• Tag Archives Donald Trump
  • Would This Have Happened Under President Hillary? Holiday Retail Sales Soar Compare To Last Year

    We are nearly a year into Donald Trump’s presidency, and the economic numbers continue to look quite good. On Monday, we learned that U. S. retail sales during the holiday season are projected to be way up compared to 2016. Yes, there are all sorts of economic red flags popping up all over the place, and I write about them regularly. And without a doubt, 2017 has been one of the worst years for brick and mortar retail stores in a very long time. But when something good happens we should acknowledge that too, and many are giving President Trump credit for the fact that retail sales are projected to be up 4.9 percent this holiday season compared to last year…
    Despite thousands of store closings this year, Americans supplied a final flurry of spending to give retailers their best holiday season sales since 2011, figures released Tuesday show.
    U. S. year-end holiday retail sales rose 4.9% compared to the same period last year, a welcome gift to U. S. retailers amid new signs of consumer confidence.
    Of course this doesn’t mean that things have completely turned around for the retail industry. We still absolutely shattered the all-time record for store closings in a single year, and the final number is going to be somewhere right around 7,000. The following comes from CNBC…

    This post was published at The Economic Collapse Blog on December 26th, 2017.


  • “As Good As It Gets” – What A Difference 11 Months Makes

    What a difference eleven months make.
    Shortly after Donald Trump was inaugurated he fired Michael Flynn.
    What’s become the conventional subtext is that the intelligence agencies have launched a ‘soft coup’ against Trump, he has been significantly weakened, and the Deep State has scored a major victory.
    ‘Plot Holes,’ SLL, 2/26/17

    This post was published at Zero Hedge on Dec 26, 2017.


  • Trump’s Tax Cuts: The Good, The Bad, and the Inflationary

    At last, tax reform is happening! Last week, President Donald Trump celebrated the passage of the most important legislation so far of his presidency.
    The final bill falls far short of the ‘file on a postcard’ promise of Trump’s campaign. It even falls short of the bill trotted out by Congressional Republicans just a few weeks ago. It is, nevertheless, the most significant tax overhaul in more than a decade.
    Corporations and most individual taxpayers will see lower overall rates. That’s the good news.
    Unfortunately, there is also some not so good news investors need to be aware of.
    Because no spending cuts will be attached to ‘pay’ for the tax rate reductions, the legislation will grow the budget deficit by an estimated $1 trillion to $1.5 trillion over the next decade. The actual number could end up being smaller…or bigger, depending on how the economy performs. But more red ink will spill.

    This post was published at GoldSeek on Tuesday, 26 December 2017.


  • Man Who Delivered Gift-Wrapped Horseshit To Steven Mnuchin Compares Himself to Jesus

    An LA County psychologist who thinks President Trump’s tax bill stinks to high heaven, compared himself to Jesus after admitting he delivered a gift-wrapped box of horseshit as a Christmas present to Treasury Secretary Steve Mnuchin. Robby Strong told AL.com he dropped off the box of horse manure at Mnuchin’s house as an ‘act of political theater’ to hammer home the point that ‘Republicans have done nothing for the American worker.’
    Boldly taking the Christ-analogy to a place it has never gone before, Strong told SoCal radio station 89.3 KPCC that “what I did, I would like to compare to what Jesus did when he went into the temple and overturned the tables of the money-changers, who were exploiting the people financially in the name of religion.”
    ‘In the long run, if we don’t do stuff like this, what are we going to have left?’ Robby told KPCC. ‘I feel like that’s what the GOP has done to the American people,’ added the man who, bizarrely, is a psychologist with the LA Department of Mental Health.
    Things start to make much more sense, however, once we learn that Strong claims he was an organizer for the Occupy LA movement; predictably he sides with critics of the $1.5 trillion tax overhaul who say it favors corporations and the wealthy, CBS Los Angeles reported.

    This post was published at Zero Hedge on Dec 25, 2017.


