A newly released report by former U.S. Treasury Department official Lawrence Summers and assistant professor of law at University of Pennsylvania Natasha Sarin, using Internal Revenue Service data, say that trillions of dollars won’t be collected in the next decade, based upon recent trends. On a down day on Wall Street, that stunning data about the IRS collections and the related information from both left and right sides of the mainstream media divide will be our focused report this evening.

 

Regular readers please note there are a few tweaks to some of the standard portions of our evening market/investing report. Read carefully as some changes of the ‘standard text’ that follows before our left-right headlines and also in other features near the end of tonight’s reports.

Every evening our headlines that follow provide snapshots from two major media outlets on each side of the left-right news spectrum that reflect topics that influence or move investor sentiment. In moments on this business evening report, you can get ‘insights-at-a-glance.’

This report also sets the broader context for manufactured housing markets, in keeping with our mantra, “News through the lens of manufactured homes and factory-built housing” ©.

We begin with headlines left-of-center CNN followed by right-of-center Fox Business. We share closing tickers and other related data courtesy of Yahoo Finance, and more. 5 to 10 minutes reading this MHProNews market report every business night could save you 30 minutes to an hour of similar reading or fact-gathering elsewhere.

Perhaps more important, you will get insights about the industry from experts that care, but also dare to challenge the routine narrative that arguably keeps manufactured housing underperforming during an affordable housing crisis.

 

Media Consolidation at a Glance, 4 Infographics

Newsy, Peeling Back Media Bias, Manufactured Housing Sales, Investing, Politics, and You

 

Headlines from left-of-center CNN Business.

 

• The trouble with AI – Artificial intelligence software defines people as male or female. That’s a problem
• America’s milk industry is struggling. Don’t blame oat milk
• Target and TJMaxx are killing department stores
• WeWork’s former CEO got a massive payout. Now 2,400 employees are losing their jobs
• The moral dilemma of doing business in China, explained
• WATCH: SpaceX prototype blows its top during ground test mishap
• Edible Arrangements is selling CBD-infused edibles. This is not a joke
• Billionaire Ray Dalio says the global economy is heading for a ‘great sag’
• IBM computer stars in Cambridge debate on the dangers of AI
• Opinion: Huawei and ZTE can’t be trusted. The FCC to keep them in check
• MSNBC’s Democratic debate was the least-watched so far
• USA Today sued for pregnancy discrimination
• Apple abruptly cancels premiere of Samuel L. Jackson movie ‘The Banker’
• Opinion: If your Disney+ account got hacked, it’s probably your own fault
• Content by SmartAsset
• Startup raises $51 million to take on retirement industry
• Microsoft delays launch of earbuds intended to rival Apple AirPods
• Hasbro really, really needs you to buy ‘Frozen 2’ and ‘Star Wars’ toys this holiday season
• Record low interest rates are forcing the world’s best pension system to take drastic action
• WALMART – America’s largest grocer is revamping its produce section
• 500 new stores are opening in China
• Walmart surges heading into holidays
• Target doesn’t want robots in stores. Walmart does
• Retailer will stop selling e-cigarettes as backlash spreads
• ALTERNATIVE ENERGY – Secretive energy startup backed by Bill Gates achieves solar breakthrough
• No wind? No sun? This solves renewable’s biggest problem
• Europe’s switch to electric cars is accelerating
• Offshore wind could power the world
• Renewable energy is booming. But not fast enough
• The moral dilemma of doing business in China, explained
• Americans aren’t drinking milk like they used to
• Aston Martin DBX
• Aston Martin reveals its first SUV
• This energy startup has made a solar breakthrough
• Would you live in a glass house? This family does
• America’s political climate is spurring the richest 5% to donate more
• The Dallas Mavericks were plagued by a toxic culture. She is turning it around
• How much should you be spending on vacations?
• Mary Daly, president of the Federal Reserve Bank of San Francisco, stands for a photograph after an event at the Commonwealth Club in San Francisco, California, U.S., on Tuesday, March 26, 2019. Daly joined other U.S. central bankers on Tuesday in supporting patience on future interest rate moves amid economic uncertainty.
• From working at a doughnut shop to the Federal Reserve: The unlikely journey of Mary Daly
• Apple CEO Tim Cook and President Donald Trump speak during a tour of an Apple manufacturing plant, Wednesday, Nov. 20, 2019, in Austin. (AP Photo/ Evan Vucci)
• Trump wants Apple to be ‘building’ 5G. Here’s why that’s unlikely
• Twitter now lets you hide replies to your tweets
• PayPal plans to acquire Honey, which will help both companies grow their customer reach.
• PayPal is acquiring shopping reward site Honey for $4 billion
• A man walks past a Huawei logo displayed at a retail store in Beijing, May 23, 3019.
• Huawei will soon be able to buy from some US suppliers again

 

Headlines from right-of-center Fox Business.

