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Wonderful example so assuming some social and economic provisions ought to be in the tax laws, lets think about tax credits. Every dollar of tax credit saves you one dollar. It doesnt matter what your marginal tax bracket is. So if you owe a thousand dollars and you get a thousand dollar tax credit, you dont owe anything. If you owe a million dollars, you owe a million minus 1,000. Now, the tax credits also should be refundable in many cases where they are social programs because a refundable tax credit like the earned income tax credit which says people who are working but dont earn a living wage are going to get extra money to help them have a living wage. And so if you make it refundable if you dont owe the income tax, youll get a direct grant. Both commissions said that about the Home Mortgage interest deduction, replace it by a credit. Congress ignored that. Finally, you might have the largest credit for people who need the he ....
Said as a firefighter with 53 cents. [applause] been unfairly just like to say that theres so many things you can do. Weve given awards to members of congress. They love to get awards. They want to be loved. We have taken ads out in their local newspaper which is really cheap and thank them for what they did. We persuaded the clinton to veto a very controversial liability bill by surrounding them with the dems. He was so happy to veto that bill even though he hated vetoing bills. So ill just say we also helped Robert Redford defeat to secretary gerald ford nominated in the governor of wyoming. The race that jc and we got so much media in bath that they continue the ms edition and prove to engage a fraud ahead of design. You never know where theyre going to be. We are the ones im on the side of the ledger and we are the ones who raised a key issues people care about. And we often win even though we have so little help. Thank you so ....
Of course youre looking at the lire in turkey. Tom we start with american job economy. What i noticed by the time were done with surveillance we may get to a 3 yield on the u. S. 30year bond and would be a big deal showing the higher yearold environment and the optimism about september. Francine looking at the u. K. Manufacturing data we had from this country an hour ago and made it that more interesting that we hope to understand better how mark carney looks at inflation and thats superthursday this thursday. Tom did you survive halloween . Francine i did survive. I didnt dress up. Im so european. Tom i went as david gura. Francine lets get to david here with bloombergs first news. David . David a surprise win for president erdogan. His party defied the polls and swept back into office in the parliamentary elections and strengthens erdogans 13year grip in power and the majority gained in the elections they lost and turkeys benchmark index rose 5 . There was another surprise, euro area ....
(Bloomberg) A wave of strong oil buying by processors in China and Japan underpinned by one mega-refiner’s massive spree has lifted spot premiums in Asia’s physical market, adding to signs of rising global demand.Spot premiums for crude grades favored by Chinese and Japanese refiners, such as Russia’s ESPO and Qatar’s Al-Shaheen, have surged to multi-month highs, according to traders who asked not to be identified. Dubai crude’s prompt timespreads went deeper into backwardation a bullish market indicator with the differential more than doubling from last week.Oil processors and traders are weighing mixed signals from Asia’s market as the coronavirus pandemic leaves an uneven imprint. While key crude importer India has been hit hard by a brutal Covid-19 wave, other nations, especially China, have continued to do well. Those signs of progress add to evidence of recoveries in Europe and U.S. demand, underpinning gains in futures markets. ....