New bill would close tax loopholes

A new bill that is being promoted by Senator Chuck Schumer would close tax loopholes for companies that ship jobs overseas. Currently there is federal tax credit for moving jobs overseas. When a company moves workers they can claim the moving costs against their taxable income. Schumer says that his proposed law would close that loophole and help save jobs for local workers. Schumer also claimed that the law would help companies by granting a tax credit to those who brought jobs back. “These are companies that first grew their businesses overseas and now with the changing costs, and everything else, and American productivity, they’re looking to bring the jobs back,” Schumer told reporters.

USDA: Cost of raising a child almost $250k

The United States Department of Agriculture has release a report that shows that the average cost of raising a child in the United States is close to $250,000. The report, which counts housing, food and other necessary costs, demonstrates that the cost of raising a child to age 18 now stands at $234,900. If projected inflation is factored into the equation, the projected cost rises to just under $300,000. The report only covers the costs of raising one child. As more children are added to the family, costs spread out, resulting in a savings of approximately 22 percent for child.