The impact of Apple’s repatriation of its overseas profit hoard of some $250 billion — which is expected to be massive — could be dwarfed if much of the about $2.5 trillion in profits that is still held overseas by American companies is repatriated as well.
“Did you see they're doing trickle-down again?” asked a buddy of mine, a Vietnam vet, the other day at lunch. “It doesn't work. It's just a con to give big tax cuts to the rich and the corporations while there's nothing for the average guy.” He sounded like a recent editorial in the New York Times, “The Republican Tax on the Future.”
Even the government’s best intentions usually result in unintended negative consequences, and the new minimum wage increases that went into effect on January 1 in 18 states and 19 localities are a prime example of that. The minimum wage hikes have resulted in massive layoffs and higher prices. Most recently, the national restaurant chain Red Robin has announced that it will be forced to eliminate busboys at all of its 570 restaurants to offset the labor increases resulting from the increased salary costs.
In his first 11 months in office, President Trump is keeping another of his campaign promises: reducing regulations so that the economy can breathe again.
After nominating Jerome Powell to head the Federal Reserve, Trump is leaning toward Mohamed El-Erian as his top pick for vice chairman, says the Wall Street Journal.
It may sound cliché, but there is a great deal of wisdom in the old saying about catching criminals: “Follow the money.” That advice applies as much to catching small-time petty thieves as it does to big-time global crime syndicates.