The Obama-era Foreign Account Tax Compliance Act (FATCA) horror show may be coming to an end. With President Donald Trump in the White House and Republicans in charge of both houses of Congress, critics and victims of the scheme, dubbed the “the worst law most Americans have never heard of,” are launching a fresh push for repeal. From foreign political leaders and powerful CEOs to embattled Americans overseas and domestic activists, pressure is building on Republicans to adhere to the GOP platform calling for abandoning the controversial measure. And with major tax reform high on the agenda for the new Congress and Trump, analysts say there is a very real opportunity for the entire FATCA regime to come crashing down — if the pressure stays on.
The impact of the 15-percent “foreign buyer transfer tax” levied by Vancouver, Canada, was felt almost immediately: Real estate prices started falling, builders are cancelling, workers are being laid off, and the negative ripple effect is rolling ever outward.
With the savings rate in the United States projected to fall to 3.13 percent by year end, it's no surprise that populist rhetoric offering "free" things has captured the attention of so many Americans. Saving money is the antidote to the rise of socialism in the United States.
Brian Krzanich, head of Intel, probably didn’t know he was making the case for free trade, despite the fact that trade deficits happen, when he announced from the White House on Wednesday morning his company’s plans to build a new plant in Chandler, Arizona.
A senior Republican lawmaker is putting Federal Reserve System boss Janet Yellen on notice: There's a new sheriff in town, so America and American interests had better come first from now on. Citing the victory of President Donald Trump, Congressman Patrick McHenry (R-N.C.), the vice chairman of the powerful House Financial Services Committee, sent a letter to Yellen demanding an end to secretive negotiations with unaccountable foreign entities plotting to impose ever more burdensome regulations on Americans. In the letter, the congressman calls such scheming “unacceptable” and demands that it be stopped.
The Bureau of Labor Statistics jobs report for January showed a job growth of 227,000 new jobs. On the flip side, government employment dropped by 10,000 jobs.
The Trump administration's move to stop the cut in the FHA home mortgage insurance rate is a good one — if one understands economics.
The ripple effect of business investment in the United States, thanks to the friendly face in the White House, is likely to accelerate.
The latest Rich States, Poor States study from the American Legislative Exchange Council and United Van Lines confirms both logic and history: people move to lower-tax, business-friendly states.
Data from the Treasury Department indicates that the national debt under President Barack Obama grew by about $9 trillion, or an increase of 86 percent.