  • “You All Just Got A Lot Richer” – Trump Confirms The Biggest Problem With The GOP Tax Cut

    As we’ve pointed out time and time again, the biggest problem with the Trump tax cuts is that they overwhelmingly benefit the rich. In fact, shortly after the initial nine-page outline of the program was unveiled by Gary Cohn and Steven Mnuchin, the nonpartisan Tax Policy Center released an analysis that showed the wealthiest 1% of Americans would accumulate more than 80% of the benefit from the tax bill.
    One need only glance at this chart from JP Morgan to see how shabbily middle- and working-class voters are treated by the tax bill.
    This is a big problem – particularly if the administration hopes to come anywhere near the 2.9% rate of GDP growth sustained over the next 10 years, a feat that would amount to the longest period without a recession in US history. That’s because when the wealthy receive tax breaks, they tend to save the money instead of putting it to productive use – at least at first – as we discussed last week.

    This post was published at Zero Hedge on Dec 24, 2017.


  • 2017: A Review Of The Fed, Treasuries, Mortgages and Housing (Volatility and Velocity)

    This is a syndicated repost courtesy of Snake Hole Lounge. To view original, click here. Reposted with permission.
    2017 has been an interesting year. Donald Trump was elected President and seated in January 2017. The Federal Reserve kept rates near zero with a massive balance sheet for almost all of Obama’s 8 years as President, then started to raise rates and unwind their massive balance sheet AFTER Trump was elected. Note the decline in M2 Money growth after Trump’s election.

    This post was published at Wall Street Examiner by Anthony B Sanders ‘ December 23, 2017.


  • Kushner’s Records At Deutsche Bank Subpoenaed As Mueller Avoids Trump

    As it turns out, President Trump’s legal team was telling the truth when it said that Special Counsel Robert Mueller hadn’t subpoenaed financial records related to the president’s business activities from German lender Deutsche Bank, contrary to Bloomberg reporting.
    On Friday, the New York Times reported that Deutsche Bank had received a subpoena for records on accounts linked to the Kushner Companies, the family real-estate empire of Trump son-in-law and senior adviser Jared Kushner. This contradicts reports by both German and US media organizations dating back to July which insinuated that Mueller had been digging into Trump’s multi-decade career in real estate. Even after his infamous bankruptcies in the 1990s, Trump managed to maintain a functioning lending relationship with Deutsche, which has lent him and his businesses hundreds of millions of dollars over the years.

    This post was published at Zero Hedge on Dec 22, 2017.


  • A Merrier Christmas Sales Season

    Our theme that a new business cycle expansion began in 2016 is easy to see when looking at the renewed strength in the basic industrial and material sectors, which we have highlighted in past newsletters. Less obvious – and just as important however – is the persistent consumption trends since the 2008-2009 Great Recession.
    While consumers have been the backbone of most expansion cycles, they have been the only GDP component keeping our economy from a long economic winter this decade. Now that the industrial sector is making a comeback with a rare boost to the investment component of GDP, consumers are even more optimistic. Euphoria surged upon Trump’s election and boosted our merriment to finish 2016. It looks like 2017 will be even merrier as the National Retail Federation estimates record spending in their most recent survey after the subdued decade that preceded

    This post was published at FinancialSense on 12/22/2017.


  • Two More White House Advisers Leave As Staffer “Churn” Continues

    One week after Omarosa Manigault Newman left the White House under suspicious circumstances – she was reportedly escorted off the property when she tried to enter the residence after being fired by Chief of Staff John Kelly – two more senior Trump staffers are on their way out.
    Last night, both Deputy Chief of Staff Rick Dearborn and White House National Economic Council Deputy Director Jeremy Katz said they would step down early next year. Dearborn told Fox News that his departure is ‘bittersweet’ because he loves working for Trump. But he said the time was right following the tax bill victory. According to the Washington Post, the departures are the latest indication that the administration is in the middle of a “churn” of senior staffers, although the WaPo is known to have a certain “angle” when reporting on the Trump admin.
    Dearborn oversaw the White House’s political operation, public outreach and legislative affairs. An exact date of departure has not yet been set, and he will stay in the position for the first month or two of the next year.

