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HOME MAIL NEWS FINANCE SPORTS ENTERTAINMENT LIFE SEARCH SHOPPING YAHOO PLUS MORE… Yahoo Finance Sign in Mail Sign in to view your mail Finance Watchlists My Portfolio Markets YF Chartbook Calendars Trending Tickers Stocks: Most Actives Stocks: Gainers Stocks: Losers Top ETFs Futures World Indices Currencies Top Mutual Funds Options: Highest Open Interest Options: Highest Implied Volatility US Treasury Bonds Rates Currency Converter News Latest News From the Newsroom Stock Market News Earnings Politics Economic News Morning Brief Personal Finance News Crypto News Bidenomics Report Card Videos Yahoo Finance Invest Yahoo Finance Live ETF Report Good Buy or Goodbye FA Corner Options Pit Yahoo Finance Plus Dashboard Research Reports Investment Ideas Community Insights Webinars Blog Screeners Saved Screeners Equity Screener Mutual Fund Screener ETF Screener Futures Screener Index Screener Analyst Rating Screener Technical Events Screener Smart Money Screener Top Holdings Screener Personal Finance CD rates High-yield savings accounts Money market accounts Checking accounts Online checking accounts Personal loans Car insurance Student loans Banking Taxes Rates Best rewards credit cards Best cash back credit cards Best credit card interest rates Best travel credit cards Best balance transfer credit cards Best business credit cards Home Buying Crypto Sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities Contact Us … AdvertisementU.S. markets close in 2 hours 14 minutesS&P 5004,772.51+16.01 (+0.34%) Dow 3037,585.97+60.81 (+0.16%) Nasdaq14,942.12+84.41 (+0.57%) Russell 20001,965.60-2.43 (-0.12%) Crude Oil71.08-1.16 (-1.61%) Gold2,027.40-5.60 (-0.28%) Silver23.08-0.01 (-0.05%) EUR/USD1.0971+0.0038 (+0.35%) 10-Yr Bond4.0320+0.0130 (+0.32%) GBP/USD1.2738+0.0028 (+0.22%) USD/JPY145.6300+1.2270 (+0.85%) Bitcoin USD46,305.53-344.27 (-0.74%) CMC Crypto 200885.540.00 (0.00%) FTSE 1007,651.76-32.20 (-0.42%) Nikkei 22534,441.72+678.54 (+2.01%) GOBankingRatesTrump Era Tax Cuts Are Expiring: What That Could Mean For the Job MarketRead full articleDawn AllcotJanuary 10, 2024 at 10:00 AM·2 min readChris duMond / Shutterstock.comA host of tax cuts introduced under former president Donald Trump’s Tax Cuts and Jobs Act of 2017 (TCJA) are set to expire at the end of 2026. Notably, the opportunity zones (OZs) economic development tool, designed to entice real estate investors to build or rehabilitate both residential and commercial properties in low-income communities, will be gone.Trump-Era Tax Cuts Are Set To Expire: What Retirees Should Know
Also: Owe Money to the IRS? Most People Don’t Realize You Can Do This – TodayThe initiative brought more than $100 billion in equity into designated qualified opportunity zones across the U.S. However, many studies indicate that OZs likely have no effect on poverty, earnings, or employment — or even on housing prices in distressed communities.One study out of the University of California, Irvine, found little evidence of salary increases in opportunity zones, except in areas where average wages were already trending upward. Likewise, poverty rates continued trending downward in areas where poverty was already beginning to improve.A more recent analysis, published in the Journal of Urban Economics in July 2023, found “limited evidence of any effect of OZs on job postings on average.” However, the study went on to say that OZs had “small positive effects” in urban areas, areas with above median Black populations, and some states.In conclusion, however, the study stated, “We do not find evidence that zip codes with OZs have more job postings than comparable non-OZ zip codes over the whole sample.”Further Considerations Regarding the TCJAMany factors may have disrupted the success of the opportunity zones program, including the COVID-19 pandemic. Additionally, with low unemployment rates across the country, it’s possible that it isn’t realistic to see even greater improvement in OZ tracts.Billionaires vs. the Middle Class: Who Pays More in Taxes?Beyond the more narrow discussion of opportunity zones and their impact on the economy, a separate Brookings Institution analysis found the following:Story continues“Overall, the TCJA’s advocates promised many supply-side benefits and promised they would materialize quickly. But at least for the first two years, the Act failed to deliver its promises on investment and growth, leaving the country instead with higher deficits and a less equal distribution of after-tax income.”The next two years will provide more evidence of whether or not the tax cuts worked. If signs point to success, legislators may vote to extend the program beyond 2026.More From GOBankingRatesPocket an Extra $403 Per Month With This Simple Hack 8 Things Frugal People Never Do at the Start of a New YearExperts: Make These 7 Money Resolutions If You Want To Become Rich on an Average SalaryThe 7 Worst Things You Can Do If You Owe the IRSThis article originally appeared on GOBankingRates.com: Trump Era Tax Cuts Are Expiring: What That Could Mean For the Job MarketTRENDING 1. CES 2024 updates: The most interesting news and gadgets from tech's big show 2. WEF says world faces 'gloomy outlook' as AI, climate threats rise 3. Trump revives tariff, trade war talk 4. Microsoft challenges Apple as world's most valuable company 5. 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