ORLY-EP0167A - Money: The Trump Tax Plan
Welcome to ORLYRADIO #167b recorded Friday, October 6th, 2017 - where we dismantle the current events for your edutainment through mostly rational conversations that make you go ‘Oh Really’! I’m your host Andy Cowen with my usual suspects, Daniel Atherton, Stephen Griffith, and Amber Biesecker.
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Daniel Duncan (Problem Addict Podcast)
Following the Money - Market Watch:
http://money.cnn.com/data/markets/
https://finance.yahoo.com/quote/%5EDJI/history/
Aug: - Week 4 - 8/25/17:
Dow closed at 21,813.67 UP 139.16 DOWN 16.64 from July
Nasdaq closed at 6,265.64 UP 49.11 DOWN 109.04 from July
S&P closed at 2,443.05 UP 17.5 DOWN 29.05 from July
Sept: Week 5 - 9/29/17: https://www.zacks.com/stock/news/277326/stock-market-news-for-sep-29-2017
Dow closed at 22,381 UP $567.33 From August
Nasdaq closed at 6,453.45 UP $187.81 From August
S&P closed at 2,510.06 UP $67.01 From August
October Friday Closing changes week to week:
OCT:: Week 1 - 10/06/17: https://www.zacks.com/stock/news/278014/stock-market-news-for-oct-6-2017
Dow closed at 22,775.39 UP $394.39
Nasdaq closed at 6,585.36 UP $131.91
S&P closed at 2,552.07 UP $42.01
From Zacks: “The S&P 500 breached a 20 year record on Thursday after hitting record close for six days on the trot. Also, the Dow and the Nasdaq notched up all-time highs. Meanwhile, the House of Representatives passed a $4.1 trillion budget bill for 2018. This package also includes $1.1 trillion for non-entitlement spending which further includes the U.S. defense budget for 2018.”
Following the Money - OIL
http://www.nasdaq.com/markets/crude-oil.aspx
WTI (NYMEX) Price
July:
Week 4: $49.71 USD UP $3.94 From last week, UP $5.48 from the top of the month.
August:
Week 4: $47.87 USD DOWN $0.27 From last week, DOWN $1.81 from July.
September:
Week 5: $51.67 USD UP $1.01, UP $3.80 from August.
October:
Week 1: $49.29 USD DOWN $2.38 Back to July Prices.
Following the Money - Exchange Rates
International Monetary Fund (IMF) XDR/SDR Basket Currencies
Five most-traded currencies in the foreign exchange market referenced against the US Dollar.
July
Week 4: $1 USD = €0.85 Eur = ¥6.74 CNY = ¥110.63 JPY = 0.76 GBP = 0.00036 Bitcoin
August:
Week 4: $1 USD = €0.84 Eur = ¥6.65 CNY = ¥109.37 JPY = 0.77 GBP = 0.00023 Bitcoin
September:
Week 5: $1 USD = €0.85 Eur = ¥6.64 CNY = ¥112.46 JPY = 0.75 GBP = 0.00024 Bitcoin
October:
Week 1: $1 USD = €0.85 Eur = ¥6.57 CNY = ¥112.63 JPY = 0.77 GBP = 0.00023 Bitcoin
US National Debt Ticker
Watch that puppy grow! http://www.usdebtclock.org/
July 28: $19,967,603,583,206
August 25: $19,974,087,991,615 UP $68,048,025
September 29: $20,178,001,744,606 UP $5,251,427,833
October 6th: $20,345,281,729,369 UP $167,279,984,763
The proposed Brackets. A higher bracket is possible through Congressional action.
The Trump Tax Plan https://assets.donaldjtrump.com/trump-tax-reform.pdf
The Standard Deduction (as in non-itemized) will double. $12k for singles, $24k married.
Alternative Minimum (AMT)is removed
Increased Child Tax Credit (Under age of 17)
Adult Dependent tax credit of $500
Removal of the Estate Tax (or as they would like the american farmer to believe, the Death tax)
Deductions for State Income Tax are going away (Double taxation on income??)
Corporate Tax Rate is being cut from 35% to 20%
S-Corp an small business taxes are capped at 25%
How they propose to be “Fiscally responsible” and “The Trump tax cuts are fully paid for by”:
Reducing or eliminating deductions and loopholes available to the very rich, starting by steepening the curve of the Personal Exemption Phaseout and the Pease Limitation on itemized deductions. The Trump plan also phases out the tax exemption on life insurance interest for high-income earners, ends the current tax treatment of carried interest for speculative partnerships that do not grow businesses or create jobs and are not risking their own capital, and reduces or eliminates other loopholes for the very rich and special interests. These reductions and eliminations will not harm the economy or hurt the middle class. Because the Trump plan introduces a new business income rate within the personal income tax code, they will not harm small businesses either.
A one-time deemed repatriation of corporate cash held overseas at a significantly discounted 10% tax rate. Since we are making America’s corporate tax rate globally competitive, it is only fair that corporations help make that move fiscally responsible. U.S.-owned corporations have as much as $2.5 trillion in cash sitting overseas. Some companies have been leaving cash overseas as a tax maneuver. Under this plan, they can bring their cash home and put it to work in America while benefitting from the newly-lowered corporate tax rate that is globally competitive and no longer requires parking cash overseas. Other companies have cash overseas for specific business units or activities. They can leave that cash overseas, but they will still have to pay the one-time repatriation fee.
An end to the deferral of taxes on corporate income earned abroad. Corporations will no longer be allowed to defer taxes on income earned abroad, but the foreign tax credit will remain in place because no company should face double taxation.
Reducing or eliminating some corporate loopholes that cater to special interests, as well as deductions made unnecessary or redundant by the new lower tax rate on corporations and business income. We will also phase in a reasonable cap on the deductibility of business interest expenses.
2. House Budget Bill https://www.washingtonpost.com/powerpost/house-passes-2018-budget-taking-a-crucial-step-toward-tax-overhaul/2017/10/05/5ea7294e-a9d1-11e7-850e-2bdd1236be5d_story.html?utm_term=.1841f3e45fe5
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This work is licensed under a Creative Commons Attribution 3.0 United States License, including the music Rocket and Pamgaea created by Kevin MacLeod (www.incompetech.com)
