Daily Reads 7/3/2019
Hi, everyone. It’s mid-week and at the top of our Daily Reads, we learn that the designation of being ‘middle class’ has more to it than just how much you earn. As we look deeper into the impact of Trump’s tariffs, it turns out Scotch and Irish Whiskey are also tied up is the U.S – China trade war, resulting in increased bar tabs for consumers. Job creation for June didn’t meet expectations, following the lackluster performance of May. Legendary automotive industry icon Lee Iacocca dies at age 94. And new data from the IRS from filed tax returns show the results of the new tax law, and what we can make of it.
Although making more than $100,000 a year puts a household in the top 30 percent of the U.S. income distribution, a 2015 Pew survey found that most such people use some form of the label “middle class” to describe themselves.
Job creation looks to have had another rough month in June, with private companies adding just 102,000 new positions, according to a report Wednesday from ADP and Moody’s Analytics.
The spirits from Scotland and Ireland are among the latest European products that President Donald Trump’s administration has proposed hitting with import duties, according to a list posted Monday by the Office of the U.S.
Lido Anthony Iacocca, the automobile industry legend best known as “Lee,” died at the age of 94 on Tuesday morning, his family confirmed.
The first tax-filing season under the new law jostled the upper-middle class, as people making between $100,000 and $250,000 became less likely to receive refunds and more likely to owe money with their returns.