Terrible Thursday Fell on Friday

Fri, 2017/11/10 - 4:08pm | Your editor
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This is another day with many reports and stock market news. The stock market has become the shock market because investors have discovered that the cuts in corporate taxation they had hoped for will be deferred to 2019 because of handouts to other taxpayers to whom Republican in Congress owe more. Moreover Blue State “middle class” taxpayers, who are more likely to be stock investors according to polls, like those of us along the east and west coast, risk losing their ability to write off state and local income tax and mortgage interest, long-term loopholes, because we are not expected to vote to re-elect Republican senators or members of congress. Also under the gun is the deductability of alimony or benefits to adoptive parents, to allow for an increase in tax breaks for becoming parents even for the super-rich.

 

All this because without Democrat vots the congress cannot raise the deficit by more than $1.5 trillion over the next 10 years, thanks to a ceiling voted to prevent the former Adminstration from using its majority after Obama's win from cutting taxes. John McCain has called the tax deal “dead on arrival”. Hence Wall St. is in the red.

 

Enough grousing about the missing link in the current debate, tax reform. Time to hit the road and report on our companies from Switzeralnd, Canada, Germany, Japan, Mexico, Finland, Hong Kong, Israel, Britain, Denmark, Ireland, Singapore, Indonesia, Chile, Colombia, Thailand, Greater China, and Brazil.

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