While we await the full details of the Senate bill, moments ago the House Ways and Means Committee released the Amended House GOP tax bill, as well as its summary. Here are the key highlights from the Amendment (link), first in principle…
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Senate GOP Reveals Different Approach on Tax Reform Legislation…
Senate Republicans revealed their own version of tax-reform legislation Thursday, breaking with President Trump by offering a one-year delay to the corporate tax cut, and with House Republicans by completely repealing a deduction for state and local taxes. The Senate bill also keeps in place the estate tax as well as a variety of popular […]
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Disney Backs Down After U.S. Media Boycott..
The Walt Disney company has ended its ban of the Los Angeles Times newspaper after a backlash from US media. Last week it emerged Disney had stopped inviting the newspaper to press screenings because it disagreed with an article published in September. High-profile organisations and individuals publicly criticised the company’s decision. The New York Times […]
Nomi Prins: Steven Mnuchin, Foreclosure King of America…
Yves here. I hate criticizing an important post by Nomi Prins, which sets forth Treasury Secretary Steve Mnuchin’s dodgy history and his current hypocrisies in detail. But even though Prins has been a regular, articulate critic of high finance, she has not gotten as far from Goldman as she thinks she has. Like virtually all […]
REPORT: U.S. Will Only Approve AT&T-Time Warner Deal if CNN Is Sold…
The U.S. Department of Justice may block Time Warner’s sale to AT&T if it doesn’t sell CNN first, according to a report from the Financial Times. The $85.4 billion deal was proposed last year, just weeks before the U.S. presidential election. After Donald Trump was elected, some wondered if his disdain for the cable news […]
The Public Bank Option – Safer, Local and Half the Cost…
Phil Murphy, a former banker with a double-digit lead in New Jersey’s race for governor, has made a state-owned bank a centerpiece of his platform. If he wins on November 7, the nation’s second state-owned bank in a century could follow. A UK study published on October 27, 2017 reported that the majority of politicians […]
‘Paradise Papers’ Reveal Tax Avoidance, Shady Dealings of World’s Rich and Powerful…
From multiple members of Trump’s cabinet to the British Royal Family, document dump of offshore dealings shows how political leaders—joined by wealthy celebrities and the ultra-rich—shelter their assets, keep shady relationships secret, and game the tax systems of nations around the globe…
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Dudley to Leave Fed in Mid-2018 Amid Leadership Overhaul…
Federal Reserve Bank of New York President William Dudley plans to retire in the middle of next year, signaling the departure of an influential, crisis-tested policy maker that will widen the leadership overhaul at the U.S. central bank. The New York Fed said in a statement Monday that his decision will “ensure that a successor […]
Here Are the Winners and Losers of the Tax Plan, by Income Bracket…
By and large, Americans of all incomes will benefit from the Tax Cuts & Jobs Act that House Republicans have offered. But some by a lot more than others. That’s according to analysis done by Ernie Tedeschi, an economist in the Obama-era Treasury Department now at Evercore ISI. He used the Open Source Policy Center […]
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Trump/GOP Tax Plan Released (Not Large Home Friendly)…
Lowers individual tax rates for low- and middle-income Americans to Zero, 12%, 25%, and 35%; keeps tax rate for those making over $1 million at 39.6% – Increases the standard deduction from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married couples. – Establishing a new Family Credit, which includes expanding…
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Trump Selects Powell for Fed Chairman, Replacing Yellen…
President Donald Trump plans to nominate Federal Reserve Governor Jerome Powell to the top job at the U.S. central bank, according to three people familiar with the decision. Trump, who has said he’ll announce his pick Thursday, would be choosing a former private-equity executive who favors continuing gradual interest-rate increases and sympathizes…
MAGA: Trump Jobs Surge–Outperform “Expert” Expectations…
The Trump White House and the American people received yet more good news this week (which the Establishment Media will once again do its best to ignore) in the form of a surprising new jobs number that broke past previous tepid expectation among economic experts…
“This Could Be Huge”: Gold Bar Certified by Royal Canadian Mint Exposed as Fake…
According to CBC, the Royal Canadian Mint is investigating how a sealed, “pure gold” wafer with proper mint stampings has emerged as a fake. According to the Canadian press, the one-ounce gold piece, which was supposed to be 99.99% pure, was purchased by an Ottawa jeweller on Oct. 18 at a Royal Bank of Canada […]
Consumer Confidence Soars to Highest Level in Nearly 17 Years…
The Conference Board said the Consumer Confidence Index rose 5.3 points to 125.9, the highest level in nearly 17 years and higher than the 121 median forecast. The Present Situation Index increased from 146.9 to 151.1, while the Expectations Index rose from 103.0 last month to 109.1. “Consumer confidence increased to its highest level in […]
GDP Exceeds Expectations, Grows 3 Percent in Third Quarter…
U.S. gross domestic product rose by an annual rate of 3.0 percent in the third quarter of 2017, a higher-than-expected rate in the wake of hurricanes that hit Florida, Texas and Puerto Rico. Analysts were expecting a 2.5 percent increase, and even President Trump was expecting growth under 3 percent because of the storms. The […]
Billionaire Owner of Pharmaceutical Company Arrested for Fraud and Racketeering…
A drug company founder charged with leading a nationwide conspiracy to bribe doctors and pharmacists to widely prescribe a highly addictive opioid painkiller to people who didn’t need it came to the U.S. from India for postgraduate studies and for a time was listed among Arizona’s richest billionaires. John N. Kapoor launched Insys Therapeutics, which […]
Ex-HSBC Trader Involved In Front-Running Scandal To Be Extradited To U.S….
It’s not shaping up to be a great week for a group of former HSBC FX traders who decided to front-run a massive $3.5 billion currency trade placed by one of their clients and net their bank some $8 million in illicit profits in the process. Earlier this week, Ex-HSBC currency trader Mark Johnson, who […]
What a Jerome Powell-Led Fed May Look Like…
Traders are likely to breathe a sigh of relief if Jerome Powell, the Fed governor under consideration by President Donald Trump to become chairman of the central bank, gets nominated. Powell is now the favorite in betting markets amid published reports he’s in the lead to get Trump to nominate him. Trump himself called Powell […]
Everything You Need to Know About Trump’s Executive Order on Association Health Plans…
On Thursday, President Trump announced a new executive order that has the potential to radically transform the individual health insurance marketplace and give millions of Americans access to high-quality, low-cost health insurance. The executive order, which was crafted with the help of Sen. Rand Paul, R-Ky., will empower individuals and small businesses in associations to […]
One in Three College Students Expect Taxpayers to Absorb Student Loans…
The majority of college students ignore the costs of their student loans and more than a third expect taxpayers to cover the tab, according to a new poll. A poll of college students and recent graduates found that 56 percent of borrowers did not know the interest rates on the loans enabling them to attend […]
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