Bannon could reportedly help to sway Trump on key House GOP tax proposal

House Speaker Paul Ryan has found top White House advisor Steve Bannon receptive to a border adjustment tax, a key piece of his tax reform plan that has faced opposition in the Senate, according to Bloomberg. Disputes over the provision, among other pieces of the House plan, threaten to slow Republicans’ efforts to change the American tax system this year. Continue reading “Bannon could reportedly help to sway Trump on key House GOP tax proposal”

Number of distressed U.S. retailers at highest level since Great Recession

Moody’s says 14% of its retail names are sitting at the lowest level of the credit-rating spectrum. The number of U.S. retailers ranked at the most-distressed level of the credit-rating spectrum has more than tripled since the Great Recession of 2008-2009 and is heading toward record levels in the next five years. Continue reading “Number of distressed U.S. retailers at highest level since Great Recession”

Target has terrible holiday and warns of awful 2017

Target missed the bullseye badly during the holidays, reporting earnings that were below forecasts. And the company’s outlook for this year was much worse than expected, sending the stock down 13% in early trading. Shares are down 20% this year. The terrible numbers from Target are just another sign of how tough it is for traditional retailers to compete against the online juggernaut that is Amazon. Continue reading “Target has terrible holiday and warns of awful 2017”

Trump’s budget entails steep cuts for diplomacy, foreign aid

U.S. officials say the Trump administration is proposing deep cuts in spending for diplomacy and foreign aid programs to help pay for increased military spending. Officials familiar with the proposal say it calls for slashing 37 percent of the State Department and the U.S. Agency for International Development budgets. Development assistance would take the biggest hit. Continue reading “Trump’s budget entails steep cuts for diplomacy, foreign aid”

Trump’s goal of 3 percent economic growth is somewhat unrealistic, Cramer says

President Donald Trump’s goal of 3 percent economic growth is somewhat unrealistic, CNBC’s Jim Cramer said on Tuesday. In an interview with Fox & Friends that aired Tuesday morning, Trump said part of the money for a proposed increase in military spending would come from a revved-up economy. “If I can get that up to 3 percent or maybe more, we have a whole different ball game,” he said. Continue reading “Trump’s goal of 3 percent economic growth is somewhat unrealistic, Cramer says”

Top GOP senator: It will be ‘difficult’ to get key House tax proposal through Congress

A key Republican senator signaled Tuesday that Republicans have much more to hash out before they can pass tax reform this year. Senate Finance Committee Chairman Orrin Hatch of Utah told CNBC that a tax system overhaul could prove “very difficult” due to Democrats’ reluctance to cooperate on a bill. In addition, Hatch and other senators have signaled they may not back border adjustment, a key provision of the House GOP tax plan that could trip up Republicans’ efforts to pass significant reform this year. Continue reading “Top GOP senator: It will be ‘difficult’ to get key House tax proposal through Congress”

Trump’s impossible task when it comes to the budget and tax cuts

President Donald Trump’s speech to a Joint Session of Congress Tuesday night will be a de facto State of the Union address where he will discuss his specific budget and tax plans for this year and beyond. And from what we know about those plans already, the key components of that plan will be increases in defense and infrastructure spending, tax cuts, repealing and replacing Obamacare, and paying for all of that with significant spending cuts to other federal agencies and programs. Continue reading “Trump’s impossible task when it comes to the budget and tax cuts”

Trump’s pledge to cut health-care costs won’t come cheap

Though short on details, President Donald Trump redoubled his commitment Tuesday night to “repeal and replace” the Affordable Care Act. In a speech to a joint session of Congress, Trump vowed to “decisively to protect all Americans.” from a “broken” health-care system. “The way to make health insurance available to everyone is to lower the cost of health insurance,” Trump said to sustained applause. Continue reading “Trump’s pledge to cut health-care costs won’t come cheap”

Trump’s budget plan has billions for border, cuts elsewhere

President Donald Trump wants billions of dollars to start building a wall at the Mexican border and fund efforts to find, jail and deport immigrants in the country illegally, according to White House budget documents The Associated Press obtained on Tuesday. The Office and Management and Budget’s financial outline for the Department of Homeland Security also calls on the Coast Guard to scrap the agency’s counterterrorism Maritime Security Response Team, and all of its Maritime Safety and Security Teams. Continue reading “Trump’s budget plan has billions for border, cuts elsewhere”