Homepage / Asia / Paul Ryan tries to save 'crown jewel' of GOP agenda: Tax reform
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election

Asia

Paul Ryan tries to save 'crown jewel' of GOP agenda: Tax reform

House Speaker Paul Ryan is warning against watering down the sweeping overhaul of the nation’s tax code he laid out a year ago and calling on Washington to enact permanent reforms this year.

Tuesday’s speech is intended to mark the start of Ryan’s concerted campaign for what an aide called the “crown jewel” of the GOP agenda amid the turmoil engulfing the White House and growing skepticism of lawmakers’ ability to reach consensus on the details of a plan.

The speaker, often deemed a policy wonk, did not delve into the weeds or defend the controversial border adjustment tax. Instead, he focused on framing reform as the key to bolstering economic growth and restoring confidence among households and businesses.

“I am here to tell you: We are going to get this done in 2017,” Ryan said. “You know why we’re going to get this done in 2017? Because we have to get this done in 2017. … Transformational tax reform can be done, and we are moving ahead. Full speed ahead.”

Ryan delivered his remarks in Washington at a conference held by the National Association of Manufacturers. Among the principles he outlined: permanent rather than temporary changes and comprehensive reform for individuals and businesses.

He also pushed for adoption of a territorial tax system for multinational corporations. Currently, the United States is one of only a handful of countries that tax businesses on worldwide earnings once they are brought back into the country — encouraging companies to shift their headquarters and profits overseas.

“We are actually very unique in the world in the way we discourage capital from coming back to America and how we incentivize off-shoring jobs,” Ryan said in his prepared speech. “This is not the kind of exceptionalism we should aspire to. … We must think differently, so that once again we make things here and export them around the world.”

The tax plan Ryan unveiled a year ago tried to address that problem by allowing companies to deduct the cost of goods made in America. The measure, which became known as the border adjustment tax, would have raised the cost of imports but lowered the cost of exports, and it faced stiff opposition from retailers.

Ryan conceded Tuesday that his plan lacks support within the White House. But he doubled down on the need to move to a territorial system.

Since Republicans took control of Washington, however, the hurdles to tax reform have grown higher. Lawmakers are still mired in debate over repealing and replacing the Affordable Care Act, commonly known as Obamacare. They must vote on that bill before they can move on to approving a 2018 budget that would open the door to tackling tax reform. In addition, lawmakers are facing a September deadline for raising the nation’s borrowing limit, which is another potentially bruising and time-consuming fight.

But the biggest obstacle could prove to be the White House, which has been engulfed by investigations into senior officials’ ties to Russia that have consumed Washington.

“Political setbacks, a lack of consensus on policy priorities, the distraction of fiscal deadlines, and the prolonged consideration of health legislation have delayed consideration of tax reform and diminished expectations of major policy changes more generally,” a Goldman Sachs note earlier this month said.

Still, the investment bank remained optimistic about the potential for a tax package to be enacted, though likely not this year. Goldman also downgraded its estimate for the size of any tax cuts to $1 trillion over the next decade. IHS Markit also dialed back its expectations this month for how far Republicans will cut the corporate tax rate: from 20 percent as Ryan has proposed to 25 percent.

“If the current political turmoil were to escalate into a full-blown crisis, then the chances of any tax stimulus or reforms being implemented would diminish considerably,” IHS Markit chief economist Nariman Behravesh wrote in a research note.

The White House is also working on a more detailed tax proposal than the one-page outline unveiled in April. On Monday, senior administration officials emphasized during a meeting with the financial services industry that they intended to unveil their plan in late summer or early fall, according to two people familiar with the discussions. Ryan and other members of Republican leadership have met with Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn three times to discuss the framework.

Source: cnbc china
Paul Ryan tries to save 'crown jewel' of GOP agenda: Tax reform

Comments are closed.