New operator will replace old rolling stock on suburban services after August
MTR will run one of the UK's biggest franchises, along with majority stakeholder First Group.
For the elderly: Consider, for example, the implications for those 60-64 of earning $20,000 more for one year. Among the lowest quintile, 51 percent will lose more than 80cen ts of every extra dollar earned, 8 percent will lose between 61 and 80cent s, and 7 percent will lose between 51 and 60 cents…Among those […] The post Implied marginal tax rates appeared first on Marginal REVOLUTION.
Trends in Cumulative Marginal Tax Rates Facing Low-Income Families, 1997-2007 -- by Gizem Kosar, Robert A. Moffitt
We present new calculations of cumulative marginal tax rates (MTRs) facing low income families participating in multiple welfare programs over the period 1997-2007, the period after 1996 welfare reform but before the program expansions of the Great Recession. Our calculations are for nondisabled, nonelderly families who pay federal and state income taxes and the payroll tax but receive benefits from up to four different transfer programs--Medicaid, Food Stamps, subsidized housing, and Temporary Assistance for Needy Families. The results show enormous variation in MTRs across families who participate in different combinations of welfare programs, who have different family structures, and who have earnings in different ranges. For families who participate in either no or fewer than two welfare programs, which constitutes the large majority of low income families, MTRs are either negative or positive but modest in magnitude. But families participating in two or more programs, while still facing negative or modest positive rates at low earnings, usually face considerably higher MTRs at higher earnings ranges, often up to 80 percent and even occasionally over 100 percent. While the fraction of families in this category is not large, they constitute about one-fifth of single parent families.
After posting their best two consecutive months since 2014, our monthly sampling of the number of U.S. firms acting to cut their dividends in August 2016 rose significantly. The biggest change is that the number of firms in the oil production sector of the U.S. economy has declined significantly in recent months, thanks largely to the rebound in crude oil prices since they bottomed in February 2016. Where they once dominated the count of the number of dividend cutting firms, oil and gas firms now only make up a third of the total of our sample of 17 dividend cutting firms for the month. The following chart gives an idea of where the level of distress in the U.S. economy appears to be increasing, but since it has been drawn from a small sample, we recognize that it may only represent a statistical blip that would hopefully not be sustained. The table below lists the U.S. firms that announced dividend cuts during August 2016. Publicly Traded U.S. Companies Cutting Dividends in August 2016 Date Company Old Dividend New Dividend 2-Aug-2016 Ardmore Shipping (NYSE: ASC) $0.16000 $0.11000 3-Aug-2016 Medallion Financial (NASDAQ: MFIN) $0.25000 $0.05000 4-Aug-2016 Nordic American Offshore (NYSE: NAO) $0.08000 $0.05000 4-Aug-2016 Computer Programs and Solutions (NASDAQ: CPSI) $0.64000 $0.34000 5-Aug-2016 Apollo Investment (NASDAQ: AINV) $0.20000 $0.15000 9-Aug-2016 Textainer Group (NYSE: TGH) $0.24000 $0.03000 9-Aug-2016 DHT Holdings (NYSE: DHT) $0.25000 $0.23000 10-Aug-2016 Medley Capital (NYSE: MCC) $0.30000 $0.22000 11-Aug-2016 Houston Wire & Cable (NYSE: HWCC) $0.06000 $0.03000 15-Aug-2016 Magic Software (NASDAQ: MGIC) $0.09000 $0.08500 18-Aug-2016 Communications Systems (NASDAQ: JCS) $0.16000 $0.04000 19-Aug-2016 Marine Petroleum Trust (NASDAQ: MARPS) $0.07328 $0.04351 21-Aug-2016 Mesa Royalty Trust (NYSE: MTR) $0.06440 $0.04130 22-Aug-2016 San Juan Basin Royalty Trust (NYSE: SJT) $0.02783 $0.01845 22-Aug-2016 Williams Cos (NYSE: WMB) $0.64000 $0.20000 22-Aug-2016 Medley Capital (NYSE: MCC) $0.30000 $0.22000 29-Aug-2016 San Juan Basin Royalty Trust (NYSE: SJT) $0.02783 $0.01845 These are primarily firms with relatively small market capitalizations, where even the large dividend cuts announced by Medallion Financial, Textainer Group, Communication Systems and the Williams Companies did little to move the major stock market indices during August 2016. Data SourcesSeeking Alpha Market Currents Dividend News. [Online Database]. Accessed 1 September 2016. Wall Street Journal. Dividend Declarations. [Online Database]. Accessed 1 September 2016.