Junior Financial Analyst

Total Content 46

Articles 46

Governmental Feud Spills Onto Twitter, Huge Question Mark Over American tax Overhaul

By Patrick Higgins  |  12/10/2017 07:14
A few days prior to this feud, Corker had been influential in helping advance the President’s agenda. He supported a budget resolution, necessary to push forward tax legislation. Although Corker soon made it clear he would not support any legislation which increases the federal deficit.
In response, Trump launched a series of tweets late sunday night. He stated that Corker had, “begged” him for support in his re-election campaign. In response Corker has said he has no intention of seeking re-election, going on to say that the White house had been converted into an “Adult day-care centre”. He has also said that Trump is bent on setting the US down the path towards World War III.
The Republicans, who hold a slim majority in the Senate of 52-48, are desperate to pass meaningful packages of legislation. Their small margin of control means that just one or two votes can cost the Republicans legislative victories. For example, the repeal of Obamacare and general health care reform earlier this year crashed and burned when John McCain and a few other like-minded senators refused to vote Yes, and many Republicans fear that a similar situation will arise here with Senator Corker. Additionally, Senator Rand Paul has expressed reservations over the possibility that Trump's tax plan will raise some taxes for the middle class, and there are concerns that he will vote No as well.
Even though the Republicans have control of both Congress and nominally the White House for the first time since 2006. They may be at loss politically and socially. Trump’s habit for citising and lashing out at prominent Republicans has caused distraction, delays and fractures in the legislative process.
The constant changes made to the proposed tax overhaul - including the possible repeal of the federal income tax, and the shifting levels of tax reduction at state and local levels - have caused confusion as well. The Democrats say this fracturing is a result of an inept administration. They have been using the dis-unity as collateral in the run-up to the 2018 mid-term elections in an attempt to sway undecided voters.
In the middle of this, the dollar is holding steady, and despite losing 33,000 jobs last month, wage growth has risen 0.5% in September, equating to a rise of 2.9% so far this year. It is expected that the Fed will raise interest rates in December. This has kept the dollar buoyant and limited value oscillations to a minimum so far this week. .


Author's Other Opinion & Analysis

Show More Articles


Open a Demo Account Open A Live Account

Losses can exceed deposits


The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.


        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com