August 4, 2004 |
American consumer spending dropped 0.7% in June, the steepest monthly fall since September 2001, the government reported Tuesday. With income growth stalling as well, the numbers raised new concerns about the strength of the economic expansion. Overall personal income -- which includes wages, salaries and income from dividends, interest and other sources -- rose by 0.2% in June, the slowest monthly increase in more than a year, the Commerce Department reported.
February 9, 1989 |
Rep. Dan Rostenkowski (D-Ill.) chairman of the House Ways and Means Committee, today promised all-out opposition to President Bush's proposal to reduce the tax on capital gains. "I'm not about to tell the wage earners in Chicago that they should pay a higher tax than stockbrokers," Rostenkowski said in a speech to the National Press Club.
August 26, 2004 |
Paying taxes may never be fun, but it may soon get easier. Under a pilot program, the state of California will volunteer to fill out the annual income tax returns for 10,000 residents with lower incomes and uncomplicated finances. If the test works, as many as 3 million of the state's 14 million taxpayers could be eligible for the program. Taxpayers with deductions and dependents, however, will still have to file the old-fashioned way.
May 27, 2011 |
Consumer spending rose by the smallest amount in three months during April, government data showed Friday, in a further sign of erosion in spending momentum due to higher prices at the gas pump. Consumer spending increased 0.4% last month, the Commerce Department estimated. Meanwhile, personal income rose 0.4% in April. Income has risen for seven straight months. When adjusted for inflation, the increases in April were even more modest. Adjusted after-tax income was flat in April for the second straight month, and spending increased 0.1% for the second straight month.
August 29, 1998 |
Americans' personal income climbed in July, but they spent less for the first time in more than two years, the government said Friday. Incomes rose by 0.5% in July to a seasonally adjusted annual rate of $7.14 trillion, the Commerce Department said. Personal consumption expenditures, however, fell 0.2%--the first decline since June 1996--to a seasonally adjusted annual rate of $5.8 trillion.
CALIFORNIA | LOCAL
October 6, 1989 |
It's time to question whether the for-profit housing system on which 98% of Americans depend can meet the nation's need for decent, affordable housing. Consider these facts: * More than 9 million American families pay half or more of their income for housing; nearly 4 million pay 70% or more. * One in 16 homeowners is 30 days or more behind in mortgage payments; foreclosure rates are at an all-time high.
August 6, 2005 |
Rising mortgage rates are renewing concerns among investors, who this week drove down the stocks of real estate-related companies amid concerns that higher rates could hamper the nation's sizzling housing boom. Steady rate jumps in recent weeks are already prompting inquiries from homeowners worried about possible hikes in their monthly mortgage payments, some loan brokers said Friday.
CALIFORNIA | LOCAL
October 24, 2003 |
Momentum appears to be building in negotiations between the Metropolitan Transportation Authority and the mechanics union, whose members began a countywide transit strike last week. Flush from meetings that stretched past 4 a.m. on Thursday, the two sides said they had agreed on 24 minor contract issues. Feeling confident that they were moving forward, they scheduled negotiations for today and Saturday and met again Thursday evening.
CALIFORNIA | LOCAL
April 15, 1996 |
The House of Representatives last month passed an immigration bill after prolonged and divided debate. In the end, members from both sides of the aisle joined to approve the legislation by an overwhelming margin. Bipartisan support, however, is never a sure indication of sound legislation. Instead, the vote signaled the coming of an election season in which pollsters have calculated that immigration toughness may be a key litmus test for candidates in November.
September 6, 2010 |
On the eve of the Depression, Andrew Mellon, President Hoover's Treasury secretary, said that rising unemployment would be good for the nation because it would "purge the rottenness out of the system" and force people "to work harder, live a more moral life. " Few would dare utter such words today, but the actions — or inactions — of Washington and Wall Street indicate that respect for work and workers is again approaching that dismal level. American workers and families face the deepest jobs crisis of their lives.