“Stocks rallied on Thursday as the possibility of the Senate passing a bill aimed at overhauling the U.S. tax code increased,” Fred Imbert reports for CNBC.
“The Dow Jones industrial average surged 356 points, breaking above 24,000 for the first time, with Goldman Sachs leading advancers on the 30-stock index. The S&P 500 reached an all-time high, advancing 1 percent, with industrials and financials as the best-performing sectors,” Imbert reports. “Tech giants like Facebook, Amazon, and Apple all traded higher.”
“Sen. John McCain said Thursday he would support the bill, making it more likely that the GOP-led Senate will pass its bill,” Imbert reports. “The Senate is expected to vote later on Thursday. If the upper chamber’s bill passes, the House and Senate would have to work on a new bill they can send to President Donald Trump.”
“Tax reform was one of Trump’s main talking points during his campaign last year. After he won, expectations of lower corporate taxes grew in the stock market, helping equities jump to record highs,” Imbert reports. “Thursday also marked the last trading day of November. The Dow was on track to post its first eight-month winning streak since 1995. The S&P 500 was on track to post its longest monthly winning streak since 2007.
Read more in the full article here.
MacDailyNews Take: Obviously, we’ll have to wait for the whole thing to shake out and see the actual rates and details. It would certainly be great, and long overdue, if the U.S. can modernize U.S. corporate taxation and come up with a workable solution that benefits the country, U.S. companies and their many millions of employees.
As we’ve been saying for many years now, the U.S. corporate tax rate is obviously way too high and exceedingly anachronistic.
SEE ALSO:
Oracle joins Apple in support of President Trump’s tax repatriation plan – November 7, 2017
‘Paradise Papers’ leak reveals how the rich use tax havens, from Apple Inc. to Bono to Queen Elizabeth – November 7, 2017
President Trump’s tax plan aims new foreign tax at Apple, other multinationals – October 3, 2017
President Trump’s tax cuts could be YUGE for Apple – September 28, 2017
GOP tax plan calls for cutting the corporate tax rate from 35 percent to 20 percent – September 27, 2017
Goldman Sachs sees $1 trillion in U.S. tax cuts coming – September 20, 2017
Apple will eventually bring billions of dollars back to the U.S. under President Trump’s tax reform plan – July 21, 2017
President Trump’s tax reform plan includes deep cuts in corporate taxes – April 26, 2017
Apple could be primed for profit explosion under President Trump’s big tax cut – April 26, 2017
Analyst: Apple could double dividend, buy Netflix with repatriated cash under President Trump’s U.S. corporate tax changes – March 17, 2017
Apple raises $10 billion in debt ahead of President Trump’s repatriation tax plans – February 3, 2017
After Apple’s blowout earnings, the Street looks toward ‘iPhone X’ and President Trump’s tax reforms – February 3, 2017
President-elect Trump’s corporate tax reform expected to have some positive impact on Apple EPS – January 14, 2017
Exploring Apple’s tax situation under U.S. President Donald Trump – November 21, 2016
Morgan Stanley: Apple stands to benefit the most from President Trump’s corporate tax plans – November 11, 2016
Apple and U.S. President-elect Trump: Can a tax cut for overseas cash heal wounds? – November 10, 2016
Donald Trump plan calls for cuts in corporate taxes, personal income tax rates – August 9, 2016
Barring a tax holiday, Apple will need to raise over $50 billion in debt the next 2 years – July 15, 2016
Cramer: Apple’s Tim Cook is ‘patriotic’ on taxes – December 21, 2015
Apple CEO Tim Cook is absolutely right – and wrong – on U.S. corporate tax policy – December 20, 2015
Apple CEO calls corporate tax rap ‘total political crap’ – December 18, 2015
Apple avoids $59.2 billion U.S. tax bill – October 7, 2015
U.S. companies now have $2.1 trillion overseas to avoid corporate taxes – March 4, 2015
Hour-by-hour, day-by-day, Our Beloved President is dismantling the tyranny and the treason that was The Muslim Usurper’s “legacy.”
M A G A
You’re welcome.
Find the Democrat :
😁😆😉😁😃😭😉😆
40, 41, 42, 43, *, 45.
So does this mean they’ll get rid of the loopholes that allow GE and other corps to effectively pay zero taxes?
https://www.bloomberg.com/news/articles/2017-03-10/ten-things-to-know-about-companies-that-don-t-pay-taxes
bloody unlikely. Tax reform for his cronies only.
the effective tax rate of corporations the size of Apple is zero. corporations are awash in capital and have been for several years now. they could be doing all the things you claim they’ll do if mean old liberals will just stop taxin’ their billions in profits. they haven’t and they won’t even if they can repatriate their offshore holdings, dummies
If Apple’s effective tax rate is “zero”, I’d like them to send all that tax to me then. Last year, it was something like $10B to the US Treasury. That’s PAID, not deferred. The deferred amount, about $5B is additional.
You don’t have a clue, do you, Pass throughs? Apple, as does every publicly traded corporation, must publish its current effective tax rate in its quarterly and yearly financial statements filed with the Securities and Exchange Commission, a regulatory agency of the Federal Government. Apple’s effective Tax rate averages around 25%-28%, not ZERO as you claim. You can look it up in their Quarterly Financial 10-K
reports which are available on line. Their last one is available here for the 4th quarter 2017:
http://investor.apple.com/financials.cfm
Their effective tax rate for that last quarter was 25.4%. That is certainly nowhere near zero.
All bubbles eventually find a pin. Can’t say when, but a correction is coming.
My guess is sooner rather than later.
BTW- the Republican CONgress and Drumpf get to raise the debt ceiling or we get a shutdown for Christmas. Of course, if they fail it will be the fault of the evil “Democrat” Party
w/ posts and then you throw the Jr High partisan pitch. “Con” pinned to R’s and the D word for the prez. C’mon.
What we are seeing by both parties is just bizarre and inexcusable. If someone claims they know what’s going on with the economy and to whom to credit/fault, they need to get off their high horse.
I am not a member of either dysfunctional party and voted for neither of the Grifters.
The stock market is over valued by a significant factor.
Right-wing politics killed this website, Rarely come here anymore and notice most stories get less than a dozen remarks. Enjoy First and 2014 or whatever
aww, a bitter clinger..got issues? get tissues.
“elections have consequences.”
like there’s no left-wingers voicing their partisanship simultaneously? Your blindness (acceptance” to “the other” comments, just shows your blind political bias. If it would help, I’ll warm some warm milk for you?
weird no MDN posting about the Dow plunging 300+ points this morning when Lock Her Up Flynn flipped on Don Donaldo. sad!