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How the New Tax Bill Helps Families January 11, 2018 By Andrew Guernsey, Legislative Assistant for Government Affairs The Tax Cuts and Jobs Act (H.R. 1 "TCJA"), signed into law by President Donald Trump on December 22, 2017, provides numerous provisions that benefit working families. ...
EVERY Tuesday, senior members of the administration gather in the White House to discuss trade. They are divided between hawks, who argue that America needs to be tougher in its defence against what they see as economic warfare waged by China, and doves, who worry about the costs of conflict. So far, against all expectations when President Donald Trump entered the White House, the doves have prevailed. The first of a series of legal deadlines could soon unleash the hawks.Last April Wilbur Ross, the commerce secretary, initiated a probe into whether steel imports were a threat to America's national security. His department pointed to a “dramatic” increase in steel imports over the previous year and to the idling of nearly 30% of America's steel-production capacity, as imports feed a quarter of its consumption. If the report, due by January 15th, finds imports are a threat, Mr Trump, under Section 232 of the Trade Expansion Act of 1962, will have 90 days to respond.The...Continue reading
WHEN Donald Trump won America's presidential election 14 months ago, banks' share prices leapt. One reason for that was the prospect of lower corporate taxes, which would both benefit banks directly and (investors hoped) ginger up the economy. Like Mr Trump's legislative agenda, their shares were becalmed for much of 2017, but they perked up late in the year when the Tax Cuts and Jobs Act looked likely to become law—as it duly did when the president signed it on December 22nd.Yet several banks expect the act to make deep dents in fourth-quarter profits. On December 28th Goldman Sachs said it was braced for a $5bn hit. A week before, Bank of America (BofA) announced a $3bn write-down. Early in the month, on fairly accurate assumptions about the law's final form, Citigroup put the cost at a whopping $20bn. Foreign banks are also assessing the damage: £1bn ($1.4bn), says Barclays; SFr2.3bn ($2.4bn), reckons Credit Suisse.These one-off hits have two main causes....Continue reading
It didn't mean jack“THE geopolitical environment has changed considerably since…a year ago.” That was the explanation given this week by Alex Holmes, chief executive of MoneyGram International, a Dallas-based American money-transfer firm, for Ant Financial abandoning its $1.2bn deal to buy his firm. Ant, the online-payments affiliate of Alibaba Group, a Chinese e-commerce giant, had outbid Euronet, an American rival, in 2017 and secured the approval of MoneyGram's board for the acquisition. In normal times, Ant would have secured the prize.But it is up against a rising tide of anti-China sentiment in Washington, DC. Donald Trump has often argued that China does not play fair in global commerce. The sense that China and its companies are not to be trusted is spreading on Capitol Hill, too. Ant's bid was blocked by the Committee on Foreign Investment in the United States (CFIUS), a government body reporting to the Treasury. It reviews such deals for...Continue reading
A Frosty Reception to Trump's PrayerDecember 21, 2017 If you thought tax reform terrified liberals, try praying about it! During yesterday's historic votes, Donald Trump sent the Left into a full-on panic by pausing a moment in his cabinet meeting to thank God for their pending success. ...
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