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U.S. personal income fell for the first time in more than three years in January as dividends and interest payments dropped, pointing to moderate growth in consumer spending after it fell by the most since 2009 in December.
The report from the Commerce Department on Friday also showed inflation pressures remaining tame, which together with slowing domestic and global economic growth gave more credence to the Federal Reserve's "patient" stance towards raising interest rates further this year.
Personal income slipped 0.1 per cent in January, the first decline since November 2015, after jumping 1.0 per cent in December. Income was weighed down by decreases in dividend, farm proprietors' and interest income.
Nearly 11 million taxpayers may be subject to the limits on the state and local tax (SALT) deduction in President Trump's tax law, a Treasury Department watchdog estimated in a report released Tuesday.
The Treasury Inspector General for Tax Administration (TIGTA) estimated that if the $10,000 cap on the deduction had been in place in 2017, roughly 10.9 million taxpayers would have been unable to deduct about $323 billion in state and local tax payments on their federal tax forms.