12 January 2019 FT — Articles to Read

12 January 2019


Question: According to MSN: Money, what are ten (10) things you cannot deduct from your taxes anymore?


Federal employees feel the financial pain of US government shutdown – Pg. 3

–        …US government shutdown hit on December 21….

–        For many of the 800,000 federal workers affected, reality hit yesterday – the first day that many did not receive their payslip as a result of the continuing government impasse…

–        ….about 420,000 federal employees continuing to work during the shutdown.  They were prohibited from applying for temporary assistance or temporary aid because his employer would consider it “double-dipping” and he could lose his job


Global Economy – Pg. 7

–        The day after suddenly announcing that he was ditching the presidency of the World Bank for a Wall Street private equity firm, Jim Yong Kim made an appearance before staff to muster an explanation

–        Mr Kim’s abrupt, voluntary exit has not only triggered confusion and frustration for staff at the bank but raised profound questions about the leadership and the future role of an institution that has been a centerpiece of the US-led international economic order

–        Created in the aftermath of the second world war in conjunction with the IMF to help reduce global poverty, the World Bank’s influence has been waning as it has faced growing competition from private sources of capital and regional development banks and much more assertive bilateral lending by China to many poor countries

–        Moreover, since it has traditionally been led by an American, it is now facing the prospect – much sooner than many inside the Bank could fathom – of a new president chosen by Donald Trump….

–        (Prof Note: I say this in ignorance of specifics, but does this not say something about Mr Kim who leaves the bank early and in, apparent, disarray?!  Did Mr Kim not make a commitment to the Bank and to the globe?!)

–        Mr Kim is joining Global Infrastructure Partners, …


Answer: (1) Personal exemptions; (2) Alimony; (3) Nonmilitary job-related moving expenses; (4) Home equity loan interest; (5) Theft losses; (6) Casualty losses not from a disaster declared by the president; (7) Employee business expenses; (8) Investment expenses; (9) Tax preparation fees; (10) Legal fees paid on an award, judgment or settlement