The proposed overhaul on income taxes is said to simplify what everyone pays. Corporations will pay 15% instead of 35%. Individuals will pay 0%, 10%, 25%, or 35%. The estate tax and the alternative minimum tax are also said to be eliminated. Stocks have been down and bonds have been up since the plan was published. Though the specifics weren’t yet worked out, I am certain that the IRS will continue to collect just as much out of you and me.
Pending Home Sales report a 0.8% drop from last month, where a 5.6% increase was logged. Durable Goods also dropped from a 1.2% advance to 0.7%.
Freddie Mac reports that the average 30 year loan is going for 1.03% right now. As usual, I am cheaper than that.