• IRS will fail to collect TRILLIONS in tax dollars over decade, researchers find
• The IRS estimated it failed to collect $380 billion in taxes per year, between 2011 and 2013.
• Axed WeWork staffers make tearful exit as troubled company cuts thousands of jobs
• Michael Bloomberg files paperwork to run for president
• EXCLUSIVE: How much Charles Schwab will pay for TD Ameritrade
• Expert explains how to play the low mortgage rates like a champ
• Pelosi hints at bleak future for signature Trump trade deal
• NFL upholds helmet brawl suspension — how much it will cost star player
• Baby Boomers about to bequest huge amount of money to children
• Government probes prestigious college over China, Saudi Arabia contracts
• You’ll want to repent after visiting these sinful US cities
• Ken Langone: Elizabeth Warren would ‘make a mess’
• Terrified McDonald’s workers say they face ‘daily risks’ after dead body found
• Inside the gold-paved path from Trump mega-donor to world diplomat
• 700,000 Jeep, Dodge SUVs recalled over potentially dangerous problem
• Chipotle giving out free Amazon Echoes — if you have this name
• Stocks edge lower as trade uncertainty looms large
• FedEx bracing for record-setting Cyber Monday
• Soaring health insurance costs forcing Americans to make impossible choice
• Kellogg’s giving beloved pastry sweet makeover
• Here’s how much your college degree is worth
• Suspended NFL star claims THIS is what ignited infamous helmet brawl
• Trump to take major shot at China over Hong Kong
• COLDPLAY’S HOT AIR: Band refuses to tour over pollution stance
• Tesla’s Musk to unveil CyberTruck competitor to GM, Ford
• Great pay with little college: Manpower shortage leaves jobs up for grabs
• Seinfeld’s ‘Soup Nazi’ celebrates Festivus 2019 with goat yoga
• Google takes stand on political ads
• Exxon Mobil may shed $25 billion in assets
• When Colin Kaepernick’s signature Nike shoe will drop
• Kanye West denied permit for amphitheater on Wyoming ranch
• Tom Brady sounds off on ex-Patriots teammate Antonio Brown’s apology
• 700,000 Jeep, Dodge SUVs recalled over engine problems
• College basketball star banned, ordered to give to charity

 

10 Market Indicator Closing Summaries – Yahoo Finance Closing Tickers on MHProNews…

 

Featured Focus – Where Business, Politics, and Investing Meet

Instead of raising taxes on the wealthy, some say the IRS should simply collect what they owe every year, says Vanessa Williamson, governance studies fellow at Brookings, and Rachel Bovard, senior policy director at the Conservative Partnership Institute, according to left-of-center CNBC.

 

Right-of-center Fox Business has a similar take, saying that while some Democrats call for a wealth tax to raise more revenue from the country’s wealthiest individuals, a new study suggests investing more in IRS enforcement resources could be an alternative way to generate a significant chunk of change.

 

 

Per Fox Business:

• The tax gap, or the difference between what the IRS is owed and what it collects, is expected to swell over the coming decade, according to research by former U.S. Treasury Department official Lawrence Summers and assistant professor of law at University of Pennsylvania Natasha Sarin. The pair generated their forecast based on recent estimates from the tax agency.
• The IRS estimated it failed to collect $380 billion in taxes per year, between 2011 and 2013. Using those figures, and accounting for inflation and income growth, Summers and Sarin estimated the IRS would not collect nearly 15 percent of total tax liabilities in 2020 alone — or $630 billion.
• For the period between 2020 and 2029, the tax gap would total $7.5 trillion.
• The wealthy are the big beneficiaries of the agency’s failed compliance efforts since a larger share of their income is held in categories like dividend or proprietorship income and capital gains. Individuals earning more than $10 million per year have an underreporting rate that is five-times as high, at nearly 14 percent, as those who earn less than $200,000 annually, about 2.6 percent.
• Individual returns make up more than 70 percent of the tax gap, with a 20 percent noncompliance rate.

Steve Forbes jokingly suggested that this is a good reason for a flat tax, a topic previously examined by MHProNews in this video below.

 

The wealth tax being proposed by Senator Elizabeth Warren is not only cumbersome, failed in Europe where tried, but is arguably unconstitutional.

Related Reports:

Gaining, Losing, Avoiding Audits – Small Biz Tax Changes NFIB Reviewed – Understanding Tax Code Changes

Rep. Ross Spano on Small Business, plus NFIB Survey Confirms Small Biz Tax Cuts Continue Fueling Economic Growth

Millionaire, Billionaire Tax Plans by 2020 Hopefuls Sanders, Warren Reviewed by CNN, Fox – plus Manufactured Home Investing, Stock Updates

“You Cannot Tax People Into Prosperity,” Housing, Taxes, Policy Failures, Plus MH Market Updates

Manufactured Housing Industry Investments Connected Closing Equities Tickers
Some of these firms invest in manufactured housing, or are otherwise connected, but may do other forms of investing or business activities too.

• • • • • NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry lender
        • NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).

 

Updated for Fall 2019…
Berkshire Hathaway is the parent company to Clayton Homes, 21^st Mortgage, Vanderbilt Mortgage and other factory built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses.
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