The Tax Bill
Last week Congress passed a $1.5 trillion tax cut and the largest structural overhaul of the tax system since 1986. The Senate passed the tax-overhaul bill, 51-48 Wednesday 20th after it swiftly passed through the House on a 227-203 vote on Tuesday 19th. The measure then headed to President Donald Trump for his signature on Friday 22nd. The Republican plan offers deep tax cuts for businesses, lower rates for many individuals and a narrower estate tax. Corporate shareholders,
Oil Prices On The Rise
Oil prices pushed higher on last week, after U.S. government data showed a larger-than-expected drop in U.S. Oil stockpiles. The price of light sweet crude oil for February delivery rose 0.6% to $57.92 a barrel and Brent oil, gained 0.5%, to $64.14 a barrel. According to the U.S. Energy Information Administration, crude stockpiles fell by 6.5 million barrels in mid-December. “Since the demand for gas is so inelastic, gas prices are one of the main drivers of consumer sentimen
Manufacturing Expansion
U.S. manufacturing activity slowed modestly for the second straight month in November, but the reading still shows a favorable factory sector. On Friday, the Supply Management Institute said its manufacturing index fell to 58.2 in November, but remained solidly in growth mode. A reading above 50 indicates activity is expanding across the factory sector, while a number below 50 signals contraction. The slowdown of the sector’s expansion was driven by a decrease in inventories
Senate Passes Tax Code Revision Bill
The Senate passed sweeping revisions to the U.S. tax code on Saturday after Republicans secured enough votes to pass the measure. The revision bill included $1.4 trillion in tax cuts, lowering the corporate rate to 20% from 35%, restructures international business tax rules and temporarily lowers individual taxes. The bill passed 51-49, with all but one Republican voting for it and all Democrats voting against. The only Republican to vote against the bill, Senator Bob Corker
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