Political gridlock is good for the US economy. That is encouraging because it seems that this is what Americans are likely to get from the mid-term elections tomorrow. To be more precise, the balance of the polls suggests that the Democrats will retake control of the House and the Republicans will retain the Senate. That is the view of most of the polling experts, including the renowned guru Nate Silver, who said yesterday that Democrats have a four-in-five chance of winning the House. The only way they could win the Senate, however, would be if there were “a systemic polling error”. Now let’s track through the economic and financial implications if that proves correct. Donald Trump will find it very difficult to get substantive legislation through Congress. The old adage “the President proposes and Congress disposes” will again be the rule. So no further round of tax cuts, for a start. That is a bit of a relief, since the deficit for the 2018 fiscal year, … [Read more...] about Looming gridlock should put paid to more Donald Trump tax cuts
Donald trumps taxes
opinion Joann M. Weiner Opinion contributor Published 4:00 AM EDT Oct 15, 2018 In the waning days of the 2016 presidential election, we learned that Donald Trump lost nearly $1 billion in a single year. This peek into his tax situation led his opponent Hillary Clinton to charge that Trump was refusing to release his tax returns because they’d show he didn’t pay any federal income taxes. Trump retorted, “That makes me smart!” At a later campaign rally, he said that he used the tax code “brilliantly.” Does paying no federal taxes make Trump the smartest tax guy in the room? That depends on what being smart about taxes implies. If it’s legal tax avoidance, that’s OK, but if it’s illegal tax evasion, that’s not OK. We recently got a glimpse into the tax avoidance/tax evasion conflict when The New York Times charged in an investigative repor that Trump has engaged in suspect tax schemes, some of which were … [Read more...] about Donald Trump, tax genius or tax con man? We need to see his returns.
US President Donald Trump says China will remove its trade barriers, and that both countries will come to an agreement intellectual property. In a surprising tweet on Sunday, Trump also said that he and his Chinese counterpart Xi Jinping "will always be friends, no matter what happens with our dispute on trade." Read more: China will fight US "at any cost" after Trump mulls $100bn in extra tariffs The tweet comes just a few days after Trump asked American officials to identify tariffs on another $100bn (£71.3bn) worth of Chinese imports "in light of China's unfair retaliation", escalating the ongoing trade battle between the world’s two largest economies. Despite the ongoing dispute, the US President today insisted that a deal on intellectual property with China would mean a "great future for both countries". President Xi and I will always be friends, no matter what happens with our dispute on trade. China will take down its Trade Barriers because it is the right thing to … [Read more...] about Donald Trump says China will remove trade barriers ‘because it is the right thing to do’
One is the world’s richest man, the other is the world’s most powerful. Together they are locked in a personal feud that is shaving billions off the value of US tech stocks. But is Donald Trump’s onslaught against Amazon chief Jeff Bezos really about the president’s concern that the United States Postal Service (USPS) is getting a raw deal for delivering Amazon parcels? Or is the source of his extreme irritation actually the Washington Post, the rejuvenated Bezos-owned title which has held the president and his administration to account under a portentous masthead line which reads “Democracy dies in darkness”? For much of last week, Trump has been raging against his new favorite target, Amazon – accusing the company of putting “fully tax paying retailers” out of business, and using the USPS as its “Delivery Boy” at the expense of American taxpayers. He has also chided “The Fake News Washington Post”, … [Read more...] about What is the Donald Trump v Jeff Bezos feud really about?
China has wanred President Donald Trump it will respond with a "fierce counter strike" if the United States follows through on threats to slap $100 billion tariffs on Chinese goods. The high-stakes tit-for-tat confrontation seems to be moving towards a full trade war with potentially damaging consequences for the world's two biggest economies. On Wednesday this week Trump proposed extra taxes on 1,300 Chinese products. Hours later, China produced a list of 106 US products on which it will impose a 25% tariff, including some of America's biggest exports including cars, aircraft, beef whiskey, tobacco, soya beans and orange juice etc. Donald Trump declares 'we're not in a trade war' despite China launching wave of tariffs on US goods Trump then tweeted that the US is "not in a trade war" with China, while slammed China's "unfair retaliation" against the US tariffs. Trump's actions "extremely mistaken" and unjustified, according to China's Commerce Ministry spokesman, Gao Feng. He also … [Read more...] about China warns of “fierce counter strike” against Donald Trump’s trade war