    This post was published at Zero Hedge on Dec 22, 2017.


  • Trump Tax Reform Causing Panic in Europe & Asia

    While the American press keeps pushing the class warfare along with the Democrats, outside the USA there is a major panic taking place on a grand scale. I have been called into meeting in Europe and even in Asia all deeply concerned about the loss of competition with the United States due to the Trump Tax Reform. Naturally, the American press would NEVER tell the truth how cutting the corporate tax rate will upset the powers that be around the globe.
    A German study warns that its economy will be among the losers in the face of the Trump Tax Reform, which they warn will fuel the tax competition between America and Europe, but also the study leader, Christoph Spengel from the Economic Research Institute ZEW, came out and told Reuters:
    ‘In addition, competition between EU members for US investment will increase; Germany is the loser.’

    This post was published at Armstrong Economics on Dec 22, 2017.


  • Treasury Curve Inverts As Trump Slams Dems For Forcing Shutdown

    House Democrats want a SHUTDOWN for the holidays in order to distract from the very popular, just passed, Tax Cuts. House Republicans, don’t let this happen. Pass the C. R. TODAY and keep our Government OPEN!
    — Donald J. Trump (@realDonaldTrump) December 21, 2017

    Early in the week, anxiety over a government shutdown appeared to ebb as the short-term Treasury Bill market began to ‘normalize’, but following the tax-reform ‘win’, President Trump is accusing Democrats of trying to force a government shutdown…

    This post was published at Zero Hedge on Dec 21, 2017.


  • BOOM: AMERICAN COMPANIES RAIN DOWN CASH ON EMPLOYEES IN RESPONSE TO TRUMP TAX CUTS

    After Republicans passed sweeping tax reform Wednesday, some of the largest employers in America began dropping cash bombs on their employees. The businesses also pledged to invest hundreds of millions of dollars into the American economy.
    The GOP tax bill cuts the corporate tax rate nearly in half.
    Here is a round up, so far, of companies that are celebrating the tax cuts by enriching their employees.
    1. AT&T

    This post was published at The Daily Sheeple on DECEMBER 21, 2017.


  • Three Cheers for the GOP Tax Plan

    Last night the Senate passed the Republican proposed tax plan, a major political victory for Trump and the GOP-controlled Congress.
    At the Mises Wire, we have featured numerous articles pointing out many of the fallacies involved with the general debate on the issue of “tax reform.” For example, the absurdity of “revenue neutral” reform, the danger of raising rates through eliminating loop hopes, the fallacy of trying to address the deficit through eliminating deductions on state and local taxes, and the general notion that tax breaks can be equated to tax subsidies. While the Republican bill does fall for some of these traps, the result of the bill as a whole is a genuine reduction in the tax burden for the majority of Americans. That is always something worth celebrating.
    There are additional benefits to be found within the bill as well.
    For example, the elimination of the Obamacare individual mandate is a small, but significant, step to improving the American healthcare system. As I noted in March, when Paul Ryan’s attempt at Obamacare reform failed, the rise of direct primary care and other market solutions meant that the best thing the GOP could do is simply provide as much freedom as possible for Americans to opt out of government-managed insurance markets:
    Given that this is happening naturally on the market already, the legislative focus for those in Washington concerned about American healthcare should be preventing any future laws and regulations that would destroy this model going forward. Further, rather than trying to completely overhaul Obamacare, simply eliminating the individual mandate tax and allowing Health Savings Accounts to be used for healthcare membership would be subtle ways of empowering the market to revolutionize American medicine. This should be coupled with real tax cuts, not ‘revenue neutral reform’ to help Americans keep their own hard-earned money to help pay for it.

    This post was published at Ludwig von Mises Institute on 12/20/2017.


