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Carlos Barria/Reuters Equity strategists at Bank of America Merrill Lynch, like many others, expect the corporate tax cut to boost company earnings. But BAML thinks the boost will be short-lived, probably not beyond 2018. More profits would mean more competition that could drive down margins, and the Federal Reserve could speed up interest-rate hikes, the […]
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 […]
Carlos Barria/Reuters Equity strategists at Bank of America Merrill Lynch, like many others, expect the corporate tax cut to boost company earnings. But BAML thinks the boost will be short-lived, probably not beyond 2018. More profits would mean more competition that could drive down margins, and the Fed could speed up interest rate hikes, the […]
Thomson Reuters Barclays will take a $ 1.3 billion writedown because of US tax reform. The bank says the tax overhaul will cause its tier 1 capital to fall by about 20 basis points. (Reuters) – Barclays expects to take a writedown of about 1 billion pounds ($ 1.34 billion) on its annual post-tax […]
Congressional Republicans have released the finalized text of the Tax Cuts and Jobs Act, as determined in conference between the House and the Senate. The bill is now headed to both chambers for a final vote. The House Ways and Means Committee and the Senate Finance Committee published the conference version of the bill, promising […]
Thomson Reuters Income tax brackets will change in 2018 if tax legislation is passed under President Donald Trump. The Republican tax plan proposes keeping seven tax brackets, but changes the income ranges. The bill proposes eliminating the personal exemption and increasing the standard deduction. Republican leaders on Wednesday reached an agreement on their final […]
Picture the scene. Doris and Edna voted at their local primary school this year. The 82-year olds backed May, after voting Brexit, because they were brainwashed by Russian bots sometime between their blue rinse and the last episode of Eastenders. Well, that’s essentially the picture being painted by the head of the UK elections watchdog. […]
Late into the night, the Senate passed the Republican bill to rewrite the American tax code. This marks the last major hurdle before the bill becomes law. Democrats complained they weren’t able to read the bill, as Republicans added handwritten amendments. The bill is expected to become law before the end of the year, which […]
John Moore/Getty Images The Senate is moving closer to passing tax reform. The bill is still being finalized, but could be voted on as early as Friday. Bank stocks are seeing a boost as the bill is debated and comes closer to a vote. Wall Street’s banks are enjoying another day of gains as the […]
Alex Wong/Getty Images JPMorgan says the market is underpricing the potential for stock market gains in the event that Republicans successfully overhaul the tax code. The firm recommends buying bullish single-stock call options on a handful of companies closely linked with tax-reform progress. Banks across Wall Street are bullish on stocks heading into 2018, with […]
