After meeting the prime ministers of Britain and Israel, Trump hosted a dinner with leaders of some of the world’s largest corporations. Trump gave each corporate leader an opportunity to describe their businesses briefly. Many mentioned the corporate tax cuts that Trump pushed through the US Congress late last year as a positive sign of growth and investment. Trump is due to address the forum on January 26 and White House aides said his message would be the same that he has given during other trips abroad over the past year: The United States wants strong ties with its allies but is also determined to reduce its chronic trade deficits with many of them. … [Read more...] about Trump descends on Davos to woo curious elites
Tax cuts trump
The wealthiest Americans would benefit the most from President Donald Trump's proposed tax cuts while many upper middle-income people would face higher taxes, independent experts said on Friday in the first detailed analysis of the plan. A U.S. Senate panel took Trump's proposal, announced on Wednesday, a step forward by unveiling a budget plan for the coming fiscal year that acknowledges lost revenues from tax cuts, while Trump pressed ahead with selling the plan to the public. A report from the non-profit Washington-based Tax Policy Center found that in 2018, about 12 percent of taxpayers would face a tax increase of roughly $1,800 on average. That includes more than a third of taxpayers making between about $150,000 and $300,000, mainly because most itemized deductions would be repealed including for state and local taxes, it said. Its analysis showed that the Republican tax proposal would fuel the growing federal deficit, providing $5.99 trillion in tax cuts while … [Read more...] about Rich would benefit most from Trump tax cut plan: policy group
When U.S. President Donald Trump was elected last November, big business rejoiced. In June, optimism among American CEOs was at a three-year high on hopes that Trump would succeed in implementing his pro-growth agenda, including tax cuts. But Trump has now lost support from several executives who left an advisory panel on manufacturing over his response to a violent white supremacist rally in Virginia -- a sign that big business is disenchanted with the billionaire leader. The head of the powerful AFL-CIO union, Richard Trumka, added his name to the list of defectors that also includes the heads of Merck Pharmaceutical, Under Armour and Intel, as well as the Alliance for American Manufacturing. "We cannot sit on a council for a president who tolerates bigotry and domestic terrorism," Trumka said in a statement. "We must resign on behalf of America's working people, who reject all notions of legitimacy of these bigoted groups." Trump, never one to shy away from … [Read more...] about Trump, the businessman president, loses CEO support
As he rubs shoulders with leaders of the world's other major economies, Donald Trump is in a bullish mood about the U.S. recovery even if there are clouds on the horizon. "Stock Market at all time high, unemployment at lowest level in years (wages will start going up) and our base has never been stronger!" the U.S. president tweeted at the start of a week which ends with his attendance at the G20 summit in Hamburg. "No matter where you look, the economy is blazing," he said in a July 4 Independence Day speech, a day before heading to Europe. Trump, who frequently complains the US media refuses to give him credit, can point to some heady figures since his unexpected election which was greeted gleefully on the stock markets. The Dow Jones Industrial Average surged 17.2 percent since last November's election, while the broader S&P 500 gained 13.7 percent, and the tech-dominated Nasdaq 18.4 percent. Banking stocks in particular soared amid promises the sector would … [Read more...] about Trump bullish on ‘blazing’ economy but whose recovery is it?
President Donald Trump basked Wednesday in a Republican victory in a closely-watched election in Georgia, telling cheering supporters at a campaign-style rally in Iowa that "the people love us." Tuesday's congressional election had been widely cast as a referendum on the young administration as it battles a swirling Russian scandal and a string of legislative setbacks -- and the president seized on the result as a vote of confidence. "We won last night," he told the crowd in Cedar Rapids. "All we do is win, win, win!" Establishment Republican Karen Handel defeated Democratic novice Jon Ossoff after what turned into the most expensive congressional race in history, retaining a seat her camp has held since 1979 -- and calming party jitters about the impact of the president's troubles on local and national politics. "The truth is, the people love us," Trump crowed to the Iowa gathering. After wins in South Carolina, Kansas and Montana, Trump's Republicans have now won … [Read more...] about Trump rides high after Republican election win