  • House Passes Trump Tax Plan For Second Time

    Update: In a vote that almost exactly mirrored yesterday’s results, the House once again passed the final Trump tax bill – formerly known as the conference agreement on the Tax Cuts and Jobs Act – by a vote of 224-201.
    As the Financial Times pointed out, “the vote gives the president a longed-for legislative victory to carry into his second year, one whose scope matches the radical reforms of healthcare and Wall Street regulation achieved by his predecessor Barack Obama.”
    But the tax bill is already as divisive as Mr Obama’s achievements, ensuring 2018 will be dominated by electoral sparring over whether it will help middle-class families, as Republicans claim, or will deliver further riches to the wealthy and powerful, as Democrats say.
    Mr Trump said at a ‘celebration’ cabinet meeting that people would begin seeing the results of the tax bill in February when adjustments to their after-tax income started appearing in pay checks. ‘We got it done,’ he said, thanking congressional leaders.


    This post was published at Zero Hedge on Dec 20, 2017.


  • Why A Scathing Wall Street Is Furious At The Trump Tax Plan

    Back in October 2016, the “millionaire, billionaire, private jet owners” of America’s elitist, liberal mega-cities (A. K. A. New York and San Francisco) celebrated the tax hikes that a Hillary Clinton presidency would have undoubtedly jammed down their throats proclaiming them to be a ‘patriotic duty’. Unfortunately, now that Trump has given them exactly what they apparently wanted…an amazing opportunity to ‘spread their wealth around”…they’re suddenly feeling a lot less patriotic.
    Of course, as we’ve noted numerous times, while most people across the country and across the income spectrum will benefit from the Republican tax reform package, the folks who stand to lose are those living in high-tax states with expensive real estate as their SALT, mortgage interest and property tax deductions will suddenly be capped. And, as Bloomberg points out today, that has a lot of Wall Street Traders in New York drowning their sorrows in expensive vodka and considering a move to Florida.

    This post was published at Zero Hedge on Dec 20, 2017.


  • Is The GOP Tax Cut Finally Priced In? Here’s What Wall Street Thinks

    Having passed the Senate, and – moments ago, for the second time – the House, the Republican Tax Cuts and Jobs Act, aka the Trump Tax Cuts is officially a done deal, just waiting for the President’s signature, at which point the longest “rumor” of 2017 will become the news. But does that mean that after “pricing it in” in some part virtually every day of the past year, the market can now sell the news? Or, as exasperated traders would put it, “is it finally fully priced in?”
    Indeed, analysts, economics and investors are starting to look beyond the soon-to-be-completed tax overhaul, and judging by today’s reaction, the answer may well be yes as stocks, including tax-sensitive banks, are little-changed amid expectations tax cuts may not boost growth that much, and as likely benefits may already be priced-in to stock prices.
    In fact, as Bloomberg adds, the S&P 500 and KBW bank indexes are both little changed, with top bank gainer PNC paring gains of as much as 1.1%; other rising banks include Huntington, Wells Fargo, Northern Trust, and BofA

    This post was published at Zero Hedge on Dec 20, 2017.


  • Expand Tax Breaks to Expand Education

    The Tax Cuts and Jobs Act is working its way through both chambers in an attempt to make it onto President Trump’s desk before Christmas. One amendment added by Senator Ted Cruz (R-TX) has some advocates of the school choice movement very enthusiastic while critics say it’s a symbolic gesture unlikely to have much of an impact.
    The amendment will expand the use of 529 plans that currently allow families to save money using after tax dollars without having to pay taxes on the accumulated amount (principal and interest) when the savings are used to pay for qualified higher education expenses. Specifically, 529s allow savers and investors to save for education purposes because income gained through these accounts are subject to less taxation. Specifically, 529’s help investors better avoid dividend and capital gains taxes which can be as high as 28 percent. The plans also help taxpayers avoid income taxes on interest earned through the accounts.
    So far, 529s have only been legal for use in higher education expenses. Cruz’s amendment, however, would expand the accounts to include k-12 expenses such as private and religious schools, homeschooling materials, online education courses, as well as tutoring for students with developmental disabilities for amounts up to $10,000 per year.
    In addition to expanding the use of the savings account, the amendment also includes language allowing families to open the 529 plans at the moment of the child’s conception as opposed to their birth, thus expanding the time during which funds can be accumulated.

    This post was published at Ludwig von Mises Institute on December 21, 2017.