suffered five broken ribs during an assault at his Kentucky home, media reported on Sunday, citing a senior adviser to the Republican lawmaker.
Daily Bible Verse: having made known to us the mystery of His will, according to His good pleasure which He purposed in Himself, that in the dispensation of the fullness of the times He might gather together in one all things in Christ, both which are in heaven and which are on earth—in Him.
Ephesians 1:9-10 NKJV
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