When I was first introduced to macroeconomics in 1967, the most extensively used economic textbook was written by Paul Samuelson and it was our bible. Samuelson taught us about the most basic economic laws. The most prominent ones were the law of supply and demand, the law of competition, and the law of self-interest. Adam Smith might have been the one to originally coin those ideas, but Samuelson was the one who explained them to generations of students.
Hilton Head Business
Do you ever find yourself waiting for your computer to download information, frustrated at the slow speed of the internet? Dave Dobbin, senior vice president of technology and engineering at Hargray Communications, has a solution: gigabit internet speeds for your home.
An average household typically runs around seven internet-ready devices constantly and that number is steadily on the rise. By 2020, homes are predicted to have an average of 50 devices connected to the internet, interfacing with everything from the refrigerator to tools that track health.
Wood + Partners Inc. shapes the Lowcountry
A good land planner should love the earth and the people who will live on it for generations to come.
Underneath a developer’s plans to turn a profit or a town’s wish for more soccer fields, the land has history and characteristics that beg to be recognized. Like a parent or a tattoo artist, land planners know that what they do is pretty much permanent.
Shop More Local is a not-for-profit initiative with an initial mission to support local businesses as they recovered from the effects of Hurricane Matthew. In the past year, it has grown into much more than a recovery effort and has evolved into a movement that's changing the way people shop and strengthening the community.
Who among us hasn’t dreamed about trying our hands in the beverage industry, spending our days taste-testing the latest and greatest spirits? You may think it’s all free booze and parties, but just ask Hilton Head Island resident Tim Grovenburg, co-founder of Brass Ring Spirit Brands, and he’ll tell you: it’s all about hard work and dedication.
You can’t tell America’s story without telling the Gullah story.
BY LUANA M. GRAVES SELLARS | PHOTOS BY WILLIE J. RICE PHOTOGRAPHY
Run by the Campbell family since 1996, this Hilton Head Island company strives to educate the public about the island’s rich Gullah heritage, traditions and place in America’s history. The desire to preserve Gullah traditions is the heart of their mission. The roughly 15 members of the family involved in the company span more than three generations.
For decades, the Federal National Mortgage Association, or Fannie Mae, and the Federal Home Loan Mortgage Corporation, also known as Freddie Mac — both publicly traded companies — have expanded the availability of home mortgages by “packaging” the loans into mortgage-backed securities that investors can buy. This practice has allowed lenders to reinvest most of their assets and offer more loans. The financial backstop for Fannie Mae and Freddie Mac had always been an “implied” obligation of the U.S. Treasury to ensure that they would not be allowed to fail.
LOCAL BUSINESSES SEE GENERATIONS OF SUCCESS
The old saying that “blood and business should never mix” was probably coined by someone who spent too much time with his or her loved ones at work and at home. But while owning and running a business can be difficult, the commitment that family members bring can be unparalleled. And working together can be a way to spend quality time with love ones and make memories.
As with any enterprise, the strength of the business model is key. The best recipe for success often includes a firm desire to involve family members from different generations. The families behind two Hilton Head Island businesses—Just Cushions and Gullah Heritage Trail Tours—embody this spirit of collaboration.
With all the talk and activity in Washington, D.C., these days around issues like tax reform, I thought it might be interesting to look into the subject of the mortgage interest deduction. What was its origin, how is it used, and what is its future?
Federal income tax in the United States was first implemented in 1894, and all forms of interest on loans were deductible. Interestingly, the U.S. Supreme Court quickly ruled income taxes unconstitutional and it wasn’t until 1913 that Congress enacted a new income tax, after the Constitution was amended, and as part of this new tax interest was again deductible. In the early years of the tax code, it was safe to presume that Congress wasn’t thinking about mortgage interest deductibility, as homes in those days were generally bought for cash. Presumably, lawmakers were more concerned with mortgages on farms and business loans.