Tuesday, May 2, 2017

American Tax System Makeover


After years of rising tax rates and intensifying frustration among individuals and corporations, it appears the American tax system is finally getting the makeover it needs. President Trump unveiled a tax plan which, at its core, will grow America’s economy. By slashing corporate and individual tax rates, this plan will encourage more business to be done in our great country and result in more money in all our pockets. Under the current tax system, corporations are taxed at some of the highest rates in the world. This has discouraged them from reporting profits in America; and as a result, $2 trillion have been stashed abroad. In the new plan, both by decreasing the effective corporate tax rate and by applying a one-time amnesty tax rate for collecting offshore profits, corporations will begin doing business again in America. [more...]

Monday, April 24, 2017

Border-Adjustable Taxes, The Dollar and Alternatives


The Republican business tax reform plan, also known as the House GOP Blueprint or the Ryan-Brady plan, features a type of border-adjustable tax (BAT). Border adjustability means that different tax rates apply within and outside the U.S. It is a potentially new feature in U.S. taxation that is attracting controversy and confusion. Border-adjustability has split both the Republican Party and the business community, with some supporting it, some bitterly opposing it, and some just trying to understand what it is. [more...]

Tuesday, February 7, 2017

The IRS Builds its Own Wall


Is the wall only to keep illegals out, or is it also to keep the rich in? The Internal Revenue Service, which many hope Mr. Trump will rein in, on January 25 asserted its power to revoke the passports of those the IRS says owe taxes. In our latest book, Money, Morality & The Machine, Craig R. Smith and I warned of this. This new Progressive rule declares that citizens who owe taxes would not be permitted to leave the United States. These citizens would be required to pay the demanded tax and penalties to exit, or live out their lives without leaving the United States under a kind of nationwide house arrest. [more...]

Business First Says Major Tech Companies


Big news over the weekend came from states, organizations, and public and private companies speaking out against President Trump’s immigration restrictions. Moreover, the long-awaited Super Bowl commercials took their 30-second to 1-minute ad space to fuel the controversy. It seems that the heavyweights are trying to warn the country that this action could hurt our economy. On Sunday, major U.S. tech companies such as Alphabet (Google), Apple, Facebook, and nearly 100 others, argued in a letter to the President that banning visitors would hurt their businesses. [more...]

The Fiduciary Rule is the Obamacare of the Investment Industry


President Trump signed a memorandum on February 3, 2017 which directs the Department of Labor to undertake a new “economic and legal analysis” of a pending piece of Dodd-Frank legislation - the new Department of Labor Fiduciary Rule - which was to be implemented in April. The memorandum seeks to determine whether investors and the financial industry have been and will be harmed by the directive, in the areas of access to financial advice, access to investment products, job loss within the financial industry, changes in investment costs and increased litigation. Many news outlets misreported that the President issued an executive order that halted implementation of the Fiduciary rule, but that was not the case. “To the extent that the new analysis reveals problems, the Labor secretary is directed to ‘publish for notice and comment a [new] proposed rule rescinding or revising the rule.’” [more...]

Tuesday, January 3, 2017

2017 Business Trends Already Taking Shape


With many expecting 2017 to be a promising year for businesses, it is important to be knowledgeable on the changing landscape of the professional world. Business trends which have taken shape over the last few years are now becoming mainstream. 30-year-old brick and mortar businesses and 2-week-old startups are increasingly approaching the workplace with similar strategies. Here are a few trends to look out for in 2017... [more...]