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Two Wall Street giants criticize Trump tax plan

Warren BuffetPresident Donald Trump’s tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the U.S. corporate rate.

With the White House and top Republicans in Congress already on the defensive over claims the plan would not cut taxes for many middle-class Americans, Buffett and BlackRock Inc (BLK.N) Chief Executive Larry Fink suggested in separate interviews that the corporate rate may not have to be cut as deeply as proposed.

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U.S. Household Incomes Rose to Record in 2016 as Poverty Fell

US middle class income highest ever in 2016The U.S. median household income rose to a record last year and the poverty rate fell, as steady economic growth helped improve the lot of more Americans, according to annual data from the U.S. Census Bureau released Tuesday.

The results show improving incomes helped to make a further dent in poverty in 2016, which was President Barack Obama’s final year in office.

Strength in the labor market likely played a role. The economy added 2.2 million jobs last year and the unemployment rate had declined to 4.7 percent by year end. It’s fallen further in recent months to a 16-year low.

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US job growth slows to 156K; unemployment up to 4.4 pct.

Jobs downU.S. job growth slowed in August as employers added 156,000 jobs, though still enough to suggest that most businesses remain confident in an economy now in its ninth year of recovery from the Great Recession.

The unemployment rate ticked up from 4.3 percent to a still-low 4.4 percent, the Labor Department said Friday. The government also revised down its estimate of job growth in June and July by a combined 41,000, leaving an average monthly gain this year of a solid 176,000.

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US central bank chief rebukes Trump over plan to lift regulations

Janet YellenDonald Trump has been rebuked by the US central bank chief, Janet Yellen, for planning to scrap tough banking regulations that made the system “substantially safer” and did nothing to restrict growth or lending.

Yellen, the Federal Reserve chair, used a speech at the annual meeting of central bankers on Friday in the US ski resort of Jackson Hole to warn that policymakers might have forgotten the terrible damage wreaked on the global economy in 2008 when they seek to lift regulations that prevent risky behaviour.

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Reality Check: America and the Foxconn Dream

Foxcom dream in WisconsinWisconsin is about to shell out as much as $3 billion for the privilege of luring Foxconn Technology Group. At $519 per citizen, it would have been cheaper to buy an iPhone for every man, woman and child in the midwestern state.

Let's be clear: The big winner isn't the taxpayer. It's Foxconn and its billionaire chairman Terry Gou. As I predicted several times, Foxconn would only come to the U.S. if and when his demands were met.

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Study: ‘Buy America’ rules raising costs for US transit systems

Buy America increases prices of mass transitFederal requirements to buy American-made products may be forcing some U.S. transit systems to spend more money, according to a new study from a center-right think tank.

The American Action Forum (AAF) released research Friday that found “Buy America” rules for Federal Transit Administration (FTA) grants could be raising procurement costs in some areas.

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Fed hikes interest rates, signals two more increases for 2017

Interrest rates increaseThe Federal Reserve’s top policymaking body on Wednesday pulled the trigger on another increase in interest rates, the first since Donald Trump became president, and signaled there will be two more hikes this year.

The Federal Open Market Committee, which sets the key borrowing rate that affects interest payments on everything from mortgages to savings accounts, raised rates one-quarter of a percentage point. Still, the FOMC emphasized that it plans to nudge up interest rates gradually. The key rate now stands at between 3/4 of a percent and 1 percent.

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